Ault Alliance Received a Dividend of $1.5 Million from its Subsidiary, Circle 8 Crane Services
08 August 2023 - 8:45PM
Business Wire
Ault Alliance, Inc. (NYSE American: AULT), a diversified holding
company (“Ault Alliance,” or the “Company”) is
pleased to announce that its indirect subsidiary, Circle 8 Crane
Services LLC, a leading crane rental and lifting solutions provider
(“Circle 8”), recently paid a cash dividend of $1.5 million
to Ault Alliance.
Ault Alliance acquired the assets of Circle 8 in December 2022,
and the cash dividend from Circle 8 to Ault Alliance has reinforced
the Company’s financial position. The addition of Circle 8 to Ault
Alliance’s business portfolio has produced positive results in less
than nine months, a testament to the commitment and efficiency of
Circle 8’s management team, whose performance has significantly
exceeded Ault Alliance’s projections when it decided to make the
acquisition.
Milton “Todd” Ault, III, the Company’s Executive Chairman,
expressed his satisfaction with the results, stating, “We could not
be more pleased with the acquisition of Circle 8. Its management
team has performed exceedingly well to date. One of the most
prominent features of our business model as a holding company
consists of receiving dividends from the free cash flow of our
portfolio companies, which Circle 8 has demonstrably proven capable
of accomplishing.”
Mr. Ault further commented, “We greatly appreciate the return on
investment delivered by Circle 8. It reinforces our business
strategy of making investments in a diversity of industries and
provides us the ability to, among other potential allocations of
resources, make additional investments in promising opportunities
to achieve strategic growth in the future.”
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 available 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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