Ault Alliance No Longer Seeking to Sell Midwest Hotel Portfolio
April 26 2024 - 6:30AM
Business Wire
Ault Alliance, Inc. (NYSE American: AULT), a diversified holding
company (“Ault Alliance,” or the “Company”), today
announced that it has ended the marketing process for its four
hotels owned and operated by its wholly owned subsidiary, Ault
Global Real Estate Equities, Inc. (“AGREE”). As a result, it
was determined that the AGREE assets and liabilities previously
presented as assets and liabilities held for sale within the
Company’s balance sheet will no longer meet the held for sale
criteria. Assets of $91.0 million and liabilities of $70.4 million
as of December 31, 2023 were reported as assets and liabilities
held for sale. In future periods, assets and liabilities of AGREE
will be reclassified to assets and liabilities held and used and
amounts previously presented in discontinued operations will be
reclassified into continuing operations for all periods
presented.
Milton “Todd” Ault, III, the Company’s Executive Chairman,
stated, “The timing was not optimal for the sale of our hotel
properties which included $16.5 million in revenue for fiscal year
2023 and approximately $91 million in assets as of December 31,
2023. Going forward, we have a strong belief in the long-term value
of the properties and the real estate sector as a whole and will
continue to nurture and operate the assets to the best of our
ability.”
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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