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Exhibit 99.1
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 ANNOUNCES PREPAYMENT OF DEBT
Lenexa, Kansas (September 16, 2004) - Elecsys Corporation (AMEX: ASY) today
announced that DCI, Inc., the Company's wholly owned subsidiary, has satisfied
its obligations under the convertible subordinated debentures held by the former
owners of DCI. The $405,625 due under the convertible debentures and the
associated interest were paid in a combination of Elecsys Corporation common
stock and cash. The holders of the debentures elected to convert approximately
60% of the principal value of the notes into 127,420 shares of Elecsys common
stock at a conversion price of $1.93 per share. The remaining amount of the
notes and interest, $164,887, was paid from available cash and did not require
the Company to draw on its line of credit.
Elecsys Corporation, through its wholly owned subsidiary DCI, Inc., 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 specialized
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 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, 2004. 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.
