Newport Beach, Calif., March 17, 2019 (GLOBE NEWSWIRE) -- DPW Holdings, Inc. (NYSE American: DPW) a diversified holding company (“DPW” or the “Company”) today provided an update on the process and timing of the distribution of shares of its wholly owned subsidiary, Digital Farms, Inc. to its stockholders, as previously announced on January 14, 2019, which is already underway.
The Company stated that a Form 10 to be filed with the SEC is being prepared and that DPW is expecting the final audit of Digital Farms to be completed by the end of April 2019. DPW also expects that the ratio of Digital Farms, Inc. shares to be distributed to stockholders of DPW common stock will be announced as soon as May 2019. The Company hopes the transaction would then be completed by the end of the 2nd quarter of 2019.
Darren Magot, CEO of Digital Farms, Inc. said “The distribution of shares of Digital Farms is anticipated to coincide with the closing of our first Data Center real-estate partnership. DPW is committed to its plan to reward its stockholders with the opportunity to directly own shares of Digital Farms, Inc.” The Company noted that upon the closing of the transaction all Bitcoin and other cryptocurrency miners will be transitioned to operate from this new, more cost-efficient facility.
“As we stated during the investor conference on December 20, 2017, the Company will seek opportunities to provide added-value to our stockholders, including distributions of equity to our subsidiaries and ventures; the spin-off of Digital Farms is such a benefit and event,” said Mr. Milton “Todd” Ault, III, the Company’s CEO and Chairman. Mr. Ault continued, “We look forward to completing this for our stockholders as well as for our Company within the first half of this year. This transaction will instantly give Digital Farms a stockholder and capital base.”
For more information on the Company and Digital Farms, DPW 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 www.DPWHoldings.com 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.