Eastern (AMEX:EML)
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The Eastern Company (AMEX:EML) today announced that its
Board of Directors accepted the recommendation of its Audit Committee
to replace its Independent Registered Public Accounting Firm, Ernst &
Young LLP, with UHY LLP to audit the Company's financial statements
for the fiscal year ending December 31, 2005. The change in the
Company's Independent Registered Public Accounting Firm was effective
July 14, 2005.
The Company has had a long and good standing relationship with
Ernst & Young LLP. However because of the escalating audit and other
compliance fees the Board of Directors has accepted the Audit
Committee's recommendation to appoint UHY LLP.
The Eastern Company is a 147-year-old manufacturer of industrial
hardware, security products and metal castings. It operates from nine
locations in the U.S., Canada, Mexico, Taiwan and China. The diversity
of the Company's products helps it to respond to the changing
requirements of a broad array of markets.
Forward-Looking Statements: Information in this news release
contains statements which reflect the Company's current expectations
regarding its future operating performance and achievements. Actual
results may differ due to the many economic uncertainties that affect
the Company's business environment. Further information about the
potential factors which could affect the Company's financial results
are included in the Company's reports and filings with the Securities
and Exchange Commission. The Company is not obligated to update or
revise the aforementioned statements for those new developments.