ORLANDO, Fla., Feb. 10, 2011 (GLOBE NEWSWIRE) -- The LGL Group, Inc. (NYSE Amex:LGL) (the "Company") today announced that MtronPTI, its wholly-owned subsidiary, has expanded its product offering with the introduction of a new series of HCMOS compatible oven-controlled clock oscillators – precision timing devices which are designed specifically for IEEE 1588 synchronized Ethernet applications.
The new X5X84-1588 Series for IEEE synchronized Ethernet applications product series is specifically designed for 10, 12.8 and 20 MHz frequencies, and is available in a variety of configurations from the factory, including surface mount, through-hole and gull wing.
The IEEE 1588 protocol is the newest generation of high-precision timing protocols for synchronization used in measurement and control systems, and exceeds both NTP and GPS standards. It is designed for local systems that require sub-microsecond synchronization beyond what is attainable using NTP alone, and for applications that cannot bear the cost of a GPS receiver at each node, or for which GPS signals are inaccessible. This market is rapidly growing as adoption of the IEEE 1588 protocol is becoming pervasive with applications that range from telecommunications, Smart Grid applications, manufacturing, digital audio and video broadcasting.
Dick Thompson, MtronPTI's Vice President of Sales and Marketing, said, "Introduction of the new X5X84-1588 Series puts MtronPTI on the map with this new technology and caters to the high-precision timing demands needed to enable the management of next generation networks. MtronPTI is more than ready to meet the standard with products like this that meet the evolving requirements of these applications."
Positioned for Growth
The Company also recently announced the completion of a follow-on offering of its common stock, raising net proceeds of approximately $6.5 million, after deducting the underwriting discounts and commissions and estimated offering expenses. The proceeds are intended to be used for general corporate purposes, including working capital and potential technology or company acquisitions. The additional capital strengthens the Company's balance sheet and provides additional flexibility to quickly take advantage of investment opportunities that add shareholder value.
LGL President and CEO Greg Anderson said, "This significant new product series is designed to meet the demand arising from the rapid growth in adoption of the IEEE 1588 protocol. It is another indication of our commitment to growing shareholder value. We continue to make investments into our core components business consistent with our strategic framework for growth, with the goal of remaining well-positioned to serve both existing and new customers," Mr. Anderson said.
About The LGL Group, Inc.
The LGL Group, Inc., through its wholly-owned subsidiary MtronPTI, manufactures and markets highly-engineered electronic components used to control the frequency or timing of signals in electronic circuits. These devices are used extensively in infrastructure equipment for the telecommunications and network equipment industries, as well as in electronic systems for military applications, avionics, earth-orbiting satellites, medical devices, instrumentation, industrial devices and global positioning systems. The Company has operations in Orlando, Florida, Yankton, South Dakota and Noida, India. MtronPTI also has sales offices in Hong Kong and Shanghai, China.
For more information on the Company and its products and services, contact R. LaDuane Clifton, Chief Accounting Officer, The LGL Group, Inc., 2525 Shader Rd., Orlando, Florida 32804, (407) 298-2000, or visit the Company's Web site: www.lglgroup.com.
The LGL Group logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7478
Caution Concerning Forward Looking Statements
This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about those factors is contained in the Company's filings with the U.S. Securities and Exchange Commission.