DPL Supports Microphase with $1MM Line of Credit to Restructure, Retool and Become Leaner
FREMONT, Calif., July 10, 2017 (GLOBE NEWSWIRE) – Digital Power Corporation (NYSE MKT:DPW) (“Digital Power” or the “Company”), a growth company seeking to increase revenues through acquisitions and organic growth, today announced that it has appointed William D. Corbett as the Chief Executive Officer of Digital Power Lending, LLC, (“DPL”) a California business and wholly-owned subsidiary founded by the Company on November 30, 2016. DPL is currently in the process of becoming a California licensed lender serving small businesses. Corbett, a Wall Street investment banker with over 30-years experience, has since November 2016, been a consultant to the Company, strategically assisting and facilitating the Company’s financial restructuring and development of Digital Power Lending. Led by its new management, DPL extended a line of credit for $1MM to the Company’s subsidiary, Microphase Corporation. Microphase is currently restructuring and resizing to strengthen its operations and has drawn to date $823,000 of the credit line.
Mr. Corbett said, “I am very excited to be apart of Digital Power Corporation and to lead an investment group with over 50 years of combined Wall Street experience. When I was first approached to join the DPW team, I was truly thrilled to bring a history that has built several micro-cap companies to several hundred million dollar publicly-traded enterprises. I am confident that Digital Power Lending poses a great opportunity to substantially increase the Company’s financial resources and to its bottom line. I look forward to increasing shareholder value through acute focus on execution.” The Company stated the funding of Microphase Corporation began in June 2017.
Amos Kohn, the Company’s President and Chief Executive Officer and Microphase Corporation’s Chief Executive Officer, stated, “When we were purchasing control of Microphase Corporation we knew we could bring new efficiencies through right-sizing the company’s operations. We knew Microphase held and will continue to hold a vital role in the U.S. military’s supply chain. Although Microphase is a small company, it manufactures an important group of products for the country’s defense and aerospace sectors. We plan on expanding on this record of success and customer satisfaction.”
William D. “Bill” Corbett brings a vast knowledge of capital formation, acquisitions, and public market expertise, coupled with an extensive network of relationships within the institutional and family office community. Corbett is a Bear Stearns, Lehman Brothers alumni. He was a founder and Chief Executive Officer for 12 years of a San Francisco boutique investment bank that was widely consider one of the pioneers in the PIPE sector. Mr. Corbett has funded billions of dollars of transactions over the last 20 years and was responsible for the $50 million PIPE (the largest in history at the time) in the late 1990’s for Informix Corp. that was sold to IBM for over $1 Billion two years later. The Informix transaction was key to the PIPE industry becoming the multi-billion dollar funding platform it is today.
“We set up Digital Power Lending in November last year knowing how strategic it would be to the finances of our subsidiaries and the Company. Mr. Corbett is the perfect executive to lead DPL’s efforts,” commented Mr. Milton “Todd” Ault, the Company’s Executive Chairman.
With the Company’s recent transition to a holding company business model, Corbett will directly report to Milton “Todd” Ault, III, the Company’s Executive Chairman. DPL will operate as an independent subsidiary of the Company. To contact Digital Power Lending, visit their web site, www.DigitalPowerLending.com or email firstname.lastname@example.org.
About Digital Power
Headquartered in Fremont, CA, Digital Power Corporation 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, Digital Power Limited which does business as Gresham Power Electronics, is based in Salisbury, UK. The Company’s majority owned subsidiary, Microphase Corporation has its headquarters at Shelton, CT 06484-4655; (203) 866-8000. Website: www.microphase.com. Digital Power’s headquarters is located at 48430 Lakeview Blvd., Fremont, CA 94538; 1-877-634-0982. Website: www.digipwr.com. For Investor Relations inquiries: IR@digipwr.com or 1-888-753-2235.
Forward Looking Statements
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 Digital Power Lending’s ability to achieve profitability, or that Microphase can become more efficient and can contribute the Company’s bottom line. 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.