Company Forms Coolisys Technologies, Inc. a Focused Subsidiary; Company Maintains Customer Order Backlog at $65M
FREMONT, Calif., Aug. 04, 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 the formation of Coolisys Technologies, Inc., (“Coolisys”) a newly- formed technology-centric holding company dedicated to servicing the defense and aerospace sectors as well as industrial and medical based businesses worldwide. Coolisys, as the new wholly-owned subsidiary, will be led by Amos Kohn as President, CEO and Chairman. The Company is primarily focused on world class technology-based solutions where innovation is the main driver for mission-critical applications and lifesaving services. Coolisys will nurture its portfolio companies, including Digital Power Limited and Microphase Corporation, to “think out of the box” to achieve goals that previously seemed insurmountable. The Company’s subsidiaries of Digital Power Limited and Microphase Corporation will be realigned as subsidiaries of Coolisys, as approved by the Company’s Board of Directors.
Amos Kohn, the Company’s President and Chief Executive Officer, stated, “I am excited to lead Coolisys Technologies. Coolisys will provide technological solutions to the industrial, medical and defense and aerospace growth markets. We have evolved from a company that was primarily focused on power electronic solutions to a company that serves multiple markets that require advanced technology, complete-system solutions with high reliability. These markets include defense and aerospace, medical and industrial.” Mr. Kohn continued, “Coolisys brings decades of experience to bear on every project, working in cooperation with its clients to develop leading-edge technological products. Our strategy continues to emphasize growth in our core markets that are characterized by “high barriers to entry” and include specialized products and services not likely to be commoditized. We intend to strengthen and expand our core businesses with targeted acquisitions and through product development. We aggressively pursue operational excellence to continually improve our margins and earnings.”
“When we acquired control of the Company in late 2016, we knew we had to lead it in a new direction. We are very pleased we accomplished compliance with the NYSE.Mkt standard listing requirements and will remain vigilant in maintaining our obligations to the exchange and our shareholders. We recognized that the assets and business operations of the Company were greatly undervalued by investors and the marketplace. We are now moving to unlock the true value of the Company, continue to improve our operations and maximize our efficiencies and revenue opportunities. I believe investors and the marketplace will begin to realize the assets and value the Company has. We are a 47-year old business, we have tremendous manufacturing capabilities and a remarkable manufacturing team that has serviced Fortune 500 companies will little public attention or notoriety. We have been a reliable yet innovative supplier to our customers,” said Milton “Todd” Ault, III, Executive Chairman of the Company’s Board of Directors. The Company said it expects change its name, Digital Power Corporation, and its symbol later this year.
The Company also stated that since June 30, 2017 it has been able to maintain its customer order backlog at $65M while maintaining its customer satisfaction and product quality.
The Company expects to reports it 2nd quarter financials on or about August 15, 2017.
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 in Shelton, CT (203) 866-8000. Website: www.microphase.com. Digital Power’s headquarters is located at 48430 Lakeview Blvd., Fremont, California, 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 the Company’s current expectations regarding revenues from contracts and operations on a consolidated basis and that the Company will be able to maintain and fulfil its backlog. 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.