EXHIBIT 99.2
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FOR IMMEDIATE RELEASE
From: DDL Electronics, Inc. Contact: Rick Vitelle
2151 Anchor Court Chief Financial Officer
Newbury Park, California 91320 (805) 376-9415, ext. 142
DDL COMPLETES ACQUISITION OF JOLT TECHNOLOGY
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Stockholders Approve Jolt Transaction at Annual Meeting
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NEWBURY PARK, CA, June 30, 1998 -- DDL Electronics, Inc. (NYSE:DDL)
announced that the acquisition of Jolt Technology, Inc. was completed today,
following approval of the transaction by DDL's stockholders at yesterday's
Annual Stockholders Meeting. DDL's stockholders also approved an increase in
authorized common stock from 50 million to 75 million shares, and re-elected
Gregory L. Horton and Charlene A. Gondek to the Board of Directors.
Jolt Technology, an electronic manufacturing services (EMS) provider in
Fort Lauderdale, Florida, was acquired for nine million shares of DDL's common
stock. The pooling-of-interests accounting method will be used for the Jolt
acquisition, which will result in Jolt's historical financial statements being
retroactively combined with those of DDL.
"Because the Jolt acquisition was completed prior to DDL's July 3, 1998
year-end, DDL's fiscal 1998 results will include Jolt's operations, which have
been very profitable during the past year," noted Gregory L. Horton, President
and Chief Executive Officer of DDL. "The inclusion of Jolt on a pooling basis
will result in DDL showing net income of approximately $1 million, or $.03 per
share, for the nine months ended March 31, 1998."
Mr. Horton continued, "DDL has continued to experience strong bookings
and bidding activity, with a current backlog in excess of $30 million. With
the Jolt acquisition completed, DDL can now focus on making additional
acquisitions of medium to small EMS providers that are accretive to earnings
per share. DDL is well positioned to take advantage of strong market demand
in the high complexity, high mix segment of the EMS industry."
DDL Electronics, Inc., headquartered in Newbury Park, California,
provides integrated design and electronic manufacturing services to OEMs in
the instrumentation, communications, computer, medical and aerospace
industries. The Company's EMS operations are located in California, Florida
and Northern Ireland. The Company also fabricates multilayer printed circuit
boards at its subsidiary Irlandus Circuits Ltd. located in Northern Ireland.
Certain statements made above are forward-looking in nature and reflect
DDL's current expectations and anticipated future plans. Such statements
involve various risks and uncertainties that could cause actual results to
differ materially from those forecast in the statements. Factors that might
cause such differences would include, without limitation, the factors
described as "Risk Factors" in the Company's Definitive Schedule 14A as filed
with the Securities and Exchange Commission on June 12, 1998.