AMEX Completes Report on Espey.Business Editors SARATOGA SPRINGS, N.Y.--(BUSINESS WIRE)--June 7, 2004 Espey Mfg. & Electronics Corp., (AMEX AMEX See: American Stock Exchange : ESP (1) (Enhanced Service Provider) An organization that adds value to basic telephone service by offering such features as call-forwarding, call-detailing and protocol conversion. ), announced today that the company had been informed by the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. ("AMEX") that its review of events relating to the Espey 2003 Annual Meeting of Shareholders held on November 13, 2003, had been completed and that, "no further action is warranted." At the meeting, a vote was taken on a shareholder proposal that had not been included in the company's proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other sent to shareholders in advance of the meeting. Following the commencement of the AMEX review in January, Espey's Board of Directors retained special counsel to investigate whether any directors or officers of the company had engaged in misconduct in connection with the shareholder proposal. Special counsel subsequently reported to the Board of Directors that no such finding had been made. At the Espey Board of Directors meeting held in April, corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. modifications were adopted, including the creation by the Board of a nominating committee comprised of independent directors and the implementation of corporate by-law amendments. Espey's primary business is the development, design, and production of specialized military and industrial power supplies/electronic equipment. The Company's web site can be found on the Internet at www.espey.com. For further information, contact Mr. David O'Neil or Mr. Howard Pinsley at (518) 245-4400. Certain statements in this press release are "forward-looking statements" and are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements represent the Company's current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. |
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