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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: Karl B. Gemperli
(913) 647-0158, Phone
(913) 647-0132, Fax
investorrelations@elecsyscorp.com
ELECSYS CORPORATION RECEIVES NOTIFICATION FROM AMERICAN STOCK EXCHANGE ACCEPTING
PLAN TO COMPLY WITH LISTING QUALIFICATIONS
Lenexa, Kansas (January 28, 2004) - Elecsys Corporation (AMEX: ASY), today
announced an update regarding the notice it received on October 27, 2003 from
the American Stock Exchange (the "Amex" or "Exchange") Staff indicating that the
Company is below certain of the Exchange's continued listing standards.
Specifically, the Company does not meet Amex Company Guide Section 1003(a)(ii)
because it has shareholders' equity of less than $4,000,000 and losses from
continuing operations and/or net losses in three of its four most recent fiscal
years. Also, the Company does not meet Section 1003(a)(iii) because it has
shareholders' equity of less than $6,000,000 and losses from continuing
operations in its five most recent fiscal years. The Company was afforded the
opportunity to submit a plan of compliance to the Exchange and on November 25,
2003 presented its plan to the Exchange. On January 23, 2004 the Exchange Staff
notified the Company that it accepted the Company's plan of compliance and
granted the Company an extension of time to pursue its plan and regain
compliance with the current listing standards. The Company will be subject to
periodic review by Exchange Staff during the extension period. Failure to make
progress consistent with the plan or to regain compliance with the continued
listing standards by the end of the extension period could result in the Company
being delisted from the American Stock Exchange.
Elecsys Corporation, through its wholly owned subsidiary DCI, Inc. ("DCI"), is a
designer, manufacturer, and integrator of custom electronic interface solutions
for original equipment manufacturers ("OEMs") in the medical, aerospace,
communications, and industrial product industries. The Company has unique
capabilities to design and efficiently manufacture custom electronic assemblies
which integrate a variety of interface technologies such as custom liquid
crystal displays, light emitting diode displays, and keypads with circuit boards
and other electronic components. The Company becomes an extension of the OEM's
organization by providing key expertise that enables rapid development and
manufacture of electronic products from product conception through volume
production. For more information, visit our websites at www.elecsyscorp.com and
www.dciincorporated.com.
Safe-Harbor statement: The discussions set forth in this news 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 most recent fiscal year. Additional risks and
uncertainties include Elecsys Corporation's ability to maintain listing of its
securities on the American Stock Exchange. 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.
