EDAC Technologies Corporation Announces Election of Joseph S. Ruggiero to Board of Directors

FARMINGTON, Conn., April 25, 2012 /PRNewswire/ -- EDAC Technologies Corporation (NASDAQ: EDAC), a diversified designer, manufacturer and servicer of precision components for aerospace and industrial applications, announced that Joseph S. Ruggiero was elected to the Company's Board of Directors at the Annual Meeting of Shareholders, held earlier today.

Mr. Ruggiero, age 61, was employed by Pratt & Whitney Aircraft, a division of United Technologies Corporation, from 1973 until his retirement in 2010.  In his most recent position, Mr. Ruggiero served as Supply Chain and Contracts Manager for Pratt & Whitney, starting in 1990.

EDAC's Chairman, Daniel C. Tracy, commented, "Joseph Ruggiero's solid industry background will be extremely valuable to our Board of Directors and our business.  In particular, he brings to the Board a wealth of relevant experience in managing the procurement of jet engine parts as well as expertise in Strategic Source Planning for one of the world's largest jet engines manufacturers.  We look forward to his contributions to our Company."

"I am honored to have been elected to join the EDAC Board and am enthusiastic about applying my industry perspective to help the Company achieve its exciting growth plans," Mr. Ruggiero noted.

Including Mr. Ruggiero, the EDAC Board of Directors consists of seven members. Each of its other present directors was also elected.

About EDAC Technologies Corporation

EDAC Technologies Corporation is a diversified manufacturing company serving the aerospace and industrial markets.  In the aerospace sector, EDAC offers design and manufacturing services for commercial and military aircraft, in such areas as jet engine parts, special tooling, equipment, gauges and components used in the manufacture, assembly and inspection of jet engines.  Industrial applications include high-precision fixtures, gauges, dies and molds, as well as the design, manufacture and repair of precision grinders and precision spindles, which are an integral part of machine tools found in virtually every manufacturing environment. EDAC's core competencies include extensive in-house design and engineering capabilities, and facilities equipped with the latest enabling machine tools and manufacturing technologies.

Cautionary Statement Regarding Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995; including forward-looking statements regarding future profitability, expected sales and other matters that are subject to risks and uncertainties. The Company uses words such as "plans," seeks," "projects," "expects," "believes," "may," "anticipates," "estimates," "should," and similar expressions to identify these forward looking statements. These statements are subject to risks and uncertainties and are based upon the Company's beliefs and assumptions. There are a number of important factors that may affect the Company's actual performance and results and the accuracy of its forward-looking statements, many of which are beyond the control of the Company and are difficult to predict. These important factors include, without limitation, factors which could affect demand for the Company's products and services such as general economic conditions and economic conditions in the aerospace industry and the other industries in which the Company competes; competition from the Company's competitors; and the Company's ability to enter into satisfactory financing arrangements. These and other factors are described in the Company's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company's expectations and beliefs as of the date of this release. The Company anticipates that subsequent events and developments may cause these expectations and beliefs to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation or intention to do so.

SOURCE EDAC Technologies Corporation

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED