Thursday June 11, 1:51 pm Eastern Time
Company Press Release
DDL Electronics Sets Annual Stockholders Meeting Date
SEC Approves Pooling Method for Proposed Acquisition of Jolt Technology
NEWBURY PARK, Calif.--(BUSINESS WIRE)--June 11, 1998--DDL Electronics Inc. (NYSE: DDL - news) Thursday announced that it will hold its annual stockholders meeting on Thursday, June 25, 1998 at 10:00 a.m. Pacific time at DDL's headquarters in Newbury Park.
The record date for the annual meeting is May 26, 1998. Proxy materials are in the process of being distributed to stockholders.
At the annual meeting, stockholders will be asked to approve DDL's proposed acquisition of Jolt Technology Inc., an electronics manufacturing services provider in Florida. Stockholders are also being asked to approve an increase in DDL's authorized common stock from 50 million shares to 75 million shares, and to elect two nominees to the Company's Board of Directors.
DDL also announced today that the Securities and Exchange Commission has approved the use of the pooling-of-interests method to account for the proposed acquisition of Jolt Technology.
Richard Vitelle, chief financial officer, commented: ''We are pleased that the SEC agreed with DDL's position that the pooling-of-interests method should be used for the Jolt acquisition.
''The pooling method will result in Jolt's historical financial statements being retroactively combined with those of DDL, which will substantially strengthen DDL's balance sheet and income statement. The acquisition will also be accretive to DDL's earnings per share.''
Stockholders planning to attend the June 25 annual meeting in person are asked to RSVP by calling DDL toll-free at 1-877-376-2595.
DDL Electronics Inc. provides integrated design and electronic manufacturing services to original equipment manufacturers in the instrumentation, communications, computer, medical and aerospace industries.
The company's EMS operations are located in Southern California and Northern Ireland. The company also fabricates multilayer printed circuit boards at its subsidiary Irlandus Circuits Ltd. located in Northern Ireland.
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Contact:
DDL Electronics Inc., Newbury Park
Rick Vitelle, 805/376-9415 ext. 142
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