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Michael Ferrantino, Sr. Appointed as Executive Chairman and CEO of LGL
|By Business Wire
|June 17, 2014 05:23 PM EDT
The LGL Group, Inc. (NYSE MKT: LGL) (the “Company”) today announced that
Michael Ferrantino, Sr., has been appointed as Executive Chairman and
Chief Executive Officer of The LGL Group, Inc.
Following the Company’s announcement on May 21, 2014, of Mr.
Ferrantino’s appointment as Interim Chief Executive Officer of the
Company and its subsidiary, MtronPTI, the Company’s Board of Directors
has appointed Mr. Ferrantino to serve as Executive Chairman and Chief
Executive Officer of the Company, further solidifying his role in
managing the businesses towards profitable growth. LaDuane Clifton, the
Company’s Chief Financial Officer, said, “Michael’s industry knowledge
and experience has immediately benefited LGL, both as a driving force
behind acquisitions, such as the recent Trilithic filter asset purchase,
as well as through our efforts to rationalize operations. Our team is
pleased to have the opportunity to work with him as he reorients the
business on a path of profitable growth coupled with manufacturing
Marc Gabelli, the Company’s Non-Executive Chairman of the Board, said,
“The Board of Directors is pleased that Michael has accepted this
additional responsibility as Executive Chairman and Chief Executive
Officer of LGL, bringing his experience in frequency control,
RF/microwave and integrated assemblies to the Company at this
transitional moment. I have every confidence in his operational
leadership as MtronPTI seeks to reinvigorate its technology position and
create long-term growth in shareholder value.”
About The LGL Group, Inc.
The LGL Group, Inc., through its wholly-owned subsidiary MtronPTI,
manufactures and markets highly-engineered electronic components used to
control the frequency or timing of signals in electronic circuits. These
components provide low noise and base accuracy for lab instruments,
ensure reliability and security in aerospace and defense communications,
and synchronize data transfers throughout the wireless and Internet
Headquartered in Orlando, Florida, the Company has additional design and
manufacturing facilities in Yankton, South Dakota and Noida, India, with
local sales offices in Sacramento, California, Eindhoven, The
Netherlands, Hong Kong and Shanghai, China.
For more information on the Company and its products and services,
contact LaDuane Clifton at The LGL Group, Inc., 2525 Shader Rd.,
Orlando, Florida 32804, (407) 298-2000, or visit www.lglgroup.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 21 E 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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