FREMONT, Calif., June 02, 2017 (GLOBE NEWSWIRE) -- Digital Power Corporation (NYSE MKT:DPW) ("Digital Power" or the "Company"), a growth company seeking to increase revenues through acquisitions and organic growth, today announced that it has completed receiving $1,000,000 in Series B Preferred Stock equity funding from its major shareholder, Philou Ventures, LLC in accordance with the terms of the Securities Purchase Agreement (Agreement) as publicly announced on March 9, 2017 in a 8-K report filed with the Securities and Exchange Commission.
Amos Kohn, the Company’s President and CEO, commented on this announcement, “This is an important step amongst several in our commitment to maintain the listing requirement standard of the NYSE Mkt. This is one of a few announcements this month as we pursue both our growth strategy and fulfill the standards of the Exchange. We are very pleased we have achieved this milestone and appreciate the continued commitment by our major shareholder.”
The Agreement provided for shares of Preferred Series B Stock to be purchased for $.70 per share. The Preferred Stock shall not be callable by the Company for 25 years and for each share of Preferred Stock purchased by Philou, Philou will receive warrants to purchase shares of common stock in a number equal to the stated value of each share of Preferred Stock of $10.00 purchased divided by $0.70 at an exercise price equal to $0.70 per share of common stock.
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. 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.
Forward Looking Statements
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. 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.