FREMONT, Calif., Oct. 11, 2017 (GLOBE NEWSWIRE) -- Digital Power Corporation (NYSE AMERICAN:DPW) ("Digital Power" or the "Company"), a company seeking to increase revenues through acquisitions and organic growth, issued an investor update today stating that effective October 6, 2017, William B. Horne, a member of the Board of Directors, has been appointed Chief Financial Officer for Digital Power Corporation. Mr. Horne will remain a member of the Board of Directors and replaces Mr. Amos Kohn who served as interim Chief Financial Officer.
The Company was also pleased to report a few changes with its Board of Directors including the addition of its newest independent director, Jeff Bentz. Mr. Bentz is an experienced businessman who has served since 1994 as President of North Star Terminal & Stevedore Company, a full-service stevedoring company located in Alaska and whose major areas of business include terminal operations and management, stevedore services, and heavy equipment operations. He also has served as a director and advisor to several private companies and agencies. Mr. Bentz said, “I am excited to join the Board of Directors of DPW and look forward to using my many years of varying experience in operating and growing businesses for a company that has opportunities for growth while seeking improvement in its operations as it integrates newly purchased businesses as well as those yet to be acquired. Bentz replaces Kristine L. Ault who concurrently resigned from the Board of Directors and was thanked by the Company for her service and support for the past year.
Robert Smith, one of the other independent members of the Board of Directors, was appointed Chair of the Audit Committee, replacing Mr. Horne. Mr. Smith is one of the original Founders and a former CEO and Chairman of the Company and brings a unique insight to the operations of the Company and its history.
As previously reported, subject to shareholder approval, the Company will be undergoing a corporate reorganization, including the reincorporation from the State of California to the State of Delaware and changing its name to DPW Holdings, Inc. to better reflect its new business model as a holding company. In connection with the reorganization, the Company will retain its stock symbol. The Company shareholders will be receiving a proxy statement which will discuss in detail these and other important issues to be voted upon at its annual shareholders meeting.
The Company is committed to an acquisitions and organic growth strategy and anticipates continuing to raise additional capital in the foreseeable future to fuel the engine of growth necessary to accomplish the Company’s goals and strategy.
About Digital Power
Headquartered in Fremont, CA, Digital Power Corporation, through its subsidiaries, designs, manufactures and sells high-grade customized and off-the-shelf power system solutions. Our products are used in the most demanding communications, industrial, medical and military applications where customers demand high density, high efficiency and ruggedized power solutions. The Company’s wholly owned subsidiary, Coolisys Technologies, Inc., is 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, a developer and manufacturer that services the defense, aerospace, medical and industrial sectors, has three subsidiaries: Digital Power Limited, a wholly owned manufacturer based in Salisbury, UK.; Microphase Corporation, a majority owned subsidiary, with its headquarters in Shelton, CT 1-203-866-8000. Website: www.MicroPhase.com and Power-Plus Technical Distributors, a wholly owned wholesale distributor based in Sonora, CA 1-800-963-0066, Website: http://www.Power-Plus.com. Digital Power Lending, LLC, is a wholly owned subsidiary of the Company, is based in Fremont, CA, and is a California private lending company dedicated to strategically providing capital to small and middle size businesses for an equity interest in addition to loan fees and interest. Excelo, LLC is a national search firm specializing in fulfilling strategic executive, professional and hi-tech placements for businesses delivering world-class services. Digital Power Corporation's headquarters is located at 48430 Lakeview Blvd., Fremont, California, 94538; 1-877-634-0982. Website: www.digipwr.com.
The foregoing release contains “forward looking statements” regarding future events or results 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. The Company cautions readers that such “forward looking statements” are, in fact, predictions that are subject to risks and uncertainties and that actual events or results may differ materially from those anticipated events or results expressed or implied by such forward- looking statements. The Company disclaims any current intention to update its “forward looking statements,” and the estimates and assumptions within them, at any time or for any reason. More information about potential risk factors that could affect the Company’s business and financial results are included in the Company’s most recent 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 on the Company’s website at www.digipwr.com.
Source:Digital Power Corporation