LGL Announces Fourth Quarter 2021 Revenue, Backlog, Cash and Marketable Securities in Advance, Updates Progress of Its Spin-off MtronPTI, and Sets Date for Fourth Quarter 2021 Earnings Release and Conference Call – Form 8-K

The LGL Group, Inc. Announces Fourth Quarter 2021 Revenue, Backlog, Cash and Marketable Securities in Advance, Updates Progress of Its Spin-Off MtronPTI, and Sets Earnings Release Date and the fourth quarter 2021 conference call

ORLANDO, Fla., February 14, 2022 – LGL Group, Inc. Advance Announces Fourth Quarter 2021 Revenue, Backlog, Cash and Marketable Securities, Updates Progress of Its Spin-Off MtronPTI and sets the date for its fourth quarter 2021 earnings conference call.

Flash Report: The company’s revenue, backlog, cash and marketable securities and other highlights for the fourth quarter of 2021 are as follows:

Michael Ferrantino, President and CEO, said, “Despite the continuing headwinds related to COVID, we are beginning to benefit from the avionics market recovery and progress in our defense and space businesses. The improvement in backlog came from the recovery in the avionics market and strong defense orders, including a $6.3 million order in the fourth quarter for a major missile defense program, including the most are expected to ship after 2022. I am optimistic about our future as our markets improve and we execute our strategies to improve operations securing the delivery of superior technology to our customers.”

James Tivy, LGL’s Chief Financial Officer, added: “During 2021, we sold approximately 1.46 million shares of our IRNT common stock from LGL’s SPAC investment. This SPAC investment generated over $17 million in pre-tax gross proceeds for the year. The Company continues to hold 1.34 million shares of IRNT common stock of which approximately 300,000 shares are hedged and in-the-money. »

As previously announced, the LGL Group Board of Directors has approved the spin-off of M-Tron Industries, Inc. (“MtronPTI”). The spin-off is expected to be structured as a tax-free pro rata distribution to all LGL shareholders on a record date to be determined. If completed, upon entry into force of the transaction,

LGL shareholders would hold shares in both companies. Completion of any spin-off would be subject to various conditions, including shareholder and applicable regulatory approvals. It is also expected that MtronPTI will be treated as discontinued operations from a GAAP reporting perspective, effective upon shareholder approval. There can be no assurance that the potential split transaction will be completed in the manner described above, or at all. If LGL proceeds with the spin-off, it does not expect to complete the transaction until the second quarter of 2022.

LGL believes that, if completed, the potential spin-off of MtronPTI would allow shareholders to more clearly assess the performance and future potential of each entity on a stand-alone basis, while allowing each to pursue its own business strategy and capital allocation policy. Separating MTronPTI as an independent public company positions the business to increase value for both MTronPTI and LGL Group. The split allows each company to tailor its strategic plans and growth opportunities, more effectively mobilize and allocate resources, including capital raised through debt or equity offerings, use to flexibly own shares as currency for teammate incentive compensation and potential acquisitions and to provide investors with a more focused investment opportunity.

The LGL group is continuing its profitable growth efforts internally and through acquisition. The LGL Group, on a pro forma stand-alone basis post-split, will continue to own and grow its frequency reference and time standard timing solutions business through its subsidiary Precise Time and Frequency LLC (“PTF”), and is expected to retain substantially all of the company’s cash and marketable securities.

The LGL Group has successfully established several businesses over its history, including Lynch Interactive, The Morgan Group, Tremont Advisors and others. MTronPTI itself sought to become an independent publicly traded company via an IPO, filing a Form S-1 registration statement with Needham & Company as an underwriter in 2000. This IPO was withdrawn due to market conditions. MTronPTI today has an established and formidable presence in its key markets and if the split is completed, the standalone MTronPTI would continue to provide state-of-the-art engineering solutions to its defense and aerospace customers. The potential spin-off is therefore a continuation of the company’s strategy of growing businesses and positioning them as independent entities to improve shareholder value and alignment.

About LGL Group, Inc.

The LGL Group, Inc., through its two main subsidiaries MtronPTI and PTF, designs, manufactures and markets high technology electronic components used to control the frequency or timing of signals in electronic circuits, and designs standards high-performance frequency and time reference systems that form the basis of timing and synchronization in various applications.

Based in Orlando, Florida, the company has additional design and manufacturing facilities in Yankton, South Dakota, Wakefield, Massachusetts and Noida, India, as well as local sales offices in Hong Kong. and in Austin, Texas.

For more information about the company and its products and services, contact James Tivy at The LGL Group, Inc., 2525 Shader Rd., Orlando, Florida 32804, (407) 298-2000, or visit www.lglgroup.com, www. ptf-llc.com and www.mtronpti.com.

Caution Regarding Forward-Looking Statements

This press release may contain forward-looking statements made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as than amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “may”, “will”, “expect”, “plan”. , “estimates”, “anticipates”, “plans”, “believes”, “potential”, “should”, “continue” or negative versions of these or other comparable words. These forward-looking statements are not guarantees of future actions or performance.These forward-looking statements are based on information currently available to us and our current plans or expectations and are subject to a number of uncertainties and risks that could materially affect current plans, anticipated actions and our future financial condition and results. Some of these risks and uncertainties are described in greater detail in our filings with the Securities and Exchange Commission. We have no an obligation (and we expressly disclaim any such obligation) to update or change our forward-looking statements, whether as a result of new information, future events or otherwise.

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Contact:

James Tivy

The LGL Group, Inc.

[email protected] (407) 298-2000