The LGL Group, Inc. Announces Acquisition of New Product Line Assets
September 06 2016 - 4:05PM
Business Wire
The LGL Group, Inc. (NYSE MKT: LGL) (the “Company”), today
announced it has acquired certain assets from Precise Time and
Frequency, Inc. (“PTF Inc.”). The assets will be held by Precise
Time and Frequency, LLC (“PTF LLC”), a newly formed, wholly-owned
subsidiary of The LGL Group, Inc.
LGL Chairman and CEO, Michael J. Ferrantino, Sr. said, “ This
acquisition represents another building block in the Company’s
strategy to be a much broader based supplier of highly engineered
products for the generation, synchronization and control of timing
and frequency. It will nicely compliment the broader, complete line
of spectrum control products that the Company provides.”
PTF Inc., based in Wakefield, Massachusetts, is a well known
technology leader in the design of high performance Frequency and
Time reference standards that form the basis for timing and
synchronization in many applications.
Michael J. Ferrantino, Sr. added, “We are thrilled to add PTF
LLC to our LGL family. Over the next several quarters we expect to
invest additional resources into this product line, primarily in
sales, marketing and engineering, so that we can expand its
geographic reach and free-up current design engineering resources
to focus on designing new, market-driven products.”
PTF LLC will be led by CEO, David Briggs, former CEO of PTF
Inc., along with an experienced team of engineers, also former
employees of PTF Inc. PTF LLC will remain in Wakefield,
Massachusetts.
David Briggs added, “We are excited to be a part of the LGL
organization, with its financial resources, component engineering
expertise, and world-class sales channel. We look forward to
expanding the presence and capabilities we have built over the past
decade, and are confident that together with the LGL organization
we can grow PTF LLC into a market leader.”
About The LGL Group, Inc.
The LGL Group, Inc., through its wholly-owned subsidiary
MtronPTI, manufactures and markets highly-engineered electronic
components used to control the frequency or timing of signals in
electronic circuits. These components ensure reliability and
security in aerospace and defense communications, synchronize data
transfers throughout the wireless and internet infrastructure, and
provide low noise and base accuracy for lab instruments.
Headquartered in Orlando, Florida, the Company has additional
design and manufacturing facilities in Yankton, South Dakota and
Noida, India, with local sales offices in Sacramento, California
and Hong Kong.
For more information on the Company and its products and
services, contact Patti Smith at The LGL Group, Inc., 2525 Shader
Rd., Orlando, Florida 32804, (407) 298-2000, or visit
www.lglgroup.com and www.mtronpti.com.
Caution Concerning Forward Looking Statements
This press release may contain forward-looking statements made
in reliance upon the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21 E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements include all statements that do not relate solely to
historical or current facts, and can be identified by the use of
words such as “may,” “will,” “expect,” “project,” “estimate,”
“anticipate,” “plan,” “believe,” “potential,” “should,” “continue”
or the negative versions of those words or other comparable words.
These forward-looking statements are not guarantees of future
actions or performance. These forward-looking statements are based
on information currently available to us and our current plans or
expectations, and are subject to a number of uncertainties and
risks that could significantly affect current plans, anticipated
actions and our future financial condition and results. Certain of
these risks and uncertainties are described in greater detail in
our filings with the Securities and Exchange Commission. We are
under no obligation to (and expressly disclaim any such obligation
to) update or alter our forward-looking statements, whether as a
result of new information, future events or otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160906006125/en/
The LGL Group, Inc.Patti Smith,
407-298-2000pasmith@lglgroup.com
LGL (AMEX:LGL)
Historical Stock Chart
From Mar 2024 to Apr 2024
LGL (AMEX:LGL)
Historical Stock Chart
From Apr 2023 to Apr 2024