Largest Order in the Company’s History from Manufacturer of Disruptive Technology
FREMONT, Calif., March 15, 2017 (GLOBE NEWSWIRE) -- Digital Power Corporation (NYSE Mkt:DPW) has been awarded a 3-year, $50 million purchase order by MTIX Ltd., headquartered in Huddersfield, West Yorkshire, U.K., to manufacture, install and service textile treatment systems that utilize MTIX’s proprietary Multiplexed Laser Surface Enhancement (MLSE™) system. MTIX has developed a cost effective and environmentally friendly material synthesis technology featuring a virtual dry process and breakthrough technology for textile applications utilizing the MLSE™ system which uses a combination of high voltage, high frequency electrical discharge plasma and laser energy to imbue textiles with desirable technical characteristics.
“This purchase order represents a significant business step by the Company since the order will enhance our power solution core technology business, as well as open new market opportunities,” stated Mr. Amos Kohn, the Company’s President and Chief Executive Officer. “Because of our well-established international engineering and manufacturing capabilities, Digital Power Corporation is the perfect partner for MTIX Ltd. We will leverage our UK based subsidiary, Digital Power Limited, to manufacture, install and service the initial systems in this order for U.K./European based customers. Our expertise with power solution systems for the commercial and defense markets works well for the design of the MLSE™ system, which has components that include a sophisticated plasma and energy system,” Kohn further stated. This purchase order also validates the Company’s effort to seek new business opportunities. Through its strategic investments, the Company has acquired an indirect interest in MTIX and its proprietary technology.
The state-of-the-art MLSE™ technology can be applied to a wide range of textiles and materials and yields economic and environmental benefits. Integrated with an existing process line or operating as a standalone unit, the MLSE™ system reduces greenhouse gas emissions, water consumption and the use of hazardous and toxic chemicals in the manufacturing process while providing enhancements to final products.
The MLSE™ technology can be employed at all stages of materials processing and surface preparation including cleaning, dyeing, printing and finishing. MLSE™ is essentially a dry process, carried out at atmospheric pressure and using safe, inert gases with a combination of plasma and photonic energy to effect material synthesis. The intensity of the hybrid energy and an admixture of various gases determine the nature of the fabric enhancement.
Functional treatments and outcomes that are possible with MLSE™ include:
- Textile surface preparation
- Printing enhancements
- Dyeing process enhancements
- Hydrophobicity, oleophobicity, stain resistance and durability
- Fire retardancy
- Antimicrobial properties
Kohn further stated, “We are proud to partner with MTIX on such a revolutionary technology with so much potential for the textile industry. As part of our strategic alliance with MTIX, we will manufacture and support this unique technology, which offers significant performance improvements, processing cost savings and environmental benefits.” Mr. Kohn continued, “With the system’s ability to produce superior products while reducing the environmental impact of materials processing in an industry that traditionally uses high levels of water, energy and chemicals, we expect to continue to supply this “green technology” for major international textile manufacturers in the coming years.”
Digital Power Limited, a wholly owned subsidiary of Digital Power Corporation, will manufacture, install and service MLSE™ systems for the UK and European textile market. Its global presence and collaboration with MTIX will allow Digital Power Corporation to offer opportunities for fabric manufacturers and processors to increase their market share and to process products by innovative and efficient means.
About Digital Power Corporation Headquartered in Fremont, Calif., Digital Power Corporation designs, manufactures and sells high-grade customized and off-the-shelf power system solutions. Its products are used in the most demanding telecom, industrial, medical and military applications where customers demand high density, high efficiency and ruggedized power solutions. Its wholly owned subsidiary, Digital Power Limited branded as Gresham Power Electronics, is based in Salisbury, UK. Corporate website: www.digipwr.com .
About MTIX Ltd. MTIX, Ltd. is an advanced materials and processing technology company located in Huddersfield, West Yorkshire, UK. The company has developed a novel, cost effective and environmentally friendly material synthesis technology for textile applications. The MLSE™ technology for textile applications was partly funded by Eco-Innovation Initiative of the European Union. Website: www.mti-x.com .
Forward Looking Statements
The foregoing press release contains “forward looking statements” regarding future events or results 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. Such forward looking statements include, but are not limited to, MTIX and its customers being able to order all of the machines subject to the purchase order, being able to reproduce the MTIX process, benefits and enhancements on a production scale, and the Company’s ability to integrate a sophisticated plasma and energy system. The Company cautions readers that such “forward looking statements” are, in fact, predictions that are subject to risks and uncertainties and that actual events or results may differ materially from those anticipated events or results expressed or implied by such forward-looking statements. Further, MTIX and its prospective customers related to the purchase order may modify their purchase forecasts for these products that would increase or decrease the Company’s actual revenue versus current revenue forecast for these customers. The Company disclaims any current intention to update its “forward looking statements,” and the estimates and assumptions within them, at any time or for any reason. More information about potential risk factors that could affect the Company’s business and financial results are included in the Company’s most recent 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 on the Company’s website at www.digipwr.com .
Contact: Digital Power Corporation, 48430 Lakeview Boulevard, Fremont, California 94538. 1-877-634-0982; Website: www.digipwr.com; For Investor Relations inquiries: IR@digipwr.com or call 1-844-233-2645.
