DPW Holdings to simplify organizational structure
DPW Holdings announced that its board of directors has approved a proposed reorganization of its corporate structure. The reorganization is intended to enhance DPW's ability to reach its objectives, notably its growth strategy, as well as to assist its investors and others to better understand the components and purpose of each subsidiary. DPW Holdings will acquire, grow and spinoff companies in two separate groups: DPW Technology Group and DPW Financial Group. DPW will own 100% of these two groups and anticipates beginning accounting for them separately in 2019: DPW Technology Group will focus on advanced technology, design, power solutions and manufacturing businesses in defense, aerospace, telecom, medical, and textiles. Mr. Ault will serve as the interim CEO, and William B. Horne as the financial executive. DPW Financial Group will focus on lending, cryptocurrency mining, hospitality, and real estate. Darren Magot will serve as CEO and Kenneth S. Cragun as the financial executive.The officers of DPW will remain the same: CEO Milton "Todd" Ault, III, CFO William B. Horne, and CAO Kenneth S. Cragun. DPW anticipates that the corporate restructuring will enable it to leverage more efficiently its sustainable assets, including making additional strategic investments. DPW plans to provide a company update and report third-quarter 2018 financial results in mid-November 2018.