04/18/2019 | Press release | Distributed by Public on 04/18/2019 04:47
Newport Beach, Calif., April 18, 2019 (GLOBE NEWSWIRE) -- DPW Holdings, Inc. (NYSE.MKT: DPW), a diversified holding company (the 'Company,' or 'DPW'), today announced it has completed a payment of $1,500,000 towards debt held by our senior lender which brings the Company's total reduction of debt to approximately $10,500,000 year to date in 2019. The Company noted that with this payment it has made significant progress in restructuring its total debt which supports our growth initiatives and manufacturing base. DPW continues to work with its creditors to service and manage its debt, strengthen its capital structure while moving forward with profitability and other objectives for the year. As stated during its Investor Conference on February 25, 2019, the Company's goals for this year include decreasing its short-term liabilities, increasing revenue growth and improving financial and operational performance.
DPW's CEO and Chairman, Milton 'Todd' Ault, III said, 'We are very pleased we were able to work with our lenders to significantly reduce our debt, de-risk our balance sheet as this will improve our bottom line. During 2018, the cost of our debt resulted in nearly $16 million in cash and non-cash expenses. The year-to-date reduction in debt will result in a significant improvement to our operating results. Further, because the majority of our debt is short-term obligations, the reduction in debt service will materially reduce our overall cash requirements for 2019. This short-term debt financed the bulk of our corporate acquisitions and other efforts to expand our revenue streams.' Ault continued, 'With the tremendous downturn in the cryptocurrency marketplace throughout 2018, the servicing of this short-term debt was challenging while we sought to expand of our manufacturing and customer base this past year. We are pleased that we are accomplishing our plan to restructure our debt in 2019 and believe we will begin to report positive results starting in the second quarter of fiscal 2019. The Company remains dedicated to attaining our stated goals for the year that include driving the Company's revenue growth and profitability, reducing overhead and improving operational performance.'
For more information on DPW Holdings and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at or available at www.sec.gov.
About DPW Holdings, Inc.
DPW Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies that hold global potential. Through its wholly owned subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, telecommunications, medical, crypto-mining, and textiles. In addition, the Company owns a select portfolio of commercial hospitality properties and extends credit to select entrepreneurial businesses through a licensed lending subsidiary. DPW's headquarters are located at 201 Shipyard Way, Suite E, Newport Beach, CA 92663; www.DPWHoldings.com.
Forward Looking Statements
This press release contains 'forward looking statements' 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. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as 'believes,' 'plans,' 'anticipates,' 'projects,' 'estimates,' 'expects,' 'intends,' 'strategy,' 'future,' 'opportunity,' 'may,' 'will,' 'should,' 'could,' 'potential,' or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. 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.DPWHoldings.com.
Contacts: [email protected] or 1-888-753-2235.
DPW Holdings, Inc.