Espey Increases Number of Authorized Directors and Declares Regular Quarterly Dividend
Saratoga Springs, NY, June 5, 2018 – Espey Mfg. & Electronics Corp. (NYSE AMERICAN: ESP) announces that it has increased the number of authorized directors from seven to nine and that Roger N. Sexauer and David O’Neil have been appointed by its Board of Directors to fill the two vacancies.
Mr. Sexauer recently retired from DRS Technologies, Inc. where he served in various senior executive positions, most recently holding the position Executive Vice President of Corporate Business Development. He had also served as President of DRS’s $1.2 billion in annual sales Maritime and Combat Support Systems Group. Prior to his employment with DRS, Mr. Sexauer held senior positions with several other companies in the defense industry and served as a qualified nuclear officer in the United States Navy.
Mr. O’Neil is the company’s Executive Vice President, Treasurer and Chief Financial Officer and has been employed by Espey since January 4, 2000. He served as the company’s interim President and Chief Executive Officer during the period June 2, 2014 to January 31, 2015.
Mr. Patrick Enright, President and CEO, commented,
The appointments of Mr. Sexauer and Mr. O’Neil are consistent with our focus on the future. Mr. Sexauer brings tremendous market knowledge and relevant points of contact that will further strengthen our strategic growth strategy. Mr. Sexauer also brings decades of tactical execution experience related to running businesses in the defense and aerospace markets. Mr. O’Neil is the steward of our financial stability, which enables us to invest in personnel and facility improvements that prepare us for tomorrow’s execution challenges. Roger and Dave will complement our existing Board’s experience, providing insightful counsel that will aid in all aspects of our business, ultimately resulting in increased shareholder value.
Both Messrs. Sexauer and O’Neil will stand for election to the Board at the Company’s annual meeting of shareholders in early December.
Espey also has declared a regular quarterly dividend of $0.25 per share. The dividend will be payable on June 26, 2018 to all shareholders of record on June 15, 2018.
Espey’s primary business is the development, design, and production of specialized military and industrial power supplies/transformers. The Company can be found on the Internet at www.espey.com.
For further information, contact Mr. Patrick Enright at (518) 245-4400.
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.