Frequency Electronics to Acquire 100% Ownership of Elcom Technologies

Frequency Electronics Inc. (Nasdaq: FEIM) today announced it has entered into an agreement to purchase all capital stock not previously owned by Frequency of Elcom Technologies, Inc. This agreement is subject to closing, which is anticipated this week. Frequency owns approximately 25% of the issued and outstanding stock of Elcom.

Going forward, post-closing Elcom will continue engineering and manufacturing operations at its facility in Rockleigh, NJ, with present management. Elcom will become a wholly-owned subsidiary of Frequency.