FREMONT, Calif., Dec. 29, 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 that at its annual meeting that all 10 matters up for consideration by its shareholders were approved. Digital Power noted that one of the most significant proposals voted upon by its shareholders authorizes the reincorporation of the Company to the state of Delaware from California. The Company has achieved another milestone in its reorganization strategy, including the formal name change to DPW Holdings, Inc. which will be effective as of the close of business today. The stock symbol DPW on the NYSE American national securities exchange will be retained while the name change will be reflected over time.
“The ongoing transition to a business model and structure as a holding company will provide the opportunity to be more shareholder centric and incorporate financial sophistication to all elements of the Company. We look forward to leveraging the many years of experience our management team has in investing, mergers, divestitures, capital deployment, credit analysis and setting capital structures,” commented Milton “Todd” Ault, III, the Company’s Executive Chairman. “The Company now has the option to consider spinoffs, IPOs of its subsidiaries and other strategic transactions designed to maximize shareholder value and enhance the Company’s ability to raise the capital it will need to further its long-term objectives. Our focus for 2018 is to reward our shareholders and increase shareholder value as we continue to grow and expand the Company. We also are very committed to being transparent with our shareholders, investors and the public,” said Mr. Ault.
The Company reported today that during the current quarter it has experienced a significant improvement in its balance sheet and expects, among other improvements, that its December 31, 2017 balance sheet will reflect:
- Cash and marketable securities, which are classified as available-for-sale securities, of approximately $2.5 Million;
- Other investments, inclusive of the Company’s investment in Avalanche International Corp of approximately $9 Million;
- A significant reduction in short-term debt during the month of December 2017 of approximately $4 million;
- The conversion of Series C Preferred Stock, a 10% dividend paying equity security, into Common Stock.
Additionally, the Company is announcing that it has developed a new web site scheduled to launch the morning of January 2, 2018 that will show the transition to a holding company business model displaying its new corporate structure.
The Company’s annual meeting was held at its corporate headquarters located in Fremont CA and was open to shareholders only.
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 rugged 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 Technologies, Inc., a developer and manufacturer that services the defense, aerospace, medical and industrial sectors, has three subsidiaries including Digital Power Limited dba Gresham Power Ltd., www.GreshamPower.com, a manufacturer based in Salisbury, UK.; Microphase Corporation, www.MicroPhase.com with its headquarters in Shelton, CT 1- 203-866-8000; and Power-Plus Technical Distributors, www.Power-Plus.com, a wholesale distributor based in Sonora, CA 1-800-963-0066.
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, 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. Digital Power Corporation's headquarters is located at 48430 Lakeview Blvd., Fremont, California, 94538; 1-877-634-0982; 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, including statements concerning the Company’s current expectations regarding revenues for the remaining 2017 and thereafter from contracts and operations on a consolidated basis, the Company’s ability to continue to finance its current operations, the ability of the Company to finance or complete the manufacturing of its new product line for the digital mining community, the ability of the Company to sell digital mining power systems or the ability to raise sufficient capital to establish digital mining farms or its ability to operate successfully those farms and be profitable. 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, unless required by applicable law. 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.DigitalPowerCorp.com.
Source:Digital Power Corporation