Dalrada Selects New Independent Auditor to Support Current Business Growth

Rhea-AI Summary

Dalrada Corporation (OTCQB: DFCO) has appointed MGO (Macias Gini and O’Connell LLP) as its new independent auditor starting from the quarter ending December 31, 2022. This decision is part of Dalrada's business transformation, aimed at aligning with its growing segments, especially in clean energy and precision manufacturing. The company has also reported strong triple-digit growth in the 2022 fiscal year, highlighting significant market demand and federal incentives for its new Dalrada Energy Services. The partnership with MGO is expected to support the company's ongoing expansion.

Positive

• Triple-digit growth in the 2022 fiscal year.
• Appointment of MGO indicates a strategic shift towards aligning with growing business segments.
• Strong market demand and federal incentives for Dalrada Energy Services.

Negative

• None.

SAN DIEGO--(BUSINESS WIRE)-- Dalrada Corporation (OTCQB: DFCO, "Dalrada," the “Company”), a problem-solving innovator that takes on complex, multi-disciplinary challenges in health care, clean energy, precision manufacturing, and technology, announced today that it has named MGO (Macias Gini and O’Connell LLP), as its new independent auditor beginning the quarter ending December 31, 2022.

“Selecting MGO represents a major step in Dalrada’s transformation as a company,” said Kyle McCollum, Chief Financial Officer of Dalrada. “DBBMcKennon was a valuable partner for Dalrada as we underwent significant changes to our business prior to and during the COVID-19 pandemic. However, as our business continues to evolve, we need a firm with deep government expertise and a global presence to better align with our fastest-growing segments.”

“Combined with our triple-digit growth in the 2022 fiscal year, using MGO’s services is a major signal to the market,” said Brian McGoff, President and Chief Operating Officer of Dalrada. “The need for this new selection is driven by a number of recent transformations we’ve made. The first was the launch of Dalrada Energy Services (DES) in early 2022, bringing innovation and leadership to the ESG market. Strong market demand and multiple federal incentives suited to its offerings will pave the way for DES to experience significant growth in 2023.”

Mr. McGoff continued, “Dalrada Precision Manufacturing complements these initiatives through significant investments in our heat pump and deposition technologies. In addition to strong, global demand, we also meet the requirements for legacy energy grants, the 2022 Chips and Science Act, and various manufacturing incentives within the Inflation Reduction Act, enabling us to create new and expanded manufacturing capabilities in the U.S. Through our discussions with MGO, we are confident they are the right firm to support and advise Dalrada on these initiatives as we continue on this path of significant growth.”

Dalrada looks forward to forging a strong bond with the MGO auditing team to deliver efficient and accurate reporting on the Company’s financial statements.

For additional information on Dalrada and its subsidiaries, please visit www.dalrada.com.

About Dalrada (DFCO)

Dalrada Financial Corporation (OTCQB: DFCO) is a forward-facing organization that continually produces disruptive products and services that accelerate positive change for current and future generations.

Since 1982, Dalrada has redefined possibilities while boldly addressing global challenges with transformative innovations that drive targeted advances in emerging markets for a new era of human behavior and interaction, ensuring a bright future for the world around us.

Dalrada Financial Corporation is committed to positively impacting people, businesses, and the planet through sustainable solutions. For more information, please visit www.dalrada.com, and follow us on Twitter, Facebook, and LinkedIn.

About MGO

As one of the fastest-growing business advisory and CPA professional services firms in the country, MGO combines deep industry experience with well-established advisory and accounting solutions that deliver results. MGO clients range from global technology and life science leaders, public companies, and innovative startups from the largest government entities in the country, to the biggest names in sports and entertainment. MGO is ranked as one of the top CPA firms in the nation by Accounting Today and Inside Public Accounting.

Disclaimer

Statements in this press release that are not historical facts, the statements are forward-looking, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors and will be dependent upon a variety of factors including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the US Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221222005124/en/

Media contact: Michael Eslinger meslinger@dalrada.com

Source: Dalrada Financial Corporation

FAQ

What recent changes has Dalrada Corporation made regarding its auditing firm?

Dalrada Corporation has appointed MGO (Macias Gini and O’Connell LLP) as its new independent auditor starting from the quarter ending December 31, 2022.

How did Dalrada Corporation perform financially in 2022?

Dalrada Corporation reported triple-digit growth in its fiscal year 2022.

What is the significance of MGO's appointment for Dalrada Corporation?

The appointment of MGO represents a strategic shift for Dalrada, aligning the company with its fast-growing segments in clean energy and precision manufacturing.

What incentives is Dalrada Corporation leveraging for its growth?

Dalrada is benefiting from strong market demand and federal incentives for its Dalrada Energy Services, which was launched in early 2022.