DPW Holdings Marks Milestone, Reduces Debt Leveraging Bitcoin
Company Makes Non-Dilutive Transaction for Shareholders Paying with Mined Cryptocurrency
NEWPORT BEACH, CA, June 08, 2018 (GLOBE NEWSWIRE) -- DPW Holdings, Inc. (NYSE American: DPW) ("DPW" or the "Company"), a diversified holding company, announced today that it has used Bitcoin, the cryptocurrency its subsidiary Super Crypto Mining, Inc., or SCM, has mined through its operations, to reduce the Company’s debt, marking a milestone for the Company and possibly the use of Bitcoin on a commercial basis. SCM actively mines the cryptocurrency, Bitcoin, and, since late 2017 has held its inventory of Bitcoin as one of its long term operational and investment strategies. DPW incurred new debt recently to support the purchase of Enertec Systems 2001 Ltd. ("Enertec"), a 22-year-old private company, by another of its subsidiaries, Coolisys Technologies, Inc. Enertec is Israel’s largest private developer and manufacturer of specialized electronic systems for the aerospace and defense markets. Enertec generated over $8 million in annual revenue for its fiscal year ended December 31, 2017. DPW has made a payment of $500,000 towards this new debt today thus leveraging the mined Bitcoin through a non-dilutive transaction to shareholders. The Company believes this transaction is significant for both its shareholders as well as the cryptocurrency community worldwide. “We believe this transaction of reducing the debt incurred from the purchase of Enertec with the cryptocurrency we have mined validates Bitcoin’s value as a commodity and the use of cryptocurrencies as an alternative to fiat currency. DPW will expand its cryptocurrency mining operations as well as explore other paths to further advance the use of Bitcoin,” said Milton “Todd” Ault, III, the Company’s CEO and Chairman. Mr. Ault emphasized, “Having a lender provide capital for our acquisitions while our company is able to mine and use cryptocurrency to reduce debt that is used to purchase an asset, marks an important moment in the transactional use of Bitcoin for both the Company as well as the crypto community.” ABOUT DPW HOLDINGS, INC. DPW, through its wholly-owned subsidiary, Coolisys Technologies, Inc., is dedicated to providing world-class technology-based solutions for critical applications and lifesaving services, in which innovation is the main driver. Coolisys serves the defense, aerospace, naval, homeland security, medical, telecom, datacom, and industrial markets. Its growth strategy targets core markets that are characterized by “high barriers to entry” and that require specialized products and services that are not likely to be commoditized. Through its portfolio companies, Coolisys develops and manufactures cutting-edge switching power products and power solutions utilizing its customized digital power management and resonant topology to achieve the highest efficiency and highest density power converters and inverters; specialized complex airborne high-frequency, radio frequency (RF), and microwave detector-log video amplifiers (DLVA); very high-frequency filters; and naval power conversion and distribution equipment. Coolisys provides its technology and services through its three primary groups: the Power Solutions Group (PSG); the Defense and Aerospace Solutions Group (DSG); and the Advanced Service Industries (ASI) Group. Coolisys manages five divisions, including Digital Power Corporation, www.DigiPwr.com, a leading provider of power electronics technology based in Northern California; Digital Power Limited dba Gresham Power Ltd., www.GreshamPower.com, a designer and manufacturer of power distribution systems primarily for Naval use based in Salisbury, UK; Microphase Corporation, www.MicroPhase.com , a designer and manufacturer of microwave electronics technology based in Shelton, CT; Power-Plus Technical Distributors, www.Power-Plus.com, a value-added distributor based in Sonora, CA; and Enertec Systems, a developer and manufacturer of specialized advanced electronic systems for the defense and aerospace sectors based in Karmiel, Israel. Digital Power Lending, LLC, www.DigitalPowerLending.com, a wholly owned subsidiary of the Company, is based in Fremont, CA, and is a California private lending company operating under Financial Lender’s License ##60DBO-77905 dedicated to strategically providing capital to small and middle size businesses for an equity interest in addition to loan fees and interest. Super Crypto Mining, Inc. www.SuperCryptoMining.com is a wholly-owned subsidiary of the Company, is based in Fremont CA that leverages its engineering expertise and existing locations to create crypto currency mining facilities across the globe. Super Crypto Mining, Inc. operates the branded division, Super Crypto Power, www.SuperCryptoPower.com. Excelo, LLC, www.Excelo.com, 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. DPW Holdings, Inc.’s headquarters is located at 201 Shipyard Way, Suite E, CA 92663; www.DPWHoldings.com. For Investor inquiries: IR@DPWHoldings.com or 1-888-753-2235. Forward-Looking Statements ###
|
|