August 14, 2022

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Espey Mfg. & Electronics Corp. Reports Changes in Senior

SARATOGA SPRINGS, N.Y., Dec. 31, 2021 (Globe NEWSWIRE) — Espey Mfg. & Electronics Corp. (NYSE American: ESP) experiences that soon after 7 yrs of assistance, Patrick T. Enright, Jr. has resigned from his situation as President and Chief Govt Officer, and the Board of Administrators has approved his resignation, productive on December 31, 2021. The Organization also announces the appointments of David A. O’Neil as its new President and Chief Govt Officer and Katrina L. Sparano, as its new Treasurer and Chief Fiscal Officer, productive January 1, 2022.

Mr. Enright’s support as a member of the Company’s Board of Administrators will also stop on December 31, 2021.

Mr. Enright has served as Espey’s President and Main Government Officer considering that February 1, 2015, and has led the Enterprise in endeavours to diversify its strains of business enterprise, product offerings and client base.

Mr. O’Neil has been utilized by the Company given that January 4, 2000, serving as its Treasurer and Chief Monetary Officer. All through the time period June 2, 2014 to January 31, 2015, he served as Interim President and Main Executive Officer. Successful December 2, 2016, Mr. O’Neil also turned the Company’s Executive Vice President.

Ms. Sparano, Espey’s Assistant Treasurer and Principal Accounting Officer, succeeds Mr. O’Neil as Treasurer and Main Monetary Officer. She served as Interim Principal Monetary Officer from June 2, 2014 to January 31, 2015.

Paul Corr, the Chairman of the Audit Committee of the Board of Directors, commented,

“On behalf of the Board of Administrators of Espey Mfg. & Electronics Corp., I thank Pat Enright for his 7 a long time of dedicated support to the Company. We would like him the greatest in his long run endeavors and value Pat’s willingness to support the Organization and its new govt officers throughout the transitional interval.

“Dave O’Neil’s a lot of yrs with the Company as a senior officer, his intimate information of the Company’s functions, and the wide regard he enjoys from staff members, make him an ideal applicant to move into the purpose as the Company’s chief government officer in buy to guide Espey by means of the on-heading get the job done pressure and provide chain issues brought by the pandemic and then to grow the Company’s small business. Dave did a excellent occupation in serving as an interim chief executive officer 7 years in the past, and with the supplemental business acumen he has gained given that then, the Board has self-assurance in his means to do the work on a lasting foundation. Similarly, Ms. Sparano shown her abilities in an interim capacity, has the self esteem of Mr. O’Neil, and is ready to suppose her enlarged obligations.

“The Board appears forward to its ongoing affiliation with Mr. O’Neil and Ms. Sparano in their new roles.”

Mr. Enright also commented,

“I am grateful for the possibility to have served as Espey’s President and Main Executive and, based upon my functioning marriage with David O’Neil, totally assist the Board’s conclusion to advertise him to his new situation.”

Espey’s primary business is the development, design, and generation of specialized armed service and industrial electric power materials/transformers. The Company can be discovered on the Internet at www.espey.com.

For further more data, call Mr. David O’Neil (518)245-4400.

This press release may perhaps contain certain statements that are “ahead-hunting statements” and are made pursuant to the safe and sound harbor provisions of the Private Securities Litigation Reform Act of 1995. These ahead-on the lookout statements symbolize the Company’s recent anticipations or beliefs regarding future activities. The issues included by these statements are topic to specific risks and uncertainties that could bring about true success to differ materially from those people established forth in the ahead-looking statements. The Corporation wishes to caution visitors not to location undue reliance on any such ahead-on the lookout statements, which converse only as of the day designed.