Del Global Technologies, the Valhalla, NY-based parent company of Del Medical Systems, said that its board of directors voted to terminate the current shareholder rights plan. The plan will be terminated by changing its 2011 expiration date to September 30, 2003.
In addition, the firm’s by-laws were amended to reinstate the right of stockholders who own 25% of Del Global’s stock to call a special meeting, which must be held within 60 days of notice. The termination of the shareholder’s rights plan and the by-law amendment reflect a commitment to good corporate governance, said chief executive officer, Gerald Czarnecki.
In other news, the developer expects sales of approximately $24 million for its fiscal fourth quarter ending August 1, representing a decline from previous sales expectations. Sales for fiscal 2003 are now expected to approximate fiscal 2002 sales of $98 million, according to the company.
By AuntMinnie.com staff writersJuly 30, 2003
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