Contact Information: For further information, contact: Mr. Howard Pinsley Mr. David O'Neil (518) 245-4400
Espey Press Release
| Source: Espey Mfg. & Electronics Corp.
SARATOGA SPRINGS, NY--(Marketwire - November 24, 2009) - The Board of Directors of Espey Mfg. &
Electronics Corp., (NYSE Amex : ESP ) has declared a special cash dividend of
$1.00 per share and a regular quarterly dividend of $0.225 per quarter.
The dividends will be payable on December 18, 2009, to all shareholders of
record on December 7, 2009.
In addition, Howard Pinsley, Chairman and Chief Executive Officer of the
Company, has informed the Company's Board of Directors of his intention to
retire as Chief Executive Officer effective on February 26, 2010. Upon Mr.
Pinsley's retirement, it is anticipated that the Board will appoint Mark
St. Pierre, who was hired as President of the Company on July 27, 2009, as
the new Chief Executive Officer, and that Mr. Pinsley will continue as
Chairman and a non-executive officer of the Company.
Espey's primary business is the development, design, and production of
specialized military and industrial power supplies/electronic equipment.
The Company's web site can be found on the Internet at www.espey.com.
Certain statements in this press release are "forward-looking statements"
and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
represent the Company's current expectations or beliefs concerning future
events. The matters covered by these statements are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those set forth in the forward-looking statements. The
Company wishes to caution readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made.