White Electronic Designs ends review process, elects new chairman

By Lisa Kerner

Charlotte, N.C., June 17 - White Electronic Designs Corp. said it will continue to operate as a stand-alone entity following completion of its strategic review process conducted with the assistance of outside advisers including Jefferies & Co.

While the company received several indications of interest and formal offers related to its sale, White Electronic's board of directors determined the offers were not in its shareholders' best interests, a company news release said.

White Electronic has not yet identified a buy-side opportunity it plans to pursue but said it will "continue to evaluate such opportunities as they arise" even though the strategic review process has been completed.

The company's board announced that it elected Brian R. Kahn as chairman to replace Edward A. White, who retired.

As previously reported, Kahn was nominated by shareholder Wynnefield Capital, Inc. and appointed to the board in February.

"The board has concluded that the best path to maximize shareholder value is to focus on building the company's defense electronics business as a stand-alone entity," White said in the release.

White Electronic will focus on developing revenue opportunities in key areas within the defense electronics industry including aircraft, missiles and ordnance and C4ISR (command, control, communications, computers, intelligence, surveillance and reconnaissance), said White.

White said the company has been his "labor of love" since 1951.

Phoenix-based White Electronic manufactures microelectronic and display components and systems.

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