99.02
[DEL GLOBAL TECHNOLOGIES CORP. LOGO]
FOR IMMEDIATE RELEASE
DEL GLOBAL TECHNOLOGIES ANNOUNCES RESIGNATION OF CHIEF FINANCIAL
OFFICER AND
APPOINTMENT OF NEW PRINCIPAL ACCOUNTING OFFICER
VALHALLA, NY - Aug. 27, 2004 -- Del Global Technologies Corp. (DGTC) ("Del
Global") today announced the voluntary resignation on August 24, 2004 of Thomas
V. Gilboy as Chief Financial Officer, Secretary and Treasurer, effective on
August 31, 2004. Del Global also announced that the Board of Directors has
appointed Mark A. Koch as its Principal Accounting Officer and Treasurer,
effective August 25, 2004.
Prior to his appointment as Treasurer and Principal Accounting Officer, Mr.
Koch, 46, has served as Del Global's Corporate Controller and Assistant
Secretary since February 2003. His responsibilities have included internal and
external financial reporting, domestic working capital management, and treasury
functions. From 1998 through January 2003, Mr. Koch was Corporate Controller,
Secretary and Treasurer of SEMX Corporation ("SEMX"), a public corporation
listed on NASDAQ providing specialty materials and thermal management solutions
to the wireless, internet infrastructure and electronics industries. SEMX is not
an affiliate of Del Global.
Walter F. Schneider, President and Chief Executive Officer, commented, "We
congratulate Mark on his appointment as Treasurer and Principal Accounting
officer. We are fortunate to have an individual of his experience and ability
assume these important positions. His familiarity with Del Global's business and
industry should result in a seamless transition of responsibilities."
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 US 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 & Chief Executive Officer Devin Sullivan (212) 836-9608
(914) 686-3600 Adam Prior (212) 836-9606
