LGL Group: Management transition remains in place

In April, the company formed a special purpose vehicle, Lynch Systems Acquisition Holding Company, LLC, to advance the Company’s merchant business activities. This SPV forms part of the services business unit, Lynch Capital International LLC. LGL continues to pursue direct MNA lift outs and tuck in transactions to follow through on our growth initiatives. The company management transition remains in place as Michael Ferrantino finalizes the transitioning of continued operations, and will eventually resign his executive position following the satisfactory conclusion of the second quarter, while remaining on the LGL Board of Directors. As part of this transition, LGL is in the process of expanding its Board of Directors and is actively considering independent candidates having prior corporate transactional experience as well as persons who will expand the diversity of the board. Tim Foufas, a long time LGL board member, will join as Co-CEO along with Marc Gabelli, assuming the role vacated by Michael Ferrantino. This is subject to final approvals and ratification after Michael Ferrantino’s transition.