EXHIBIT 99.02
DEL GLOBAL TECHNOLOGIES ANNOUNCES THE APPOINTMENT OF
TWO NEW DIRECTORS, THE RESIGNATION OF TWO DIRECTORS
AND THE DATE OF THE COMPANY'S 2005 ANNUAL MEETING
VALHALLA, NY - April 28, 2005-- DEL GLOBAL TECHNOLOGIES CORP. (DGTC) ("Del
Global" or "the Company") today announced the appointment of General Merrill A.
McPeak and Mr. James Risher to the Board of Directors effective April 27, 2005.
As the Company announced on March 30, 2005, the Board has concluded its review
of strategic alternatives, and determined that the shareholders' interests would
be best served by the Company continuing to operate as a stand-alone entity. The
Board's appointment of General McPeak and Mr. Risher is in keeping with the
Board's efforts to focus on improving operations and the expansion of the
Company's business.
General Merrill A. McPeak, age 69, has served as President of McPeak &
Associates, a management consulting firm, since 1995. General McPeak entered the
U.S. Air Force in 1957 and served in various positions throughout his tenure.
From October 1990 until October 1994, he was Chief of Staff of the U.S. Air
Force. He also served as Commander-in-Chief, Pacific Air Forces, from 1988 until
1990, Commander, Twelfth Air Force, from 1987 until 1988 and Deputy Chief of
Staff, Programs and Resources, from 1985 until 1987. He serves as a director of
Tektronix, Inc. (NYSE: TEK), a manufacturer and marketer of test, measurement
and monitoring solutions, GigaBeam Corporation (OTCBB: GGBM), a designer and
developer of wireless point-to-point communications equipment, and several
private companies. He received a bachelor of arts degree in economics from San
Diego State College and a master of science degree in international relations
from George Washington University.
Mr. Risher, age 62, has been the Managing Partner of Lumina Group, LLC, a
private company engaged in the business of consulting and investing in small and
mid-size companies, since 1998. From February 2001 to May 2002, Mr. Risher
served as Chairman and Chief Executive Officer of BlueStar Battery Systems
International, Inc. ("BlueStar"), a Canadian public company that is an
e-commerce distributor of electrical and electronic products to selected
automotive aftermarket segments and targeted industrial markets. From 1986 to
1998, Mr. Risher served as a director, Chief Executive Officer and President of
Exide Electronics Group, Inc. ("Exide"), a global leader in the uninterruptible
power supply industry. He also served as Chairman of Exide from December 1997 to
July 1998. Mr. Risher has also been a director of SL Industries, Inc., a
designer and producer of proprietary advanced systems and equipment for the
power and data quality industry, since May 2003.
The Company also announced the voluntary resignation, effective April 27, 2005,
of Wallace Barnes and Michael Cheshire from the Board of Directors of the
Company.
Suzanne Hopgood, the Chairman of the Board, commented, "The Board thanks Messrs.
Barnes and Cheshire for their service with the Board, including their work to
enhance shareholder value and help move the Company forward. The Board's recent
accomplishments, all of which had been previously announced, have included: the
conclusion of the investigation by the United States Securities and Exchange
Commission; the completion of the United States Department of Defense's
investigation of the Company; corporate governance reforms, including the
elimination of the Company's poison pill and the changes to the Company's bylaws
allowing shareholders to call a meeting; the return of the Company to
profitability; and the sale of the High Voltage division. Additionally, during
the tenure of Messrs. Barnes and Cheshire, the Board of Directors of the Company
aligned compensation and performance incentives, put a new management team in
place, the Company's financial structure has been stabilized and strong
corporate initiatives have been implemented."
The Company also announced that its 2005 Annual Meeting is scheduled for
Thursday, June 30, 2005. The record date was set for May 25, 2005. A slate of
six directors will be nominated for election at the 2005 Annual Meeting. In
addition to nominating General McPeak and Mr. Risher, the Company has nominated
James Henderson, Gerald M. Czarnecki, Walter Schneider and Edgar J. Smith, Jr.
for re-election to the Board at the 2005 Annual Meeting. Ms. Hopgood has chosen
not to stand for reelection, but she stated that, in her opinion, "the Company
has selected a slate of nominees whose qualifications are consistent with the
Company's plans to grow the business and increase profitability."
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 and regulatory
matters; the ability of Del Global to avoid a debarment from doing business with
the U.S. Government; 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/Mark Koch,
(914) 686-3650
INVESTOR RELATIONS:
Devin Sullivan, 212-836-9608
or
Adam Prior, 212-836-9606
