Servotronics, Inc. Receives Letter from AMEX Extending Plan of Action
1110 Maple Street ¨ P.O. Box 300 ¨ Elma, New York 14059-0300 ¨ 716-655-5990 ¨ FAX 716-655-6012
September 28, 2005
SERVOTRONICS, INC. RECEIVES LETTER FROM AMEX EXTENDING PLAN OF ACTION
Elma , NY — Servotronics, Inc. (Amex – SVT) announced today that its plan of compliance had been accepted by the American Stock Exchange (“AMEX”). As previously disclosed, the Company received a notice from the AMEX dated August 26, 2005, advising that the Company is not in compliance with sections 134 and 1101 of the AMEX Company Guide for failing to timely file with the Securities and Exchange Commission its Quarterly Report on Form 10-QSB for the quarter ended June 30, 2005.
The Company was afforded the opportunity to submit a plan of compliance and on September 9, 2005 the Company presented its plan to the AMEX. On September 21, 2005 , the plan was accepted by AMEX, and the Company was granted an extension until October 6, 2005 to regain compliance with the continued listing standards. The Company will be subject to periodic review by the AMEX to determine whether progress consistent with the plan is being made. If the Company is not in compliance with the continued listing standards by October 6, 2005 , or does not make progress consistent with the plan during the plan period, delisting procedures may be initiated.
Certain paragraphs of this release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, such as those pertaining to the Company’s expectation of new business and success in its entry into new product programs. Forward-looking statements involve numerous risks and uncertainties. The Company derives a material portion of its revenue from contracts with agencies of the U.S. Government or their prime contractors. The Company’s business is performed under fixed price contracts and the following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: uncertainties in today’s global economy and global competition, difficulty in predicting defense appropriations, the vitality and ability of the commercial aviation industry to purchase new aircraft, the willingness and ability of the Company’s customers to fund long-term purchase programs, and market demand and acceptance both for the Company’s products and its customers’ products which incorporate Company-made components. The success of the Company also depends upon the trends that affect the national and international economy. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s analysis only as of the date hereof. The Company assumes no obligation to update forward-looking statements.
SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE Amex