Delivery of Systems to Major Strategic Defense
Customer Will Span 3 Years
Ault Alliance, Inc. (NYSE American: AULT), a diversified holding
company (“Ault Alliance,” or the “Company”), today
announced the awarding of a significant $20 million contract by its
majority-owned subsidiary, Giga-tronics, Inc. (OTCQB: GIGA), also
known as Gresham Worldwide. Gresham Worldwide, which concentrates
in delivering high-performance, tailored electronic solutions for
mission-critical applications across the defense, healthcare,
telecommunications, and transportation sectors, won the contract to
supply bespoke systems from a major strategic customer through its
subsidiary, Enertec Systems 2001, Ltd. (“Enertec”). Enertec,
located in Israel, is a leading provider of innovative test,
simulation, calibration, operational, control, and monitoring
systems that support and enable defense, aerospace, and health care
applications for over 30 years.
Based in Israel, Enertec boasts over 30 years of excellence in
crafting innovative systems that cater to the defense, aerospace,
and healthcare sectors. This contract underscores a significant
advancement with Enertec securing an initial $5 million to procure
necessary materials and an additional $1.5 million for immediate
system deliveries.
These forthcoming orders, set to be executed between 2024 to
2026, are anticipated to bolster Enertec’s backlog, revenue
streams, and profitability. To ensure timely and quality
deliveries, Enertec is ramping up its recruitment, seeking
exceptional engineers and technicians.
Zvika Avni, Enertec CEO, stated, “This order is a testament to
Enertec’s unique technologies, high-quality offerings and
long-standing relationships with customers. We expect to receive
additional large orders to deliver similar bespoke solutions for
this customer over the next three years.”
Enertec remains at the forefront with a strong track record of
delivering purpose-built electronic solutions to satisfy the most
stringent demands from customers worldwide. Enertec is primed to
capitalize on the growing demand for electronic test, control, and
operational systems and remain competitive.
Gresham Worldwide Chief Executive Jonathan Read said, “This new
order provides significant validation of our continued investment
in Enertec’s business model and growth potential. The Company is
well-positioned to execute on this order and subsequent orders to
deliver strong, positive results and drive success to our
bottom-line for Gresham Worldwide and its investors for years to
come. Enertec is one of the largest and most respected defense
contractors in Israel and continues to stand ready to support
Israel in this time of national emergency.”
For more information on Ault Alliance and its subsidiaries, Ault
Alliance recommends that stockholders, investors, and any other
interested parties read Ault Alliance’s public filings and press
releases available under the Investor Relations section at
www.Ault.com or at www.sec.gov/.
About Ault Alliance, Inc.
Ault Alliance, 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, Ault
Alliance owns and operates a data center at which it mines Bitcoin
and offers colocation and hosting services for the emerging
artificial intelligence ecosystems and other industries, and
provides mission-critical products that support a diverse range of
industries, including metaverse platform, oil exploration, crane
services, defense/aerospace, industrial, automotive,
medical/biopharma, consumer electronics, hotel operations and
textiles. In addition, Ault Alliance extends credit to select
entrepreneurial businesses through a licensed lending subsidiary.
Ault Alliance’s headquarters are located at 11411 Southern
Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.ault.com/.
About Gresham Worldwide
Gresham Worldwide operates across the US, UK, and Israel,
championing technology solutions that enhance and protect lives.
Specializing in Defense, Test & Training, Power Electronics,
Displays, and RF Systems, the company predominantly supports the
Defense & Aerospace sector, while also catering to critical
applications in Medical Technology, Transportation, and
Telecommunications. Visit Gresham Worldwide at
www.greshamworldwide.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.ault.com/.
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version on businesswire.com: https://www.businesswire.com/news/home/20231009662997/en/
Ault Alliance Investor Contact: IR@Ault.com or
1-888-753-2235
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