FREMONT, Calif., Nov. 08, 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, announced today it has raised $435,000 in new equity capital from its current shelf offering. In the transaction, the Company sold 752,000 shares of common stock at $0.60, the market price at the close of business on November 6, 2017, which was consummated prior to the close of business yesterday, November 7, 2017. The Company said the new funding will be used to retire short-term bridge loans and to fund working capital. The Company urges shareholders and others to read the 8-K report that will be issued later today regarding the transaction for further details.
The Company also reminds shareholders, investors and the public that it will be hosting, upon the close of the market on November 20, 2017, a conference call inviting investors and shareholders to review the Company’s third quarter financial results for 2017. The Company also stated it would answer a select set of questions emailed to it prior to the conference call. To participate in the conference call or to ask a question, please email IR@DigitalPowerCorp.com. For those seeking to participate in the conference call an invitation will be sent out a day prior to the call. The Company looks forward to communicating with its shareholders, investors, associates and others interested in the progress of the Company and its future.
About Digital Power Corporation
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 rugged power solutions. The Company’s wholly owned subsidiary, Coolisys Technologies, Inc. headquartered in Fremont CA, provides 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 Technologies, Inc., www.Coolisys.com, a developer and manufacturer that services the defense, aerospace, medical and industrial sectors, has 3 subsidiaries including Digital Power Limited dba Gresham Power Electronics based in Salisbury, UK, www.GreshamPower.com; Microphase Corporation based in Shelton, CT, 1-203-866-8000, www.MicroPhase.com; and Power-Plus Technical Distributors based in Sonora, CA, 1-800-963-0066, www.Power-Plus.com. Digital Power Lending, LLC, a wholly-owned subsidiary of the Company 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, www.DigitalPowerLending.com. Excelo, LLC, a wholly-owned subsidiary of the Company, is a national search firm specializing in fulfilling strategic executive, professional and hi-tech placements for businesses delivering world-class services; www.Excelo.com.
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.
Digital Power's headquarters is located at 48430 Lakeview Blvd., Fremont, California, 94538; 1-877-634-0982, www.DigiPwr.com. For Investor Relations inquiries: IR@DigiPwr.com or 1-888-753-2235; www.DigitalPowerCorp.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, including statements concerning the Company’s ability to acquire additional capital financing to fund the Company, the ability of the Company to complete its 2017 third quarter filing or conduct the investor/shareholder conference call on November 20, 2017, and that the Company will complete its reincorporation. 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.DigitalPowerCorp.com.
Source:Digital Power Corporation