ELGT Electric and Gas Technology Inc (CE)

Electric & Gas Technology, Inc. (OTCBB:ELGT) today announced the hiring of a new General Manager, Jay Lateko. This newly created position will oversee day to day manufacturing operations. Daniel A. Zimmerman, President and CEO of ELGT stated, "Mr. Jay Lateko, comes to ELGT with a strong background in manufacturing, with emphasis on metal fabrication and product integration. Mr. Lateko has been successful running both small companies and divisions of fortune 100 companies. He is well versed in the type of business ELGT transacts with many of its world class customers, including kaizan, lean manufacturing and kanban. His recent experience required him to simultaneously manage both a contract job shop and a proprietary product operation. This aligns closely with our own revenue model." Continuing, Zimmerman said; "We continue to hit our marks aggressively on revenue objectives and the current year target of $12,000,000 is on track. This is supported by strong backlog, active bookings and a steady stream of new opportunities. As CEO I have recognized the significance of moving the company beyond the million dollars a month threshold and the accompanying challenges that it presents to the organization. We are vigilant to ensure that our legacy customer's are completely satisfied and will continue to look to ELGT with their new business opportunities and assure that their interests are our foremost concerns as the company grows so rapidly. The time is right for establishing the new position and introducing a new top level person to ELGT's management team." Regarding Mr. Lateko's near term contribution toward achieving long term goals, Zimmerman added; "Mr. Lateko brings a discipline for measuring productivity and performance in manufacturing operations that are timely for the company's next phase of expansion. The race we have been running to build revenue will now be run with a race to build margin. Since taking over in 2004 I have been cautious to promote bottom line earnings. I look to 2007 as the breakout year of our five year plan in terms of both profitability and visibility to the investing public." About ELGT Electric & Gas Technology, Inc. (ELGT) is a publicly traded company that, through its subsidiaries, operates in two distinct business segments: (1) Utilities Products and (2) Contract Manufacturing. Headquartered in Garland, Texas, Reynolds Equipment Company, a wholly owned subsidiary, manufactures and sells gas measurement equipment to the natural gas industry world wide. The Company's products include mechanical instruments, electronic instruments and odorization equipment. Logic Metals Technology, Inc., a second operating subsidiary, has been a dynamic and reliable supplier of close tolerance fabricated metal components and assemblies to a variety of industries. The Company supplies precision fabricated parts to the telecommunications, electronics, medical, banking and sorting industries. Logic Metals provides precision sheet metal fabrication prototypes, small and large run parts and assemblies with exacting quality and engineering specifications. For additional information, visit our website www.elgt.com. This release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, which represents the Company's expectations or beliefs concerning, among other things, future operating results and various components thereof and the adequacy of future operations to provide sufficient liquidity. The Company cautions that such matters necessarily involve significant risks and uncertainties that could cause actual operating results and liquidity needs to differ materially from such statements, including, without limitation: (i) increased competition, (ii) the price-sensitive nature of product demand, (iii) the Company's dependence upon favorable pricing from its suppliers and (iv) other risks indicated herein and in filings with the SEC.