Ault Alliance Announces Strong Performance from its Global Defense and Electronics Subsidiary Gresham Worldwide
April 17 2024 - 6:30AM
Business Wire
Substantial Growth in Demand Drives Increase in Backlog Amid
Global Conflicts
Ault Alliance, Inc. (NYSE American: AULT), a diversified holding
company (“Ault Alliance,” or the “Company”), today
reported that its electronic technology solutions subsidiary
Gresham Worldwide, Inc. (OTCQB: GIGA) (“Gresham”) is
experiencing a growth in sales demand and backlog. The increases
are led by robust order inquiry and market segment activity across
Gresham’s defense businesses, particularly Gresham’s Israeli
subsidiary Enertec Systems 2001 Ltd. (“Enertec”), which
serves missile defense and medical device markets. Existing
contract awards with exercisable options combined with current
backlog are estimated to total $46 million as of March 31, 2024 and
Gresham anticipates that its annual revenue will exceed $50 million
for 2024.
“Gresham is led by Jonathan ‘JR’ Read and his dedicated team,”
stated William B. Horne, Chief Executive Officer of the Company.
“Gresham is dynamically evolving their technological solutions to
meet ever-changing needs, which have drawn interest in potential
partnerships and opportunities. We are proud of Gresham’s
innovations and its strong performance in Israel and across Europe.
We remain committed to supporting Gresham advancing its defense
technology to meet the growing global demand during these pivotal
times.”
Enertec, headquartered in Karmiel, Israel was founded 44 years
ago and has grown to be, in Gresham’s belief, one of the largest
private suppliers of test equipment to Israel’s defense industry.
The company was recently awarded a multi-year, $20 million contract
to provide missile defense system technology and they have
extensive experience in testing systems for cardiac catheters. It
is one part of Gresham’s expanding worldwide operations, which also
includes operations in the United Kingdom and the United States.
Mr. Read, the CEO of Gresham, stated, “We currently anticipate that
our revenue will grow annually at a rate exceeding, on average, 20%
year over year for the coming years and expect to trim operating
expenses through operational synergies and improve profitability
through ongoing plans.”
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.
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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Ault Alliance Investor Contact: IR@Ault.com or
1-888-753-2235
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