EXHIBIT 99.01
DEL GLOBAL TECHNOLOGIES APPOINTS JAMES R. HENDERSON
CHAIRMAN OF THE BOARD, SUCCEEDING SUZANNE M. HOPGOOD
VALHALLA, NY - May 17, 2005 -- Del Global Technologies Corp. (DGTC) ("Del
Global" or "the Company") today announced that James R. Henderson has been
appointed Chairman of the Board of Directors. Mr. Henderson succeeds Suzanne M.
Hopgood, who voluntarily resigned as the Company's Chairman and as a Director on
May 12, 2005 in order to pursue other business interests.
Mr. Henderson, 47, has been a member of the Company's Board of Directors since
November 20, 2003. Mr. Henderson has also served as President and Chief
Operating Officer of WebFinancial Corporation (NasdaqSC: WEFN) since November
2003 and as Vice President of Operations of WebFinancial since September 2000.
He has also served as a director of the WebBank subsidiary of WebFinancial since
March 2002 and as Chairman since November 2004 and a director and Chief
Operating Officer of the WebFinancial Holding Corporation subsidiary of
WebFinancial since January 2000. Additionally, Mr. Henderson has served as a
Vice President of Steel Partners, Ltd. since March 2002, as President of Gateway
Industries, Inc. (OTC:GWAY.PK) since December 2001 and as a director of SL
Industries, Inc. (AMEX: SLI) since January 2002.
Mr. Henderson commented, "Ms. Hopgood has previously indicated that she would
not stand for reelection as a director and this change allows for an orderly
transition of the Chairman's position. The Board thanks Ms. Hopgood for her
leadership, including her 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 Ms. Hopgood's tenure as Chairman of the Board,
the Board of Directors of the Company aligned compensation and performance
incentives, put a new management team in place, stabilized the Company's
financial structure and implemented strong corporate initiatives."
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.
Del Global Technologies
May 17, 2005
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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. INVESTOR RELATIONS:
Walter F. Schneider, President & The Equity Group Inc.
Chief Executive Officer Devin Sullivan (212) 836-9608
Mark Koch, Principal Accounting Officer Adam Prior (212) 836-9606
(914) 686-3650
