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MITCHEL FIELD, N.Y., Jan. 3, 2011 (GLOBE NEWSWIRE) -- The following statement was issued today by General Joseph Franklin, Chairman of the Board of Frequency Electronics, Inc. (Nasdaq:FEIM.):
"We are deeply saddened to report the death of Dean E. Donald Shapiro at his home in Phoenix, Arizona on December 27, 2010. Don has been a valued member of our Board of Directors since 1998, and held the key Chair of our Audit Committee during that time. In that role, he led the continuing refinement of FEI's financial control and reporting systems to meet the highest standards of our industry. His accomplishments in the applied practice of law are well chronicled in the archives of our nation's legal journals. As Dean Emeritus of the New York Law School, he was widely credited with transforming the way lawyers and doctors work to make health law coherent, and to advocate health policies that promote justice and fairness for the patient. The framework of health law envisioned by Dean Shapiro now has an established place in legal and medical education, as well as in legal and medical practice. He was a Director of Loral Space & Communications, Ltd., and other prominent corporations, and to all of us at Frequency Electronics he was a warm and cherished friend. Our Directors and employees join Don's many friends in celebrating his lifetime accomplishments and offering our sincere condolences to his family."
About Frequency Electronics
Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency control and synchronization products for space and terrestrial applications. Frequency's products are used in commercial, government and military systems, including satellite payloads, missiles, UAVs, aircraft, GPS, secure radios, SCADA, energy exploration and wireline and wireless communication networks. Frequency has received over 60 awards of excellence for achievements in providing high performance electronic assemblies for over 120 space programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets. Subsidiaries and Affiliates: Gillam-FEI provides expertise in wireline network synchronization and SCADA; FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Asia provides cost effective manufacturing and distribution capabilities in a high growth market. Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components. Elcom Technologies provides added resources for state-of-the-art RF microwave products. Additional information is available on the Company's website:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements in this press release regarding the future constitute "forward-looking" statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, inability to integrate operations and personnel, actions by significant customers or competitors, general domestic and international economic conditions, consumer spending trends, reliance on key customers, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, competitive developments, changes in manufacturing and transportation costs, the availability of capital, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
CONTACT: Frequency Electronics, Inc.
Alan Miller, CFO
General Joseph P. Franklin, Chairman