Espey Press Release
November 24 2009 - 12:12PM
Marketwired
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.
For further information, contact: Mr. Howard Pinsley Mr. David
O'Neil (518) 245-4400
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