Frequency Electronics Inc. Appoints Largest Shareholder to Board of Directors
November 22 2017 - 2:17PM
Frequency Electronics, Inc. (NASDAQ:FEIM) today announced that it
has appointed Jonathan Brolin to its Board of Directors, effective
immediately. Mr. Brolin is the Managing Partner of Edenbrook
Capital, LLC ("Edenbrook"), which beneficially owns approximately
14.3% of the company's outstanding shares and is Frequency’s
largest shareholder. Mr. Brolin fills the board seat vacated
by the retirement of Admiral S. Robert Foley, Jr.
Joel Girsky, Chairman of the Board of Frequency, said, "We are
pleased to welcome Jonathan to the Board, and are confident that
his significant financial expertise and in-depth knowledge of the
business and our industry will further strengthen our Board.
We look forward to collaborating with our largest shareholder to
help create value for all shareholders. This fine addition
comes with the retirement of Admiral Bob Foley. Bob having
served as a Director for many years is moving on. His wisdom,
intelligence and friendship will be missed. Bob has
agreed to continue to serve as a one dollar a year
consultant. His knowledge of our industry and his contacts
will be a valuable resource. We wish Bob, his wife and
family, good health and happiness."
Martin Bloch, Frequency’s President and CEO, said, “Jon and
Edenbrook have been shareholders of Frequency for over five years
and in that time we have developed a strong, productive working
relationship. I believe Jon is the right person to help
assist our Board in moving Frequency into its next chapter of
growth and success.”
Mr. Brolin said, "I am excited to join Frequency’s Board and to
work with Martin, Joel, Stan Sloane and the rest of the Board.
Frequency is well positioned to capitalize on its world-class
product portfolio and next-generation technologies that have been
developed through internal research and development. I
believe that these strengths will enhance the Company’s market
positioning in secure communications and commercial and military
satellite programs. As Frequency executes upon its business
plan, I believe that the Company will have multiple strategic
alternatives for enhancing value, and I look forward to helping the
Board evaluate those options for the benefit of all
shareholders.”
Mr. Brolin will serve as a member of the Board’s Compensation
and Audit Committees.
Mr. Brolin founded Edenbrook in 2011, and has over 20 years of
experience in public and private equity investing. Edenbrook
takes a private equity approach to public markets, principally
through concentrated, long-term investments in small and mid-cap
companies. Mr. Brolin holds a B.A. from the University of
Pennsylvania and an M.B.A. from Columbia Business School.
About Frequency Electronics
Frequency Electronics, Inc. is a world leader in
the design, development and manufacture of high precision timing,
frequency control and synchronization products for space and
terrestrial applications. Frequency’s products are used in
satellite payloads and in other commercial, government and military
systems including C4ISR markets, missiles, UAVs, aircraft, GPS,
secure radios, energy exploration and wireline and wireless
communication networks. Frequency has received over 100
awards of excellence for achievements in providing high performance
electronic assemblies for over 150 space and DOD programs.
The Company invests significant resources in research and
development and strategic acquisitions world-wide to expand its
capabilities and markets.
Frequency’s Mission Statement: “Our mission is
to provide precision time and low phase noise frequency generation
systems from 1 Hz to 46 GHz, for space and other challenging
environments.”
Subsidiaries and Affiliates: Gillam-FEI provides
expertise in network synchronization and monitoring; FEI-Zyfer
provides GPS and secure timing ("SAASM") capabilities for critical
military and commercial applications; FEI-Asia provides cost
effective manufacturing capabilities; FEI-Elcom Tech provides added
resources for state-of-the-art RF microwave products.
Frequency's Morion affiliate supplies high-quality, cost effective
quartz oscillators and components. Additional information is
available on the Company’s website:
www.frequencyelectronics.com
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995:
The Statements in this press release regarding
the future constitute "forward-looking" statements pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements inherently involve
risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Factors that
would cause or contribute to such differences include, but are not
limited to, inability to integrate operations and personnel,
actions by significant customers or competitors, general domestic
and international economic conditions, consumer spending trends,
reliance on key customers, continued acceptance of the Company's
products in the marketplace, competitive factors, new products and
technological changes, product prices and raw material costs,
dependence upon third-party vendors, competitive developments,
changes in manufacturing and transportation costs, the availability
of capital, and other risks detailed in the Company's periodic
report filings with the Securities and Exchange Commission.
By making these forward-looking statements, the Company undertakes
no obligation to update these statements for revisions or changes
after the date of this release.
Contact information: Martin B. Bloch, President and CEO:
Telephone: (516) 794-4500 WEBSITE:
www.frequencyelectronics.com
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