Exhibit 99.01
FOR IMMEDIATE RELEASE
DEL GLOBAL TECHNOLOGIES ANNOUNCES
NEW PRESIDENT AND CHIEF EXECUTIVE OFFICER AND NEW CHAIRMAN
VALHALLA, NY - October 10, 2003 -- DEL GLOBAL TECHNOLOGIES CORP. (DGTC) ("Del
Global") today announced the appointment of Walter F. Schneider as President and
Chief Executive Officer of Del Global to replace Samuel E. Park, effective
immediately. Walter joined Del Global in 2000 and has been the President of Del
Medical Systems Group and Villa Sistemi Medicali, S.p.A., Del Global's Italian
subsidiary, since April 2002. Prior to joining Del Global, Walter was President
of the Bennett Division of Thermo Electron Co., a manufacturer of general
purpose radiology equipment. In a joint statement, the Board of Directors
commented, "We are extremely pleased to have Walter in his new role as President
and CEO. Walter has proven leadership and strategic skills, combined with great
energy and drive and brings a wealth of strategic and operating experience.
Walter knows both the overall business and Del Global." Walter Schneider
commented, "This is an exciting time at Del Global and I look forward to the
challenges ahead. While I recognize the challenges we face, I see tremendous
opportunities to extend our market leadership, strengthen customer relationships
and renew shareholder confidence."
Del Global also announced today that Suzanne M. Hopgood, a current director of
Del Global and Chairman of its audit committee, has been appointed Chairman of
the Board of Directors succeeding Gerald M. Czarnecki. Mr. Czarnecki has been
appointed Chairman of the audit committee in place of Ms. Hopgood. Mr. Czarnecki
commented, "With the appointment of Walter Schneider as President and CEO, Del
Global's Chairman will be taking a more active role in Del Global and my
business activities outside of Del Global would limit my ability to take such an
active role." Ms. Hopgood commented, "Mr. Czarnecki's commitment to the Board
has been invaluable. We look forward to his continuing involvement and
leadership as Chairman of the audit committee. Walter and I look forward to
working with the Del Global team to achieve the business goals we have committed
to and to enhance shareholder value".
In addition, Del Global will be holding its year-end earnings conference call
the morning of October 31. Specific details of the call will be forthcoming.
Del Global Technologies Corp. is primarily engaged in the design, manufacture
and marketing of cost-effective medical imaging and diagnostic systems
consisting of stationary and portable x-ray systems, radiographic/fluoroscopic
systems, dental imaging systems and proprietary high-voltage power conversion
subsystems for medical and other critical industrial applications. Industrial
applications for which Del Global supplies power subsystems include airport
explosives detection, analytical instrumentation, semiconductor capital
equipment and energy exploration.
Statements about future results made in this release may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on current
expectations and the current economic environment. Del Global cautions that
these statements are not guarantees of future performance. They involve a number
of risks and uncertainties that are difficult to predict including, but not
limited to, the ability of Del Global to implement its business plan, retention
of management, changing industry and competitive conditions, obtaining
anticipated operating efficiencies, securing necessary capital facilities,
favorable determinations in various legal and regulatory matters, including a
settlement of the Department of Defense investigation on terms that Del Global
can afford and that does not include a debarment from doing business with the US
Government, and favorable general economic conditions. Actual results could
differ materially from those expressed or implied in the forward-looking
statements. Important assumptions and other important factors that could cause
actual results to differ materially from those in the forward-looking statements
are specified in Del Global's filings with the Securities and Exchange
Commission.
CONTACT: INVESTOR RELATIONS:
Del Global Technologies Corp. The Equity Group Inc.
Suzanne M. Hopgood Devin Sullivan (212) 836-9608
(860) 702-1070 Adam Prior (212) 836-9606
