Frequency Electronics Corrects Announcement of Addition of Two New Board Members
26 8월 2016 - 4:48AM
Frequency Electronics, Inc. (NASDAQ:FEIM) today
announced a correction to its press release issued on August 24,
2016, titled “Frequency Electronics, Inc. Announces the Addition of
Two New Board Members.” In the press release, one of the
names of the new directors was misstated as Dr. Yacov A. Shamash
and is corrected to indicate that the two new directors are Dr.
Stanton D. Sloane and Russell Sarachek. The Board of
Directors had identified Mr. Shamash as an attractive prospective
independent director, but, because Mr. Shamash indicated that, as
an employee of a New York state university, to serve on a board of
directors he would first be required to obtain approval both from
his university and the New York State Ethics Commission, the Board
of Directors determined to consider Mr. Shamash as a potential
director if and when he secures the required approvals.
The complete, corrected release follows:
Frequency Electronics, Inc. announced that the
size of its Board of Directors has been increased from five to
seven members, and two new board members have been appointed.
Joining the Board of Directors are Dr. Stanton D. Sloane and
Russell Sarachek.
Dr. Stanton D. Sloane is a highly respected
proven business leader with extensive leadership experience in
high-tech enterprises encompassing a broad range of U.S. Government
and Department of Defense secure and classified programs.
Mr. Russell Sarachek is the Managing Director of
Contra Capital Management LLC and a significant shareholder of
Frequency Electronics, Inc., with shareholdings of approximately 4%
of the Company’s outstanding common stock. Mr. Sarachek also
has extensive knowledge of public company corporate governance.
Commenting on the appointments, Joel Girsky, the
new Chairman of the Board of Directors said, “We welcome Dr. Sloane
and Mr. Sarachek to our Board of Directors. Our new members
embody the spirit of innovation and achievement, and bring talent,
expertise and energy to the table. They possess
multi-discipline technical know-how and wide industry and
Government partnership experience. In addition, Mr. Sarachek,
as a significant shareholder of the Company, has a strong vested
interest in the long-term success of the Company. We are very
fortunate to have them on our board as we continue to augment and
strengthen our governance as well as the planning and execution of
Frequency’s future growth.”
STANTON D. SLOANE: Dr. Sloane has been President and Chief
Executive Officer of Comtech Telecommunications Corp.
(Nasdaq:CMTL) since January 2015, and a Director of Comtech since
January 2012. Prior to joining Comtech, Dr. Sloane was
President and CEO and a Director of Decision Sciences
Corporation. Previously, he was Executive Vice President of
Integrated Systems & Solutions at Lockheed Martin
Corporation. He began his business career with General
Electric Aerospace. Dr. Sloane holds a bachelor’s degree in
Professional Studies (Aeronautics) from Barry University, a
master’s degree in Human Resources Management from Pepperdine
University and a Doctor of Management degree from the Weatherhead
Business School at Case Western Reserve University. He also
served as an officer in the U.S. Navy from 1976 until 1981.
RUSSELL SARACHEK: Mr. Sarachek has been Managing Director
of Contra Capital Management, LLC since 2002. From 1992 to 2002, he
held various positions, including Executive Vice President and
director of mergers and acquisitions with Groupe Schneider, a
global manufacturer and distributor of electrical equipment and
industrial controls. Mr. Sarachek has extensive knowledge in
corporate governance practices for public companies and has a range
of aerospace and defense industry contacts that help strengthen the
Board’s collective qualifications, skills, and experience.
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 42 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
reports filed 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
Frequency Electronics (NASDAQ:FEIM)
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