Exhibit 99.1
PRESS RELEASE
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15301 w. 109TH Street, Lenexa, KS 66219 Phone: 913-647-0158 Fax: 913-982-5766
investorrelations@elecsyscorp.com
January 7, 2002
FOR IMMEDIATE RELEASE:
Contact: Michael J. Meyer
Chairman
15301 W. 109th Street
Lenexa, Kansas 66219 USA
(913) 647-0158 o FAX (913) 982-5766
ELECSYS CORPORATION ANNOUNCES COLLECTION OF REMAINING PROCEEDS
FROM THE SALE OF AIRPORT SYSTEMS INTERNATIONAL
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Lenexa, Kansas. (January 7, 2002) - Elecsys Corporation (AMEX: ASY) today
announced that it had agreed with Alenia Marconi Systems (ASI) Inc., the buyer
of the assets of its Airport Systems International, Inc. subsidiary, on the
final purchase price pursuant to the Asset Purchase Agreement governing the
transaction that closed September 11, 2001 between the parties.
The agreement resulted in the cash payment to Elecsys of approximately $475,000
of additional consideration for the net assets sold. This amount will be
recognized as Gain on the Sale of Discontinued Operations in the third quarter
ending January 31, 2002, resulting in a net Gain on Sale of Discontinued
Operations on a year to date basis of approximately $184,000, and completes the
sale transaction between the parties.
Elecsys Corporation, through it's DCI subsidiary, provides specialized
electronic design, manufacturing and test services to original equipment
manufacturers (OEM's) and manufactures and imports custom liquid crystal display
(LCD) devices. The electronic assemblies it designs and manufactures, including
circuit board assemblies, electronic modules and full turn-key products, along
with the LCD's it manufactures or imports, are used in medical, aerospace,
industrial and consumer product applications. http://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 that
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.
