Ault Alliance, Inc., a diversified holding company (“Ault Alliance,” or the “Company”), today announced the awarding of a significant $20 million contract by its majority-owned subsidiary, Giga-tronics, Inc. (OTCQB: GIGA), also known as Gresham Worldwide. Gresham Worldwide, which concentrates in delivering high-performance, tailored electronic solutions for mission-critical applications across the defense, healthcare, telecommunications, and transportation sectors, won the contract to supply bespoke systems from a major strategic customer through its subsidiary, Enertec Systems 2001, Ltd. (“Enertec”). Enertec, located in Israel, is a leading provider of innovative test, simulation, calibration, operational, control, and monitoring systems that support and enable defense, aerospace, and health care applications for over 30 years.
Based in Israel, Enertec boasts over 30 years of excellence in crafting innovative systems that cater to the defense, aerospace, and healthcare sectors. This contract underscores a significant advancement with Enertec securing an initial $5 million to procure necessary materials and an additional $1.5 million for immediate system deliveries.
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These forthcoming orders, set to be executed between 2024 to 2026, are anticipated to bolster Enertec’s backlog, revenue streams, and profitability. To ensure timely and quality deliveries, Enertec is ramping up its recruitment, seeking exceptional engineers and technicians.
Zvika Avni, Enertec CEO, stated, “This order is a testament to Enertec’s unique technologies, high-quality offerings and long-standing relationships with customers. We expect to receive additional large orders to deliver similar bespoke solutions for this customer over the next three years.”
Enertec remains at the forefront with a strong track record of delivering purpose-built electronic solutions to satisfy the most stringent demands from customers worldwide. Enertec is primed to capitalize on the growing demand for electronic test, control, and operational systems and remain competitive.
Gresham Worldwide Chief Executive Jonathan Read said, “This new order provides significant validation of our continued investment in Enertec’s business model and growth potential. The Company is well-positioned to execute on this order and subsequent orders to deliver strong, positive results and drive success to our bottom-line for Gresham Worldwide and its investors for years to come. Enertec is one of the largest and most respected defense contractors in Israel and continues to stand ready to support Israel in this time of national emergency.”
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