DPW Holdings’ Coolisys® Power Electronics Business Announces Pilot Program to Test ACECool™ EV Chargers at Three Tim Hortons Quick Service Restaurant Locations
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Dec 18, 2020--
DPW Holdings, Inc. (NYSE American: DPW) a diversified holding company (“ DPW,” or the “ Company ”), announced that its power electronics business, Coolisys Technologies Corp. ® (“ Coolisys ® ”), has entered into an agreement with a franchisee to install and test the ACE Cool™ electric vehicle (“ EV ”) chargers at three Tim Hortons quick service restaurant locations in Canada as what the Company hopes will be the first step of a revenue sharing program targeting both national and regional fast-food franchisees. According to Franchise Direct, Tim Hortons is the largest restaurant chain in Canada. The site survey, provisioning and construction are expected to begin in the first quarter of 2021. While the Company is encouraged by Coolisys’ pilot program, there is no assurance that it will be successful.
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The Company expects that the program, assuming it develops as the Company presently anticipates, will allow franchise owners and operators to install the ACE Cool™ EV chargers and share in the net revenue from advertising and network usage. This program is anticipated to be a model for other strategic industry-focused and geo-focused networks. Coolisys is in discussions with multiple franchises and presently expects to announce other network partners in the first quarter of 2021.
Amos Kohn, President and CEO of Coolisys, said “We are optimistic about the launch of the ACE Cool™ EV charger pilot program for fast food franchisees. The opportunities for Coolisys in the growing EV marketplace are expected to drive significant sales growth over the next five years. We believe we are well positioned to address the increased demand for EV chargers, given our 50+ year history of providing innovative and highly-efficient power systems and solutions.”
For more information on DPW Holdings and its subsidiaries, the Company 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 Coolisys Technologies Corp.
Coolisys and its portfolio companies and divisions are primarily engaged in the design and manufacture of innovative, feature-rich, and top-quality power products for mission-critical applications in the harshest environments and life-saving, life sustaining applications across diverse markets including defense/aerospace, medical/healthcare, industrial, telecommunications, and automotive. Coolisys’ headquarters are located at 1635 South Main Street, Milpitas, CA 95035; www.Coolisys.com.
About DPW Holdings, Inc.
DPW Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, telecommunications, medical, and textiles. In addition, the Company 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.
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.
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SOURCE: DPW Holdings, Inc.
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PUB: 12/18/2020 09:00 AM/DISC: 12/18/2020 09:00 AM