The LGL Group Announces Webinar to Review Its Operations
September 02 2022 - 7:49AM
Business Wire
The LGL Group, Inc. (NYSE American: LGL) (the “Company” or
“LGL”) will hold a webinar to discuss its operations.
The webinar will be held on September 8, 2022 at 9:00am Eastern
time (US and Canada).
You will need to access the following link to register in
advance for this webinar:
https://us06web.zoom.us/webinar/register/WN_0h2SL-FtShWtSInwltYRSw
After registering, you will receive a confirmation email
containing information about joining the webinar.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
About The LGL Group, Inc.
In 1917, Lynch Glass Machinery Company, the predecessor of LGL,
was formed, and emerged in the late twenties as a successful
manufacturer of glass-forming machinery. The company was then
renamed Lynch Corporation, and was incorporated in 1928, under the
laws of the State of Indiana. In 1946, Lynch was listed on the “New
York Curb Exchange,” the predecessor to the NYSE American. LGL
Group’s long history of owning and operating various businesses in
the precision engineering, manufacturing and communication services
and media sectors. The Company is focused on growth through
expanding new and existing operations across diverse
industries.
The Company today has two reportable business segments;
electronic components consisting of MtronPTI, and electronic
instruments consisting of Precise Time and Frequency (“PTF”). The
electronic components segment is focused on the design, manufacture
and marketing of highly-engineered, high reliability frequency and
spectrum control products. These electronic components ensure
reliability and security in aerospace and defense communications,
low noise and base accuracy for laboratory instruments, and
synchronous data transfers throughout the wireless and Internet
infrastructure. The electronic instruments segment, or PTF, is
focused on the design and manufacture of high performance Frequency
and Time Reference Standards that form the basis for timing and
synchronization in various applications.
SPIN-OFF
The Spin-Off of the Company’s MtronPTI division was approved by
the Company’s Board on August 3, 2022 and is expected to be
effected through a pro rata issuance of shares of MtronPTI’s common
stock to the Company’s stockholders structured as a tax-free
distribution. Stockholders of the Company will receive one share of
MtronPTI’s common stock for each share of the Company’s common
stock held of record as of the close of business on the record date
for the distribution. As a result, the Company’s stockholders as of
the record date for the Spin-Off will also become the stockholders
of MtronPTI after the Spin-Off. The Company will cease to have any
ownership interest in MtronPTI following the Spin-Off, but the
Company’s stockholders will, unless they sell their shares, be the
stockholders of both the Company and MtronPTI. The spin-off of
MtronPTI will enable shareholders to more clearly evaluate the
performance and future potential of each entity on a standalone
basis, while allowing each to pursue its own distinct business
strategy and capital allocation policy. Separating MtronPTI as an
independent, publicly owned company positions the business to
increase value to both MtronPTI and LGL Group. The spin-off permits
each company to tailor its strategic plans and growth
opportunities, more efficiently raise and allocate resources,
including capital raised through debt or equity offerings, flexibly
use its own stock as currency for teammate incentive compensation
and potential acquisitions, and provide investors a more targeted
investment opportunity. The LGL Group continues to strive for
profitable growth internally and by acquisition. The LGL Group, on
a pro-forma standalone basis after the spin-off, will continue to
own and develop its frequency reference and time standard
synchronization solutions business through its Precise Time and
Frequency LLC (“PTF”) subsidiary platform, and is expected to
retain substantially all the company’s cash and marketable
securities.
The LGL Group has successfully spun off several businesses over
its history, including Lynch Interactive, The Morgan Group, Tremont
Advisors, and others. MtronPTI itself sought to become an
independently listed company via an IPO, filing a form S-1
registration statement with Needham & Company as the
underwriter in 2000. This IPO was pulled as a result of market
conditions. MtronPTI has an established and formidable presence in
its key markets today and if the spin-off is completed, the
standalone MtronPTI would continue providing market-leading
engineered solutions to its defense and aerospace customers. The
potential spin-off is thus a continuation of the company’s strategy
of developing businesses and positioning them as independent
entities to enhance shareholder value and alignment.
For more information on the Company and its products and
services, contact Ivan Arteaga 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 21E 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220901005904/en/
Ivan Arteaga The LGL Group, Inc. iarteaga@lglgroup.com (407)
298-2000
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