EXHIBIT 99.03
DEL GLOBAL TECHNOLOGIES
FOR IMMEDIATE RELEASE
DEL GLOBAL TECHNOLOGIES REACHES AGREEMENT WITH
DEFENSE LOGISTICS AGENCY
VALHALLA, NY - April 5, 2005 -DEL GLOBAL TECHNOLOGIES CORP. (DGTC) ("DEL GLOBAL"
OR "THE COMPANY") today announced that it has reached an administrative
agreement with the Defense Logistics Agency ("DLA"), a component of the
Department of Defense ("DoD"), which provides that Del Global's subsidiary, RFI
Corporation ("RFI"), will not be debarred from doing business with U.S.
Government entities so long as RFI maintains its compliance program and adheres
to the terms of the administrative agreement. This agreement with the DLA is the
final component of Del Global's previously announced settlement of an
investigation by the DoD into practices at RFI.
Walter F. Schneider, President and Chief Executive Officer of Del Global
commented, "We are very pleased to resolve this matter in its entirety.
Management and the Board of Directors have worked together to advance our shared
goals - Del Global's financial and operating turnaround, strengthening our
industry position and enhancing shareholder value. While Del Global has
undergone significant changes over the past two years, what has remained
constant is our reputation for providing high quality, reliable products and
world-class after sales service."
RFI MAKES ALL SYSTEMS GO
- ------------------------
Mr. Schneider continued, "RFI remains an important part of our business,
generating increased sales and operating income for the first six months of
fiscal 2005 versus the prior year period. It is an industry-recognized leader in
the design and manufacture of key electronic components such as transformers,
noise suppression filters and high voltage capacitors for industrial, medical
and military applications. General Dynamics Land Systems recently sent a letter
of gratitude to RFI regarding its performance in the accelerated delivery of
components for the Stryker armored vehicle unit."
THE MEDICAL SYSTEMS GROUP - AN INDUSTRY LEADER
- ----------------------------------------------
Mr. Schneider commented, "The Medical Systems Group remains the largest supplier
of general purpose radiographic systems to independent distributors in North
America, with over 70 years of expertise selling medical imaging systems in more
than 100 countries worldwide. We are excited about our Company, its products and
its prospects, and are pursuing a variety of new opportunities to increase our
growth in 2005 and beyond."
Del Global Technologies Page 2
April 5, 2005
- --------------------------------------------------------------------------------
He noted that the Medical Systems Group received a blanket order for 15 units of
the Epex(TM) Digital Radiographic System from a distributor for provincial
Chinese facilities. The Company expects to ship the first two units released
under this agreement in May 2005, with the balance of the order to be shipped
during the subsequent 12-month period. Earlier this month at the European
Congress of Radiology in Vienna, Austria, the Medical Systems Group introduced
the Apollo(TM) Remote Control Radiographic/Fluroscopic System, from its Villa
Sistemi Medicali S.p.A. subsidiary.
Del Global also donated two military portable x-ray devices to support tsunami
disaster relief efforts in Asia. The donation was arranged through AmeriCares, a
nonprofit disaster relief and humanitarian aid organization providing immediate
response to emergency medical needs.
Mr. Schneider concluded, "I thank our shareholders, customers and suppliers for
their continued support. We will continue to build upon the success we have
achieved thus far in 2005, and endeavor to capitalize on the domestic and global
sales opportunities available to the Company."
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. Through its
RFI subsidiary, Del Global manufactures electronic filters, high voltage
capacitors, pulse modulators, transformers and reactors, and a variety of other
products designed for industrial, medical, military and other commercial
applications.
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 matters; market
and operating risks from foreign currency exchange exposures; 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:
Del Global Technologies Corp.
Walter F. Schneider or
Mark Koch, (914) 686-3650
or
The Equity Group Inc.
INVESTOR RELATIONS:
Devin Sullivan (212) 836-9608
Adam Prior (212) 836-9606
