Digital Power Corporation (NYSE MKT:DPW) , a growth company seeking to increase revenues through acquisitions and organic growth, today announced the formation of Coolisys Technologies, Inc., 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, Microphase Corporation and MTIX-MFG, 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 its 2nd quarter financials on or about August 15, 2017. Click Here to add yourself to our database
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.