Benzinga | Oct 22, 2020 06:28AM EDT

DPW Holdings' Gresham Worldwide Business Announces Development Agreement with Align Technology, Inc.

DPW Holdings, Inc. (NYSE:DPW) a diversified holding company ("DPW," or the "Company") announced that its global defense and technology business, Gresham Worldwide, Inc. ("Gresham Worldwide"), has entered into an agreement to develop medical testing facilities with Align Technology, Inc. (NASDAQ:ALGN), a global medical device company, through Gresham Worldwide's wholly owned subsidiary, Enertec Systems 2001, Ltd. ("Enertec").

Enertec, based in Israel, is a leading provider of high-quality, highly reliable bespoke technology solutions for mission-critical applications in the defense, aerospace and medical industries, including advanced multi-purpose electronic systems with customized computer-based automated test equipment.

In the first phase of the development project, Enertec will place a team of experienced engineers on-site with the customer to study the medical device company's products and needs. In the second phase, Enertec will provide customized, advanced testing systems. Enertec has been in business for more than 30 years and Enertec's CEO, Zvi Avni, has over 35 years of experience developing advanced testing systems.

Enertec's CEO, Zvi Avni said, "We look forward to the development of advanced testing systems for our new customer, Align Technology, Inc., leveraging Enertec's position as a leading provider of complex testing solutions for the defense, aerospace and medical industries, both at home and abroad. Israel is considered to be among the world leaders in the field of medical devices, and we expect to see continued growth in the sector."

"Expanding its portfolio of business in the medical field adds to momentum at Enertec," said Jonathan Read, Gresham Worldwide's CEO. "This recent contract demonstrates that demand for Gresham's technology offerings remains strong. The expansion of Enertec's testing systems, among other products, reflects the confidence and the trust that this global medical device company has to work with Gresham on what we expect will be a long-life cycle platform program. We remain optimistic that Gresham can achieve its goals for significant growth in 2020 and 2021."

For more information on DPW and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company's public filings and press releases available under the Investor Relations section at www.DPWHoldings.com or available at www.sec.gov.