GLDS ASHN Ashlin Development Corporation Changes Name to Gales Industries Incorporated; Company Changes Domicile to Delaware from Florida; Newly Assigned Stock Symbol to be ``GLDS''
Ticker Symbol: GLDS ASHN
BAY SHORE, N.Y. -- (Business Wire) -- Feb. 15, 2006
Ashlin Development Corporation (NASDAQ BB: ASHN) announced today that it has changed its name to Gales Industries Incorporated effective immediately. At the same time, the Company's legal domicile has been relocated to Delaware from Florida. The Company's stock will trade under the new ticker symbol, "GLDS". ¶ Michael A. Gales, Executive Chairman of the renamed Gales Industries Incorporated, commented, "The name change clears up the identity issues of the Company that arose out of the merger completed at the end of November 2005. We can now go forward united under one banner that is more readily recognized by investors and clients and which will allow us to tell our story more easily." ¶ He added, "The move to Delaware yields some significant advantages that the Company did not have as a corporation domiciled in Florida. The Delaware General Corporate Law is generally acknowledged to be the most advanced and flexible of corporate statutes in the country, and the state's governmental institutions are highly regarded as business friendly. At the same time, there are no moving costs or relocation requirements that would adversely affect our cost structure, with the exception of legal fees." ¶ ABOUT GALES INDUSTRIES INCORPORATED ¶ Gales' strategy is to execute aerospace consolidation among Tier III and IV subcontractors in the defense/aerospace industry. Gales offers a tailored exit strategy in exchange for qualified acquisitions and targets technically superior organizations in the $15-100 million annual revenue range. Gales is an operating-holding and management services integrator group within the defense/aerospace field. ¶ Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of projects due to the variability in size, scope and duration of projects, estimates made by management with respect to the Company's critical accounting policies, regulatory delays, and other factors, including general economic conditions, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance.
Contacts:
Gales Industries, Incorporated Michael A. Gales, Executive Chairman 631-968-5000 ext. 124 or Porter, LeVay & Rose, Inc. Michael Porter, President - Investor Relations 212-564-4700 Fax: 212-244-3075 plrmail@plrinvest.com www.plrinvest.com
