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8-K - CURRENT REPORT - DEWEY ELECTRONICS CORP | dewy_8k.htm |
Exhibit 99.1
THE DEWEY ELECTRONICS CORPORATION TO DEREGISTER COMMON STOCK AND
MAKES CHANGES IN DIRECTORS
Oakland, NJ, May 12, 2017 – The Dewey Electronics
Corporation (OTCQB: DEWY) (the “Company”), a maker of
military power systems, announced today that it has filed a Form 15
with the Securities and Exchange Commission (the "SEC") to
deregister the Company's common stock and suspend its reporting
obligations under the Securities Exchange Act of 1934, as
amended. The Company is eligible to file Form 15 because its
common stock is currently held of record by less than 300
persons. The Company expects that the deregistration will
become effective within 90 days of filing with the SEC. Upon
the filing of the Form 15, the Company's obligations, with
which it currently is in full compliance, to file reports with the
SEC, including annual reports on Form 10-K, quarterly reports on
Form 10-Q and periodic reports on Form 8-K, is immediately
suspended.
John
Dewey, President and CEO of the Company, stated, "The Company's
decision to deregister and 'go dark' was driven by our goal to
reduce current and future expenses. We expect that it will
result in substantial cost savings to the Company as a result of
the elimination of SEC reporting requirements, including the costs
relating to preparing and filing periodic reports and other SEC
documents, legal and accounting costs, compliance costs and other
public reporting company-related expenses." Following the
deregistration, the Company's common stock will continue to be
eligible for quotation on the OTC Markets.
In
addition, the Company today announced, effective May 8. 2017, the
resignation from the Board of James Link and the election to the
Board of Evan Wax. In April of 2011, Mr. Wax founded and since then
has been the portfolio manager of Wax Asset Management, an
investment firm. Wax Asset Management is a long-term shareholder in
Dewey Electronics and holds a beneficial ownership stake of 18% of
the Company Evan graduated from Yale University, from which he
received a B.A. in Economics.
Mr.
Dewey stated: “We thank Mr. Link for his years of valued
service to the Company and are pleased to welcome Mr. Wax as a
member of our Board. Evan brings substantial experience as a
seasoned investor with a particularly keen interest in the welfare
of the Company.” Mr. Wax added: “I look forward to
serving as a voice for shareholders and using my capital markets
experience to help my fellow Board members and the management team
at Dewey Electronics deliver value for all
shareholders.”
Forward-looking Statements
Statements
contained in this press release that are not historical facts may
contain certain "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. The Company
intends such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements may be identified by the use of words
such as "believe," "expect," "anticipate," "intend," "should,"
"planned," "estimated" and "potential," or other similar terms.
These forward-looking statements are based upon current management
expectations and may, therefore, involve risks and uncertainties.
The Company's actual results, performance or achievements may
differ materially from those suggested, expressed or implied by
forward-looking statements as a result of a wide variety or range
of factors including, but not limited to the willingness of any
broker to make a market in the Company’s common stock or that
any trading market will exist or be maintained, as to which there
can be no assurances; the Company's ability to timely and
effectively implement its deregistration; adverse effects on share
price and liquidity prior to and following the Company's
deregistration; the Company's ability to realize anticipated cost
savings from its deregistration; as well as more general business
and financial risks, including the risks detailed from time to time
in the Company's filings with the SEC. Any of the
forward-looking statements made in this press release and in the
other public statements the Company makes may turn out to be wrong
because of inaccurate assumptions we might make, because of the
factors illustrated above or because of other factors that we
cannot foresee. Because of these and other uncertainties, the
Company's actual future results may be materially different from
those expressed in any forward-looking statements made by or on
behalf of the Company. Therefore, these factors should be
considered in evaluating the forward-looking statements, and undue
reliance should not be placed on such statements. The Company
undertakes no responsibility to update or revise any
forward-looking statements unless required to do so under the
federal securities laws.