M-tron Industries, Inc. Merges with Piezo Technology, Inc.
October 18, 2004
Yankton, South Dakota, October 18 – M-tron Industries, Inc. has completed the transactions to purchase Piezo Technology, Inc. (PTI) of Orlando, Florida. The two companies plan to integrate their operations under a single business management and operations group. To reflect this and to maintain the excellent brand awareness of each company, the companies will be conducting business under the new name MtronPTI.
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 www.mtron.com or at the new web site: www.MtronPTI.com.
Bob Zylstra, President and Chief Executive Officer of MtronPTI, explained the decision to merge the operations of M-tron and PTI. “Our new management team believes that there is an excellent opportunity to create value for our customers and our investors by operating as a single company. As a single company, MtronPTI offers our customers a very wide range of frequency control and electronic filter products which allows them “one stop shopping”. Operating under a single management team will allow us to better utilize our combined engineering resources as well as the capabilities of our factories. We intend to continue to operate the PTI factories in Orlando and New Delhi, India along with the M-tron factory in Yankton, South Dakota”.
Paul Dechen the Vice President for Business Development of MtronPTI and formerly of PTI commented: “Combining the product offerings of our companies under the combined company MtronPTI presents many benefits to our customers. Our integrated sales team will be offering an extended portfolio made up of M-tron’s 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. We have found both our sales organizations and our management teams to be highly complementary. ”
Dr. Bill Horton, a co-founder and current Chairman of PTI has also agreed to stay with MtronPTI as Chairman Emeritus. Dr. Horton commented, “I have watched the early integration steps between the management and engineering groups of our company and M-tron. I am very encouraged that these groups seem to have very complementary skills and they are showing all the signs of being highly compatible as well. It is very satisfying to see this new team emerge that will use the strong capabilities of PTI engineers and work force in Orlando and New Delhi.”
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.