LAS VEGAS, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company ("Hyperscale Data" or the "Company"), today announced that its indirect subsidiary, TurnOnGreen, Inc. ("TurnOnGreen"), has secured $3.9 million in new defense contracts through its power electronics division Digital Power Corporation ("DPC"). The agreements encompass the production and integration of defense-grade power conversion modules, tactical power switching and charging systems, and proprietary power distribution solutions. These advanced technologies are tailored to enhance the performance of off-road tactical vehicles, military ambulances, and critical warfare communication and networking systems.
Further strengthening its position in the defense sector, TurnOnGreen has secured a strategic contract with a prominent Israel-based defense original equipment manufacturer. Under this agreement, TurnOnGreen will supply and integrate advanced power systems for all-terrain armored fighting vehicles and first-response military ambulances.
Expanding its international reach, TurnOnGreen is also providing custom-designed, uninterruptible power solutions to a leading aerospace and defense corporation. These solutions are integral to supporting transportable tactical command communications systems, which are used in military operations worldwide.
TurnOnGreen's power solutions play a vital role in supporting modern military operations across diverse and challenging terrains. In collaboration with the Israel Defense Forces ("IDF"), TurnOnGreen has developed and delivered power systems that meet the stringent demands of today's battlefield environments. These solutions have undergone rigorous testing and validation by the IDF, complying with IDF's exacting requirements and international military standards.
Ault Capital Group, Inc. ("ACG"), which is a wholly owned subsidiary of Hyperscale Data, beneficially owns a controlling interest in TurnOnGreen. The Company recently announced a special dividend of Series F Exchangeable Preferred Stock (the "Series F Preferred Stock"), to its stockholders with a record date of December 13, 2024. Each share of Series F Preferred Stock will be exchangeable, at the option of its holder, for (i) ten (10) shares of Class A Common Stock of ACG and (ii) five (5) shares of Class B Common Stock of ACG, at any time beginning on the later of (i) one year after issuance of the Series F Preferred Stock and (ii) the date of the registration under the Securities Act of 1933, as amended, of all of the foregoing shares of ACG Class A Common Stock and ACG Class B Common Stock.
"Securing contracts with some of the world's largest domestic and international defense firms, along with the qualification of DPC's technology by the IDF, highlights our expertise in designing and manufacturing advanced, high-grade power electronics," said Amos Kohn, Chairman and CEO of TurnOnGreen. "Our comprehensive solutions are meticulously engineered to power a wide range of warfare devices and tactical vehicles, ensuring reliable performance in mission-critical and demanding battlefield environments." Mr. Kohn added, "TurnOnGreen's growth trajectory continues to accelerate across aerospace, defense, industrial, and telecommunications sectors, solidifying our position as a trusted partner for customers who rely on innovative and dependable power solutions."
"TurnOnGreen remains dedicated to driving long-term value through strategic high-growth verticals such as electric vehicle charging and advanced electronics for defense and telecom sectors," said Marcus Charuvastra, President of TurnOnGreen. "These high-margin opportunities are integral to our mission of delivering sustained financial growth while maximizing returns for our shareholders."
For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors, and any other interested parties read Hyperscale Data's public filings and press releases available under the Investor Relations section at https://hyperscaledata.com/ or available at www.sec.gov.
About Hyperscale Data, Inc.
Hyperscale Data 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, Hyperscale Data 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. It also provides mission-critical products that support a diverse range of industries, including a social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma, hotel operations and textiles. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data's headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; Hyperscale Data, Inc.
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.hyperscaledata.com.
Hyperscale Data Investor Contact:
IR@hyperscaledata.com or 1-888-753-2235
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/3f63781b-7c37-4193-a107-0d6a3da595db
https://www.globenewswire.com/NewsRoom/AttachmentNg/e262d778-6248-4ddd-917a-aa9de8170774
https://www.globenewswire.com/NewsRoom/AttachmentNg/cf353cc0-56dd-45a2-a520-30e6f0d5c3a9
https://www.globenewswire.com/NewsRoom/AttachmentNg/19dea8ca-3b95-4b6d-be94-eafb5039c8b8
