MILPITAS, Calif.–(BUSINESS WIRE)–Imperalis Holding Corp. (OTC: IMHC) (“Imperial”) announced the closing of the securities purchase agreement, whereby Imperalis acquired all of the outstanding common shares of TurnOnGreen, Inc., an electric vehicle charging and personalized power solutions company (“Turn onGreen“or the”Company“) of BitNile Holdings, Inc. (the “Acquisition”). Following the acquisition, TurnOnGreen became a subsidiary of Imperialis. Upon closing of the acquisition, Darren Magot resigned as Chief Executive Officer but remains a member of the Board of Directors of Imperalis, David Katzoff remains Chief Financial Officer, Secretary and Treasurer of Imperalis, Marcus Charuvastra remains Chairman of Imperalis , Douglas Gintz remains Chief Technology Officer of Imperalis and the Imperalis Board of Directors (the “Board”) has appointed Amos Kohn as Chief Executive Officer and Chairman of the Board of Imperalis.
“We look forward to leveraging public markets to drive the development and distribution of TurnOnGreen’s innovative technology,” said Amos Kohn, Chief Executive Officer of Imperalis. “TurnOnGreen has a team of experienced professionals. I am delighted to have Marcus and Douglas on our leadership team to help us accelerate our growth and create shareholder value. Marcus and Douglas’ leadership throughout the organization will help build a strong business foundation from which the company can expand its electric mobility products and services. Our team is focused on adding value for shareholders and aims to pursue a stock market climb on the Nasdaq Capital Market, subject to seasoning rules and other listing criteria.
Prior to the acquisition, Mr. Kohn was President and CEO, Mr. Charuvastra, Chief Revenue Officer, and Mr. Gintz, Chief Technology Officer at TurnOnGreen.
“I’m excited to help build a team that can capture the growing electric vehicle market in North America,” said Marcus Charuvastra, president of Imperalis. “The company is uniquely positioned to build electric vehicle charging infrastructure that will accelerate the adoption of electric mobility solutions while reducing carbon emissions from internal combustion engine automobiles.”
Imperalis, which intends to change its name to TurnOnGreen as soon as possible, will operate through TurnOnGreen’s two subsidiaries, TOG Technologies Inc. and Digital Power Corporation. Imperalis intends to dissolve its still inactive subsidiary.
For more information about TurnOnGreen, please visit www.TurnOnGreen.com.
About TurnOnGreen Inc.
TurnOnGreen Inc. designs and manufactures innovative, feature rich, premium quality power products for mission critical, lifesaving and sustaining applications spanning multiple industries in the harshest environments. The various markets we serve include defense and aerospace, medical and healthcare, industrial, telecommunications and e-mobility. TurnOnGreen brings decades of experience to every project, working with our customers to develop industry-leading products to meet a wide range of needs. TurnOnGreen is headquartered in Milpitas, CA; www.TurnOnGreen.com.
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 on 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 them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement due to a variety of factors. Further information, including potential risk factors, that could affect the Company’s business and financial results is included in the Company’s filings with the United States Securities and Exchange Commission, including, but without limitation, Company Forms 10-K, 10-Q and 8. -K. All filings are available at www.sec.gov and on the Company’s website at www.turnongreen.com.