Company Taps PoW Digital Mining to Lead Development of Equipment and Services Portfolio
FREMONT, Calif., Aug. 10, 2017 (GLOBE NEWSWIRE) – Digital Power Corporation (NYSE MKT:DPW) (“Digital Power” or the “Company”), a company seeking to increase revenues through acquisitions and organic growth, today announced that its wholly owned subsidiary, Coolisys Technologies, Inc., (“Coolisys”) a technology-centric holding company has entered into an Agreement with PoW Digital Mining to lead its development of an equipment and services portfolio targeting Digital Mining and related research and development of Crypto Currency. These active digital mining markets led by Bitcoin, Ethereum and the other 900+ digital currencies have created a budding hardware demand driving the need for efficient low-cost power solutions.
Amos Kohn, the Company’s President and Chief Executive Officer, stated, “Coolisys Technologies is very pleased to announce this new relationship with PoW Digital Mining whose management has vast experience in all facets of the cryptocurrency marketplace. Starting with our current catalog of power efficient and durable products as a base, we will collaborate with PoW and combine our efforts to develop a unique in-demand portfolio of equipment and packaged solutions for personal miners and the large pool operators exploiting mining and other activities within this exciting and still often misunderstood sector. Crypto currencies recently surpassed the milestone of generating revenues of $1B annually.” The Company over the past few years has experienced an increase demand for Data Center solutions and stated that its power solutions are based on the next-generation of digital synchronous rectifier design and believes they are among the most technologically advanced power processing solutions on the market which directly addresses the various requirements of the Digital Mining Market. While the Company is excited about the prospects of developing a specialized product line for a robust, sophisticated and demanding audience, the Company provides no assurances that any revenue will be generated or its products and services accepted by this dynamic marketplace. The Company is not changing its investor guidance or company growth strategy.
Steve Kanaval from (Proof of Work) PoW Digital Mining said, “Amos and his team have proven they can navigate growing markets. This will be a great opportunity to collaborate with Coolisys’ team and leverage their experience and manufacturing prowess. We have some unique observations day to day managing our Digital Currency Portfolio, and think Coolisys is the perfect partner for us.” The Company stated that it estimates PoW Digital Mining to begin testing and evaluating equipment at the beginning of the 4th quarter of 2017.
As previously reported on August 4, 2017, the Company also stated it expects to report its 2nd quarter financials on or about August 14, 2017 and expects to change its name, Digital Power Corporation, and its stock symbol later this year.
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, Coolisys Technologies, Inc. a technology focused developer and manufacturer that services the defense, aerospace, medical and industrial sectors, has 2 subsidiaries. Digital Power Limited is based in Salisbury, UK is wholly-owned. Microphase Corporation, is a majority owned subsidiary, with 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.
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 complete a definitive agreement and develop a new line of accepted products and services targeting the specialized marketplace. 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