WEST CALDWELL, N.J., June 17 /PRNewswire-FirstCall/ -- Merrimac
Industries, Inc. (Amex: MRM) today announced that the Audit Committee of its
Board of Directors has appointed Grant Thornton LLP as the Company's
independent auditor for fiscal year 2004, replacing Ernst & Young LLP.
The Audit Committee and management decided that the Company would be
better served by an independent accounting firm that focuses on meeting the
needs of smaller public companies. The Company noted that during the
Company's last two fiscal years, there were no disagreements between the
Company and Ernst & Young on any matters of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure, as
more fully described in the Company's Form 8-K to be filed with the Securities
and Exchange Commission.
Mason N. Carter, Chairman and CEO commented, "We enjoyed our relationship
with Ernst & Young, but have determined that utilizing auditors more suited to
the needs of a company our size would be in the best interests of our
shareholders."
About Merrimac
Celebrating its 50th anniversary, Merrimac Industries, Inc. is a leader in
the design and manufacture of Multi-Mix PICO(TM) RF Microwave components,
assemblies and micro-multifunction modules (MMFM), serving the wireless
telecommunications industry worldwide with enabling technologies for space,
defense and commercial applications. Merrimac is focused on providing Total
Integrated Packaging Solutions(R) with Multi-Mix(R) Microtechnology, a leading
edge competency providing value to our customers through miniaturization and
integration. The Multi-Mix(R) process for microwave, multilayer integrated
MMFM circuitry is a patented method developed by Merrimac Industries based on
fluoropolymer composite substrates. The fusion bonding of multilayer
structures provides a homogeneous dielectric medium that can integrate both
active and passive functional elements for superior electrical performance at
microwave frequencies. The bonded layers may incorporate embedded
semiconductor devices, MMICs, etched resistors, passive circuit elements and
plated-through via holes to form a three-dimensional subsystem enclosure that
requires no further packaging. Merrimac Industries facilities are registered
under ISO 9000, an internationally developed set of quality criteria for
manufacturing operations.
Merrimac Industries, Inc. and its subsidiary Filtran Microcircuits Inc.,
are located in West Caldwell, NJ, San Jose, Costa Rica, and Ottawa, Ontario,
Canada, and have approximately 230 co-workers dedicated to the design and
manufacture of signal processing components, gold plating of high-frequency
microstrip, bonded stripline and thick metal-backed Teflon (PTFE)
micro-circuitry and subsystems providing Total Integrated Packaging
Solutions(R) for wireless applications. Merrimac (MRM) is listed on the
American Stock Exchange. Multi-Mix(R), Multi-Mix PICO(TM), MMFM(R) and Total
Integrated Packaging Solutions(R) are trademarks of Merrimac Industries, Inc.
For more information about Merrimac Industries, Inc. and Filtran Microcircuits
Inc., please visit http://www.merrimacind.com and http://www.filtranmicro.com
This press release contains statements relating to future results of the
Company (including certain projections and business trends) that are
"forward-looking statements" as defined in the Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those projected
as a result of certain risks and uncertainties. These risks and uncertainties
include, but are not limited to: risks associated with demand for and market
acceptance of existing and newly developed products as to which the Company
has made significant investments, particularly its Multi-Mix(R) products;
general economic and industry conditions; slower than anticipated penetration
into the satellite communications, defense and wireless markets; the risk that
the benefits expected from the acquisition of Filtran Microcircuits Inc. are
not realized; the ability to protect proprietary information and technology;
competitive products and pricing pressures; risks relating to governmental
regulatory actions in communications and defense programs; and inventory
risks due to technological innovation and product obsolescence, as well as
other risks and uncertainties, including but not limited to those detailed
from time to time in the Company's Securities and Exchange Commission filings.
These forward-looking statements are made only as of the date hereof, and the
Company undertakes no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events or
otherwise.
Contact: Mason N. Carter, Chairman & CEO
973-575-1300, ext. 1202
mnc@merrimacind.com
SOURCE Merrimac Industries, Inc.
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Related links:
http://www.merrimacind.com
http://www.filtranmicro.com
Company News On-Call:
http://www.prnewswire.com/comp/567525.html
CONTACT:
Mason N. Carter, Chairman & CEO of Merrimac
Industries, Inc., +1-973-575-1300, ext. 1202, mnc@merrimacind.com
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