ELMA, N.Y., March 3, 2022 /PRNewswire/ -- Servotronics, Inc.
(NYSE American - SVT) this week received a communication purporting
to give notice of shareholder nomination of individuals for
election as directors at the Company's 2022 annual meeting.
Servotronics and its Board of Directors welcomes constructive
input from shareholders and will be reviewing the communication
from Star Equity Fund, LP, which is believed to be an affiliate of
Star Equity Holdings, Inc., Star Equity Fund, Star Equity Fund GP,
LLC, Star Value, LLC, Star Investment Management, LLC.
Servotronics' shareholders are not required to take any action
at this time and the Company recommends that the shareholders make
voting decisions after they receive definitive proxy materials from
the Company, which will include the date and time for the 2022
Servotronics, Inc. ("Servotronics" or the "Company") will file a
proxy statement with the Securities and Exchange Commission (the
"SEC") in connection with the solicitation of proxies for its
annual meeting of shareholders. The Company will furnish the
definitive proxy statement to its shareholders. Shareholders are
strongly advised to read the proxy statement because it will
contain important information from the Company. Shareholders may
obtain a free copy of the proxy statement, any amendments or
supplements to the proxy statement and other documents that the
Company files with the SEC from www.sec.gov or the Company's
website at https://servotronics.com/investor-relations/ as soon as
reasonably practicable after such materials are electronically
filed with, or furnished to, the SEC.
The Company, its directors, its executive officers and its
nominees for election as director may be deemed participants in the
Company's solicitation of proxies from shareholders in connection
with the matters to be considered at the upcoming annual meeting of
shareholders. Information about the Company's directors and
executive officers is set forth in the Company's Proxy Statement
for its last Annual Meeting of Shareholders, which was filed with
the SEC on April 14, 2021 and is
available at the SEC's website at www.sec.gov or the Company's
website at https://servotronics.com/investor-relations/. Additional
information regarding the interests of participants in the
solicitation of proxies in connection with the upcoming annual
meeting of shareholders will be included in the definitive proxy
statement that the Company will file with the SEC.
The Company is composed of two groups – the ATG and the CPG. The
ATG primarily designs, develops and manufactures servo controls and
other components for various commercial and government applications
(i.e., aircraft, jet engines, missiles, manufacturing equipment,
etc.). The CPG designs and manufactures cutlery, bayonets, pocket
knives, machetes and combat knives, survival, sporting,
agricultural knives and other edged products for both commercial
and government applications.
This news release contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding a potential proxy contest.
Forward-looking statements involve numerous risks and
uncertainties which may cause the actual results of the Company to
be materially different from future results expressed or implied by
such forward-looking statements. There are a number of factors that
will influence the Company's future operations, including:
uncertainties in today's global economy, including political risks,
adverse changes in legal and regulatory environments, and
difficulty in predicting defense appropriations, the introduction
of new technologies and the impact of competitive products, the
vitality of the commercial aviation industry and its ability to
purchase new aircraft, the willingness and ability of the Company's
customers to fund long-term purchase programs, and market demand
and acceptance both for the Company's products and its customers'
products which incorporate Company-made components, the Company's
ability to accurately align capacity with demand, the availability
of financing and changes in interest rates, the outcome of pending
and potential litigation and the additional risks discussed in the
Company's filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on
forward-looking statements, which reflect management's analysis
only as of the date hereof. The Company assumes no obligation to
update forward-looking statements, whether as a result of new
information, future events or otherwise.
SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE
SOURCE Servotronics, Inc.