BitNile Holdings’ Subsidiary Announces the Closing of its Acquisition of the Assets of Circle 8 Crane Services

LAS VEGAS, December 19, 2022--(BUSINESS WIRE)--BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company ("BitNile" or the "Company") announced today that Circle 8 Newco LLC, a newly formed indirect subsidiary of Ault Alliance, Inc. ("Ault Alliance"), a wholly owned subsidiary of the Company, has closed on its acquisition of substantially all of the operating assets of Circle 8 Crane Services LLC ("Circle 8").

Circle 8 was a crane rental and lifting solutions provider founded in 2007 and headquartered in Corpus Christi, TX with multiple locations throughout the South Central region of the U.S. It maintained a large modern fleet of mobile cranes for its customers’ heavy lifting needs. In particular, Circle 8 provided crane operators, engineering, custom rigging and transportation services for oilfield, construction, commercial and infrastructure markets. Circle 8 maintained an industry leading safety record.

The Company’s Founder and Executive Chairman, Milton "Todd" Ault, III said, "We are very pleased to consummate this strategic acquisition. We believe the Circle 8 acquisition provides a significant growth platform and furthers our strategy of investing in private equity opportunities that provide operating cash flow.

“On behalf of the Circle 8 employees and management team, we are pleased to partner with the Ault Alliance and Paramount teams. Their global network and extensive industry knowledge will lay the foundation for sustained growth and innovation,” said Phillip Bryson, CEO of Circle 8.

Ault Alliance’s President, Christopher K. Wu said, "Todd and I are excited to close this private equity investment and look forward to supporting the expected growth of our crane operations."