NEWS RELEASE
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15301 W. 109TH Street, Lenexa, KS 66219 Phone: 913-647-0158 Fax: 913-647-0132
investorrelations@elecsyscorp.com
FOR IMMEDIATE RELEASE:
Contact: Michael J. Meyer
(913) 647-0158, Phone
(913) 647-0132, Fax
investorrelations@elecsyscorp.com
ELECSYS CORPORATION SUBSIDARY DCI COMPLETES PURCHASE OF CRYSTALOID TECHNOLOGIES,
INC. ASSETS - Customer Transition Accelerates
Lenexa, Kansas (January 2, 2003) - Elecsys Corporation (AMEX: ASY) today
announced that it's DCI, Inc. subsidiary completed the previously announced
purchase of certain assets from Crystaloid Technologies, Inc. ("CTI"). The
transaction, which totaled approximately $1.3 million, was completed on December
31, 2002 and consisted of the purchase of accounts receivable, inventory, fixed
assets and intellectual property. CTI, which closed its production facility on
December 20, 2002, helped pioneer the development of liquid crystal display
technology and had grown into the largest supplier of avionics liquid crystals
displays (LCDs) in North America. Serving customers in the avionics, medical,
military, industrial and commercial markets, CTI reported over $6.0 million in
revenue in 2001.
Michael J. Meyer, Chairman of Elecsys, said, "The purchase of these assets is a
significant accomplishment related to our objective of growth through
opportunistic strategic acquisitions that we established at the beginning of our
fiscal year. This purchase establishes DCI as one of the premier providers of
custom LCD's and electronic modules integrated with LCD's in the United States."
Karl B. Gemperli, President of DCI, Inc. added, "When the transfer of the
purchased assets from Ohio to our Lenexa, KS facility is complete by the end of
this month, we will enhance our technological knowledge base, particularly in
aerospace products, and increase our total LCD production capabilities. We are
actively pursuing opportunities to serve CTI's former customer base and have
booked over $500,000 in orders with these customers during the transition
period. We expect to begin shipments to a large portion of these customers in
February of this year."
Elecsys Corporation (AMEX: ASY), through its wholly owned subsidiary DCI, Inc.,
manufactures and imports custom liquid crystal displays (LCDs) and provides
electronic manufacturing services for Original Equipment Manufacturers in the
medical, aerospace,
industrial and consumer product industries. Through its unique capabilities to
manufacture hybrid electronic assemblies, such as integrating LCDs with
electronic components, the company offers a compelling single-source solution to
its customers at a lower overall total cost. For more information, visit our
websites at www.elecsyscorp.com and www.dciincorporated.com.
Safe-Harbor statement: 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, 2002. 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.
