ORLANDO, Fla., July 11, 2011 /PRNewswire/ -- The LGL Group, Inc. (NYSE Amex: LGL) (the "Company") announced that on June 30, 2011, the Company's wholly-owned subsidiaries M-tron Industries, Inc. and Piezo Technology Inc. (together known as "MtronPTI") closed on new credit facilities with J.P. Morgan Chase Bank, N.A., providing for aggregate borrowing availability of up to approximately $6.5 million. These new credit facilities replaced MtronPTI's credit facilities with First National Bank of Omaha.
The Company's President and CEO, Greg Anderson, said, "We are pleased to have negotiated these new credit facilities with J.P. Morgan Chase Bank. This is another important step in solidifying the Company's financial position. Entering into a new banking relationship with an international banking organization supports the global operations of our subsidiaries and provides additional flexibility as we work toward execution of our strategic objectives outlined in our framework for profitable growth."
The Company's framework for growth includes (i) organic investment in the Company's core components business; (ii) joint ventures to gain access to intellectual property or new technologies; (iii) acquisition opportunities that provide synergy with our core business or that expand our core competencies; and (iv) greenfield investments that can bring new markets, new customers and diverse new technologies to the Company.
Mr. Anderson said, "Our mission is to create shareholder value, and our efforts remain focused on laying the foundation for profitable growth by positioning the LGL platform to capitalize on strategic opportunities that are aligned with our strategic vision."
About The LGL Group, Inc.
The LGL Group, Inc., through its wholly-owned subsidiary MtronPTI, manufactures and markets highly engineered electronic components used to control the frequency or timing of signals in electronic circuits. These devices are used extensively in electronic systems for military applications, avionics, earth-orbiting satellites, medical devices, instrumentation, industrial devices and global positioning systems. They are also used in infrastructure equipment for the telecommunications and network equipment industries. The Company has operations in Orlando, Florida, Yankton, South Dakota and Noida, India, and sales offices in Hong Kong and Shanghai, China.
For more information on the Company and its products and services, contact LaDuane Clifton at The LGL Group, Inc., 2525 Shader Rd., Orlando, Florida 32804, (407) 298-2000, or visit the Company's Web site: www.lglgroup.com.
Caution Concerning Forward Looking Statements
This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in The LGL Group's filings with the U.S. Securities and Exchange Commission.
SOURCE The LGL Group, Inc.