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DPW Holdings Reports Progress on Corporate Realignment
Globe Newswire 11-Mar-2019 6:45 AM
Newport Beach, Calif., March 11, 2019 (GLOBE NEWSWIRE) -- DPW Holdings, Inc. (NYSE:DPW) a diversified holding company ("DPW," or the "Company") announced it has appointed the seasoned global business leader, Mr. Jonathan R. Read, the new CEO of its DPW Technology Group, Inc. ("DTech") replacing its Interim CEO, Mr. Milton "Todd" Ault, III. As an international executive, innovator and entrepreneur, Mr. Read's career has spanned over 35 years across multiple industries including expertise in new technology and "green" ventures. The Company stated Mr. Read has assumed the helm of its advanced technology, design, power solutions and manufacturing subsidiary which serves a variety of sectors ranging from defense and aerospace to commercial, health and medical. Mr. Read will embark on a mission to assess the opportunities available with DTech, adjust strategies, as needed, and deliver the true value of its assets and abilities to the marketplace. The Company said Mr. Read will also serve on DPW's senior management advisory team.
DPW Technology Group
Mr. Read is an international executive and proven industry leader, having led the launch, development and growth of businesses ranging from alternative power and storage manufacturing to fintech/blockchain technology and software development. Mr. Read has championed private small growth firms to leading companies publicly-traded on the NASDAQ or on foreign securities exchanges. Most recently, from 2013 to present, he has served as Managing Partner of Quadratam1 LLC, a Scottsdale, Arizona based firm specializing in providing financial and organizational consulting services for funds and institutional investors in growth-stage companies in the US and China. Prior to that, Mr. Read served as Chief Executive Officer or President of Timefire VR, Inc., and during the course of his tenure, repositioned, re-financed, and merged the company into an entity focused on the virtual reality sector. Beginning in 2005 and continuing through 2012, he founded and served as Chief Executive Officer and a director of ECOtality, Inc. and Blink, a San Francisco-based global pioneer in the field of electric vehicle charging and battery technology. Mr. Read also built Park Plaza Hotels, as Chairman, into a global chain with operations in over 40 countries.
DPW's CEO and Chairman, Milton "Todd" Ault, III said, "We are very pleased to have Mr. Read join DPW and look forward to him providing the necessary leadership and expertise to assess and guide each company under the DPW Technology Group umbrella. We are very confident that Mr. Read will assist each subsidiary to redeploy existing assets and resources with greater efficiency and effectiveness and maximize revenue generation and bottom-line improvement to provide increased shareholder value. Mr. Read has a remarkable reputation of entering challenging situations and working with management teams to deliver tremendous results." Ault continued, "Mr. Read has a very impressive record of driving success with technology-based businesses. The appointment of Mr. Read with his acumen in M&A and capital financing, completes our goal of securing a proven CEO, as announced in November and again in December 2018, that will work with the officers of DPW to complete the goals of our realignment, to evaluate our strategies and leverage the Company's assets."
For more information on the Company, DPW recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at or available at www.sec.gov.
About DPW Holdings, Inc.
DPW Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly owned subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, telecommunications, medical, crypto-mining, and textiles. In addition, the Company owns a select portfolio of commercial hospitality properties and extends credit to select entrepreneurial businesses through a licensed lending subsidiary. DPW's headquarters are located at 201 Shipyard Way, Suite E, Newport Beach, CA 92663; www.DPWHoldings.com.
About DPW Technology Group, Inc.
DPW Technology Group, Inc. is a Delaware corporation that includes the Company's defense and aerospace, electronics and power businesses. Its first of two subsidiaries, Coolisys Technologies, Inc., www.Coolisys.com, is based in Fremont, CA, dedicated to providing world-class technology-based solutions where innovation is the main driver for mission-critical applications and lifesaving services. Coolisys' growth strategy targets core markets that are characterized by "high barriers to entry" and include specialized products and services not likely to be commoditized. Coolisys is comprised of Microphase Corporation, www.MicroPhase.com with its headquarters in Shelton, CT 1- 203-866-8000; Digital Power Limited dba Gresham Power Ltd., www.GreshamPower.com, a manufacturer based in Salisbury, UK; and Enertec Systems 2001, Ltd., www.Enertec.co.il a developer and manufacturer of specialized advanced electronic systems for the defense and aerospace and medical/health sectors based in Karmiel, Israel.
The second subsidiary is Power Plus Electronics, www.PowerPlusElectronics.com, with over 75 years of combined power expertise operating as a distributor-focused sales organization that consists of Digital Power Corporation, www.DigiPwr.com, a leading manufacturer based in Northern California, 1-877-634-0982 and Power-Plus Technical Distributors, www.Power-Plus.com, a wholesale distributor providing added-value products and services based in Sonora, CA, 1-800-963-0066.
Forward-Looking Statements
This press release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company's business and financial results are included in the Company's filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company's Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company's website at www.DPWHoldings.com.
