EXHIBIT 99.1
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15301 W. 109th Street Lenexa, Kansas 66215 USA 913/782/5672 913/982/5766 FAX
investorrelations@elecsyscorp.com
Contact: Michael J. Meyer
Chairman
913-647-0158
Elecsys Corporation Announces Restructuring of Board of Directors and Reduction in
Management Expenses
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LENEXA, Kan. (October 9, 2001) - Elecsys Corporation (AMEX:ASY) announced today a
restructuring of its Board of Directors and management as a result of the sale of its
Airport Systems division.
Keith Cowan has resigned his position as President and CEO of Elecsys to pursue other
interests, but will remain a Director of the company. Tom Cargin, Vice President of
Finance and Administration and Chief Financial Officer has resigned as a member of the Board
of Directors and will be leaving the company after a transition period of up to six months.
The Company will record a restructuring charge of approximately $400,000 against the gain
on the sale of Airport Systems in the second quarter associated with these changes and other
costs associated with the sale of the division.
Additionally, Walter Stowell has resigned as Chairman and member of the Board of Directors
and David Gatchell has also resigned from the Board. Michael Meyer, former Chairman of the
Board and a Director since 1991, has been elected Chairman and will perform certain
management responsibilities under the new structure.
Mr. Stowell stated "The restructuring announced today is a further implementation of the
strategic plan the company adopted in January of this year to sell the Airport Systems
division and focus our financial and management resources on the significant opportunity we
have with DCI, Inc., our electronic manufacturing services unit. After the successful sale
of Airport Systems, we are a much smaller company and a reduction of management and overhead
expenses is an appropriate focus at this time. We will continue to pursue an increase in
shareholder value with a smaller Board of Directors and an actively involved Chairman of the
Board." Mr. Meyer noted that the Board of Directors extended its appreciation to Keith,
Tom, Walter and Dave for their years of service and contribution to the company and wished
them well in their future endeavors.
Elecsys Corporation, through its DCI subsidiary, provides electronic manufacturing services,
standard and custom liquid crystal display devices and panel meters to a wide variety of
medical electronics, consumer products and aerospace OEMs.
www.elecsyscorp.com
The discussions set forth in this press release may contain forward-looking comments based on
current expectations that involve a number of risks and uncertainties. Actual results could
differ materially from those projected or suggested in the forward-looking comments. The
difference could be caused by a number of factors, including, but not limited to the factors
and conditions which are described in Elecsys Corporation's SEC filings, including the Form
10-KSB for the year ended April 30, 2001. The reader is cautioned that Elecsys Corporation
does not have a policy of updating or revising forward-looking statements and thus he or she
should not assume that silence by management of Elecsys Corporation over time means that
actual events are bearing out as estimated in such forward-looking statements.
