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 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 ten shares of Class A Common Stock of ACG and five shares of Class B Common Stock of ACG at any time beginning on specified conditions related to registration under the Securities Act of 1933.