Gresham Worldwide, Inc. Announces New Head of Israeli Defense Subsidiary

Gresham Worldwide, Inc. (OTCQB: GIGA) (“Gresham Worldwide”) today announced the appointment of Nissim Ovadia as Chief Executive Officer of Enertec Systems 2001, Ltd. (“Enertec”), its defense industry and medical device engineering subsidiary.

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Mr. Ovadia joined Enertec in 2017 and has been a catalyst for record growth of the Company during his tenure. Prior to his appointment as CEO, Mr. Ovadia served concurrently as CFO and COO and was responsible for the full financial and operations management of Enertec. He was instrumental in the implementation of first-class project management systems and engineering interface protocols and comprehensive customer interfaces. Mr. Ovadia’s appointment ensures a seamless transition and continuity for the Company’s business operations.

“The naming of Mr. Ovadia to the role of CEO underscores our faith in his leadership of the Enertec organization,” stated Jonathan R. “JR” Read, CEO of Gresham Worldwide and Chairman of Enertec. “Given current geopolitical tensions and the critical nature of our defense and medical technology businesses, we felt it was important to assure our customers and stakeholders of Enertec’s continued support to all during this transition. Mr. Ovadia’s expertise, experience, and leadership make him the right person to lead the company and deliver that assurance.”

Prior to Enertec, Mr. Ovadia served in a variety of senior management positions, including finance director, for turnkey integrated security solutions provider Logic Industries Ltd (“Logic”). While at Logic, Mr. Ovadia’s responsibilities included full financial reporting for the company and its subsidiaries, business development, customer negotiations and project management/proposal generation. Prior to Logic, Mr. Ovadia served as CFO for software web intelligence start-up 3IMIND, and 16 years in various financial roles at the international defense electronics company, Elbit Industries.

A subsidiary of Gresham Worldwide, Enertec Systems 2001, Ltd. provides turnkey integrated test systems and multi-purpose specialized electronic systems for the defense and medical device industries. Enertec has recently enjoyed strong performance in bookings with a 24% revenue increase year-over-year and a correspondingly increased outlook for continued growth. Through Enertec and its other subsidiaries, Gresham Worldwide offers a full range of defense-related technologies and integrated solutions including RF filters, missile defense systems, ATE, electronic warfare threat emulation and ruggedized power supply and display products.