FREMONT, Calif., Aug. 17, 2017 (GLOBE NEWSWIRE) -- Digital Power Corporation(NYSE AMERICAN:DPW) ("Digital Power" or the "Company"), a company seeking to increase revenues through acquisitions and organic growth, today provided investor guidance regarding its recent announcement that it will be issuing its financials and report its earnings for the quarter ended June 30, 2017. The Company adheres to reporting as fully and accurately as possible and given the recent number of transactions through financing, acquisitions, product and customer expansion and corporate realignment, it chose to exercise its right to an extension to provide the best and most comprehensive disclosure possible.
Amos Kohn, the Company’s President and Chief Executive Officer, stated, “The quarter ending June 30 had a large number of transactions ranging from new capital investment in our subsidiaries to the acquisition of a majority interest in Microphase Corporation, engaged various extensive financings and persisted in our effort to maintain the continuing listing requirement by the NYSE American. We began our efforts to acquire PowerPlus Technical Distributors which we recently signed in the third quarter and we started planning our corporate realignment and streamlining our operations while launching new products.” Mr. Kohn continued, “In addition, the Company secured all contracts and supplier agreements to support the manufacturing of the Multiplexed Laser Surface Enhancement (“MLSE®”) technology as a result of the $50M purchase order we have received earlier this year from MTIX, Ltd. Due to this unusual amount of activity, we are taking the extra time through an extension in reporting our financials, our revenues and our operations. We want to maintain a thoroughness in reporting that our shareholders and investors require. This was an important building quarter to the Company and we look forward to soon sharing its results on August 21, 2017.” The Company stated it will issue investor guidance regarding its current backlog and acquisitions upon the report being filed.
As previously reported on August 4 and August 10, 2017, the Company 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.comor 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.
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