M-tron Industries Inc. agrees to purchase Piezo Technology, Inc.
September 08, 2004
Yankton, South Dakota, September 8 - M-tron Industries, Inc. has reached an agreement in principle to purchase Piezo Technology, Inc. (PTI) of Orlando, Florida. Consummation of the transaction, which is anticipated to occur in late September, is subject to customary closing conditions, including the receiving the approval of the trustees of PTI's employee stock ownership plan.
PTI is a leading manufacturer of high precision crystal oscillators, resonators, filter products and R-F subassemblies for a broad range of commercial and military applications. PTI was founded in 1965 and is an ISO-9001:2000 registered company. M-tron is a leading developer and manufacturer of high frequency oscillators with products available in small, surface mount packages at frequencies up to 1300 MHz and higher. Information regarding products of the companies can be found at their respective web sites: www.piezotech.com and www.mtron.com.
Bob Zylstra, President and Chief Executive Officer of M-tron, explained the decision to pursue acquisitions, and in particular the acquisition of PTI. "M-tron believes that there is an excellent opportunity to create value for our customers and our investors by acquiring selected companies that create real synergy with the M-tron business. Today we have a special opportunity to acquire a high performance oscillator and filter company whose products are a strong complement to the existing M-tron portfolio of products. We intend to operate the PTI factories in Orlando and New Delhi, India along with the M-tron factory in Yankton, South Dakota. The merging of our engineering and sales organizations is expected to add significant depth to our organization and will allow us to accelerate our new product development and give industry-leading service to our customers".
Paul Dechen is the General Manager of PTI and has agreed to stay with the combined company in a senior management position. Paul noted, "Combining the product offerings of M-tron and PTI presents many benefits to the customers of both companies. Our new portfolio includes M-tron's current product portfolio of crystals, clock oscillators, VCXO and TCXO products together with PTI's offering of very high performance TCXO products, ovenized oscillators and a strong line of filter devices. This broad product offering will allow the combined company to service its wide range of customers in many markets that require high-performance, specialized, frequency control products. We have also found our organizations to be highly complementary. We are eager to join forces and take full advantage of the strengths that each company brings."
Dr. Bill Horton, a co-founder and current Chairman of PTI has also agreed to stay with the combined company in an advisory role. Dr. Horton commented, "I am personally very pleased that we reached an agreement with M-tron. They are in a position to build on the strong technology base that we have created at PTI. It is also very satisfying to help build a combined company that can benefit from the strong group of engineers and work force PTI has in Orlando and New Delhi."
Additional information can be obtained by contacting Sue Fields at 1-800-762-8800 or firstname.lastname@example.org. M-tron's web site can be viewed at www.mtron.com. M-tron, based in Yankton, South Dakota, USA, is a subsidiary of the Lynch Corporation. Lynch is a member of the American Stock Exchange and traded under the symbol - LGL.
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Caution Concerning Forward Looking Statements
This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in Lynch Corporation's filings with the Securities and Exchange Commission.