EXHIBIT 99.01
[LOGO DEL GLOBAL TECHNOLOGIES CORP]
FOR IMMEDIATE RELEASE
DEL GLOBAL TECHNOLOGIES ANNOUNCES FINAL SEC APPROVAL OF
PREVIOUSLY ANNOUNCED SETTLEMENT
VALHALLA, NY - June 1, 2004 -- DEL GLOBAL TECHNOLOGIES CORP. (DGTC) ("Del
Global") today announced that it has obtained final approval from the Securities
and Exchange Commission ("SEC") regarding the settlement of previously announced
claims against the Company in connection with the restatement of financial
statements filed by former management for the fiscal years 1997 through the
third quarter of fiscal 2000. The terms of the settlement are subject to
approval by the United States District Court for the Southern District of New
York.
Walter F. Schneider, President and Chief Executive Officer of Del Global,
commented, "We are delighted to bring this matter to a close and, in doing so,
remove another layer of investor uncertainty. Our energies remain focused on
strengthening Del Global's operations and enhancing shareholder value."
As previously announced, Del Global signed a consent decree with the SEC Staff
regarding this matter in December 2003. The terms of the settlement are
unchanged from those previously disclosed, including the payment by Del Global
of a civil penalty of $400,000. Del Global recognized this expense in Fiscal
2003.
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. These statements
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; the ability of Del Global to meet its obligations under the agreement
in principle with the U.S. Government regarding the proposed settlement of the
DoD matter; the ability of Del Global to avoid a debarment from doing business
with the U.S. 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 the Company's filings with the
Securities and Exchange Commission.
CONTACT: INVESTOR RELATIONS:
Del Global Technologies Corp. The Equity Group Inc.
Walter F. Schneider, President Devin Sullivan (212) 836-9608
& Chief Executive Officer Adam Prior (212) 836-9606
Thomas V. Gilboy, Chief Financial Officer
(914) 686-3600
