Results reflect challenging economic conditions as well as decline in sales to semiconductor wafer fab customers and project delays across the Company’s GES business.

Backlog increased 2% over the past three months, which management believes indicates stabilizing demand.

Company implements new ownership requirements for outside directors.

LaFox, IL, JANUARY 10, 2024: Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its second quarter ended December 2, 2023. The Company also announced that its Board of Directors declared a $0.06 per share quarterly cash dividend.

Read the full press release here

LAFOX, Ill., January 3, 2024 (GLOBE NEWSWIRE) — Richardson Electronics, Ltd. (NASDAQ: RELL) plans to release its financial results for its second quarter ended December 2, 2023 after the close of business on Wednesday, January 10, 2024. The release will be distributed by GlobeNewswire and will be available on the Company’s website at www.rell.com.

On Thursday, January 11, 2024, at 9:00 a.m. Central Time, Edward J. Richardson, Chairman and Chief Executive Officer, and Robert J. Ben, Chief Financial Officer, will host a conference call to discuss the Company’s second quarter fiscal year 2024 results. A question-and-answer session will be included as part of the call’s agenda.

Participant Instructions

Participants may register for the call here.  While not required, it is recommended you join 10 minutes prior to the event start.  A replay of the call will be available beginning at 1:00 p.m. Central Time on January 11, 2024, for seven days.  Registration instructions are also on our website at www.rell.com.

In addition, the webcast link is available here.

 About Richardson Electronics, Ltd.

Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, green energy products, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components including green energy solutions; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. Nearly 55% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world.  All our partners manufacture to our strict specifications and per our supplier code of conduct.  We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

New partnership expands Company’s growth opportunities within the Renewable Energy market

LaFox, IL, December 20, 2023 – Richardson Electronics, Ltd. (NASDAQ: RELL), a global provider of engineered solutions for renewable energy applications, is pleased to announce a partnership with Integrated Power Services (IPS) in North America. This partnership allows IPS to supply and install Richardson’s patented ULTRA3000^® pitch energy module to key customers in North America.

The IPS Renewables Business provides single-source capabilities for fleets operating wind turbines during warranty and after warranty for the asset life of the machines. IPS engineers repair, replace, and remanufacture to minimize downtime and support run-time commitments. IPS is a distributor for key OEMs, with local, regional, and national inventories, plus a network of used and surplus equipment suppliers.

Richardson Electronics’ ULTRA3000^® is a drop-in replacement for lead acid batteries used in electric pitch systems within wind turbines. With its true plug-and-play technology, owners can replace one battery at a time on an as-needed basis or retrofit the entire pitch system. Richardson Electronics, Ltd. is a world leader in pitch energy modules and other products that support green energy power management applications.

Greg Peloquin, Executive Vice President and General Manager of Power & Microwave Technologies and Green Energy Solutions groups, stated, “We are confident this partnership will expand growth opportunities and help bring our growing portfolio of new power management products to the wind turbine market. Our customer base and market share continue to grow for our products, and having a partner like IPS to bring these products to market to our ever-growing list of customers is key to our short and long-term growth.

“Richardson is well-respected in the Renewables sector. This new partnership underscores IPS’s unwavering commitment to consistently address our customers’ requirements and provide effective solutions to reduce downtime,” stated Jason McDonald, IPS Senior Vice President of Renewables Business. “We are optimistic that this partnership will open avenues for growth and facilitate the introduction of our expanding range of innovative products to the wind turbine market.”

About Richardson Electronics, Ltd.

Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components, including green energy solutions; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. More than 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world. All our partners manufacture to our strict specifications and adhere to our supplier terms and conditions. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

About Richardson Electronics – Green Energy Solutions

Richardson Electronics Green Energy Solutions combines our key technology partners and engineered solutions capabilities to design and manufacture key products for the fast-growing energy storage market and power management applications. As a designer, manufacturer, technology partner, and authorized distributor, GES’s strategy is to provide specialized technical expertise and engineered solutions using our core design engineering and manufacturing capabilities on a global basis. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair—all through our existing global infrastructure. GES focuses on products for numerous green energy applications such as wind, solar, hydrogen, and electric vehicles and other power management applications that support green solutions such as synthetic diamond manufacturing. For more information, visit us at https://www.rell.com/greenenergysolutions/.

About Richardson Electronics – Power & Microwave Technologies

For over 75 years, Richardson Electronics has been your industry-leading global provider of engineered solutions, RF & microwave, and power products. The Power & Microwave Technologies group continues this legacy and complements it with new products from the world’s most innovative technology partners. Richardson Electronics’ Power & Microwave Technologies group focuses on what we do best: identify and design disruptive technologies, introduce new products on a global basis, develop solutions for our customers, and provide exceptional worldwide support. As a global company, we provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair—all through our existing global infrastructure. More information is available at rellpower.com | relltubes.com | rellaser.com.

About Integrated Power Services (IPS)

Headquartered in Greenville, South Carolina, IPS has the industry’s largest network of locations, with service centers, distribution centers, and field service offices across North America, combining industry-specific experience with comprehensive engineering resources to revolutionize reliability for customers. For more information, visit www.ips.us.

First Quarter Highlights

• Net sales of $52.6 million were down $15.0 million, or 22.2% from last year’s first quarter primarily due to a near-term reduction in sales to semiconductor wafer fab customers, and a timing-related reduction in ultracapacitor module sales to replace lead acid batteries in existing wind turbines. A challenging economic backdrop accounted for the remainder of the year-over-year decline in sales.
• Backlog totaled $148.1 million in the first quarter versus $160.4 million at the end of the fourth quarter of fiscal 2023.
• Gross margin was 32.8% of net sales for the first quarter of fiscal 2024, compared to 34.1% in the prior year’s first quarter. The decrease was driven primarily by a less profitable mix of sales. Gross margin increased 4.9 percentage points from the fourth quarter of fiscal 2023 because of improved product mix.
• Operating income was $1.5 million in the first quarter of fiscal 2024 compared to $8.8 million for the first quarter of fiscal 2023.
• Income tax provision was $0.4 million or an effective tax rate of 23.7% for the first quarter of fiscal 2024 versus income tax provision of $2.1 million or an effective tax rate of 25.0% in last year’s first quarter.
• Earnings per common share (diluted) were $0.09 compared to earnings per common share (diluted) of $0.45 in the first quarter of fiscal 2023.
• The Company’s balance sheet remains strong with no debt outstanding, and cash and investments of $24.1 million as of September 2, 2023.

LaFox, IL, OCTOBER 11, 2023:  Richardson Electronics, Ltd. (NASDAQ: RELL) today reported financial results for its first quarter ended September 2, 2023. The Company also announced that its Board of Directors declared a $0.06 per share quarterly cash dividend.

Read the full press release here 

LAFOX, Ill., October 4, 2023 (GLOBE NEWSWIRE) — Richardson Electronics, Ltd. (NASDAQ: RELL) plans to release its financial results for its first quarter ended September 2, 2023 after the close of business on Wednesday, October 11, 2023. The release will be distributed by GlobeNewswire and will be available on the Company’s website at www.rell.com.

On Thursday, October 12, 2023, at 9:00 a.m. Central Time, Edward J. Richardson, Chairman and Chief Executive Officer, and Robert J. Ben, Chief Financial Officer, will host a conference call to discuss the Company’s first quarter fiscal year 2024 results. A question-and-answer session will be included as part of the call’s agenda.

Participant Instructions

Participants may register for the call here. While not required, it is recommended you join 10 minutes prior to the event start.  A replay of the call will be available beginning at 1:00 p.m. Central Time on October 12, 2023, for seven days. Registration instructions are also on our website at www.rell.com.

In addition, the webcast link is available here.

About Richardson Electronics, Ltd.

Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, green energy products, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components including green energy solutions; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. Nearly 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world.  All our partners manufacture to our strict specifications and per our supplier code of conduct.  We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

LaFox, IL, October 2, 2023 – Richardson Electronics, Ltd. (NASDAQ: RELL), a global provider of engineered solutions for renewable energy, is pleased to announce the issuance of U.S. Patent No. 11,764,002 (the “’002 Patent”). The ’002 Patent is a result of Richardson’s innovative technology using ultracapacitors embedded in its ULTRAGEN3000™ generator start module or GSM. The ULTRAGEN3000™ is a compact GSM designed for installation in any orientation, allowing flexible module placement within any generator set housing. The Company’s patented technology enables a true drop-in replacement for lead acid batteries in engine start applications without the need to rewire or procure additional components.

Ultracapacitor-based energy storage solutions have significantly enhanced reliability. Ultracapacitors, unlike batteries, provide dependable and consistent energy even in extreme temperatures, providing better reliability for critical applications such as backup generator systems. This new patent adds to the Company’s patented energy storage solutions portfolio and enhances growth opportunities within the Green Energy Solutions business segment.

“This patent is another important milestone toward our goal of strengthening our Company’s intellectual property portfolio. Our engineering team continues to design and develop unique products that surpass our customers’ expectations with cost-savings, reliability, and efficiency,” stated Richardson’s Greg Peloquin, Executive Vice-President Power and Microwave Technologies and Green Energy Solutions Groups.

About Richardson Electronics, Ltd.

Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, green energy products, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. More than 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world. All of our partners manufacture to our strict specifications and per our supplier code of conduct. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics, Ltd. common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

About Richardson Electronics – Green Energy Solutions

Richardson Electronics Green Energy Solutions combines our key technology partners and engineered solutions capabilities to design and manufacture key products for the fast-growing energy storage market and power management applications. As a designer, manufacturer, technology partner and authorized distributor, GES’s strategy is to provide specialized technical expertise and engineered solutions using our core design engineering and manufacturing capabilities on a global basis. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair—all through our existing global infrastructure. GES’s focus is on products for numerous green energy applications such as wind, solar, hydrogen and electric vehicles, and other power management applications that support green solutions such as synthetic diamond manufacturing. For more information, visit us at: https://www.rell.com/business-units/green-energy-solutions/.

LaFox, IL | September 18, 2023 – Richardson Electronics, Ltd. (NASDAQ: RELL), a global provider of engineered solutions for the green energy, power management, custom display, and healthcare markets, announced today that it will be presenting at the LD Micro Invitational XVI being held at the Luxe Sunset Boulevard Hotel on Tuesday, October 3, 2023, at 10:30 A.M. PT / 1:30 P.M. ET. Edward J. Richardson, Chairman and CEO of Richardson Electronics, Ltd., will provide a formal presentation on the Company’s FY23 performance and discuss upcoming opportunities within its Green Energy Solutions business unit as well as answering questions from investors. The presentation will be streamed live at https://me23.sequireevents.com/.

Management will also host 1×1 meetings at the conference on October 3 and October 4.  Interested investors can contact LD Micro to schedule meetings with Richardon Electronics.

About LD Micro (NASDAQ: SRAX)

LD Micro, a wholly owned subsidiary of Freedom US Markets, was founded in 2006 with the sole purpose of being an independent resource in the micro-cap space. Through the LD Micro Index and annual investor conferences, LD has served as an invaluable asset to all those interested in discovering the next generation of great companies. For more information on LD Micro, visit www.ldmicro.com.http://www.ldmicro.com

About Richardson Electronics, Ltd.

Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, green energy products, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. More than 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world. All of our partners manufacture to our strict specifications and per our supplier code of conduct. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics, Ltd. common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

Forward-Looking Statements

This release includes certain “forward-looking” statements as defined by the Securities and Exchange Commission. Statements in this press release regarding the Company’s business that are not historical facts represent “forward-looking” statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K filed on July 31, 2023, and other reports we file with the Securities and Exchange Commission. The Company assumes no responsibility to update the “forward-looking” statements in this release as a result of new information, future events or otherwise.

LaFox, IL, September 6, 2023 – Richardson Electronics, Ltd. (NASDAQ: RELL) is introducing its new line of push-fit nozzles, F-Style nozzles with chrome plated tip, a new series of bellows with laminated covers for use in Bystronic^®* fiber lasers, and new protective windows for use in machines from leading fiber laser brands.

This new lineup features the following:

• Our new line of push-fit nozzles includes the Classic style made of high-quality copper and the Precision style made of brass. This new line includes nozzles for use in Bystronic^® Fiber Laser machines with automatic nozzle changer.
• The new F-Style nozzle series with chrome plated tip offers better performance and wear resistance when cutting materials where the standard copper or brass nozzles lag, due to spatters and thermal effects.
• Our new series of bellows for use in the Bystronic® ByStar fiber lasers includes the X-axis bellows with flexible stainless steel laminated covers that protect them from sparks and reduce their wear and tear.
• We added more protective windows and fiber laser lenses that are a high-quality cost-effective aftermarket alternative for use in lasers of up to 20 KW, including TRUMPF^®*, Bystronic^®*, BLM^®*, Precitec^®* and other leading laser brands. Among our newest protective windows is the 34 x 3 mm Sapphire protective window used in high-power Bystronic^®

Richardson Electronics is your one-stop shop for your fiber and CO₂ laser needs. We carry local stock in the US and Europe for prompt delivery to help reduce downtime and drive down the cost of ownership of your laser. For more information on these new products and our extensive line of laser consumables, visit our website at www.rellaser.com

The Richardson Electronics team will be displaying these new products and much more at the FABTECH 2023 show at McCormick Place in Chicago, IL from September 11^th – 14^th, 2023.  Visit us at booth A3315.

*All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of the trademarks is solely for identification purposes and does not imply any affiliation with or endorsement by the trademark holders. All parts advertised are made for and/or by Richardson Electronics, Ltd. We are not implying in any way that our products are original equipment parts.

About Richardson Electronics – Power & Microwave Technologies

For over 75 years, Richardson Electronics has been your industry-leading global provider of engineered solutions, RF & microwave, and power products. The Power & Microwave Technologies group continues this legacy and complements it with new products from the world’s most innovative technology partners. Richardson Electronics’ Power & Microwave Technologies group focuses on what we do best: identify and design disruptive technologies, introduce new products on a global basis, develop solutions for our customers, and provide exceptional worldwide support. As a global company, we provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair—all through our existing global infrastructure. More information is available at www.rellpower.com.

About Richardson Electronics, Ltd.

Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, power grid and microwave tubes, and related consumables; power conversion and RF and microwave components including green energy solutions; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. More than 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world.  All our partners manufacture to our strict specifications and adhere to our supplier terms and conditions.  We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics, and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

LaFox, IL – August 14, 2023 – Richardson Electronics, Ltd. (NASDAQ: RELL), a global provider of engineered solutions for the green energy, power management, custom display, and healthcare markets, today announced Edward J. Richardson, Chief Executive Officer, will present at the Midwest IDEAS Investor Conference on Wednesday, August 23, 2023, at The Gwen in Chicago, IL. Richardson Electronics’ presentation is scheduled to begin at 1:20 P.M. CT. The presentation will be webcast and can be accessed through the conference host’s main website: https://www.threepartadvisors.com/midwest and in the investor relations section of the Company’s website: Investor Relations | Financial News | Richardson Electronics (rell.com).

About Richardson Electronics, Ltd.

Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, green energy products, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. Nearly 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world. All of our partners manufacture to our strict specifications and per our supplier code of conduct. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics, Ltd. common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

About IDEAS Investor Conferences

The mission of the IDEAS Conferences is to provide independent regional venues for quality companies to present their investment merits to an influential audience of investment professionals.  Unlike traditional bank-sponsored events, IDEAS Investor Conferences are “SPONSORED BY INVESTORS. FOR INVESTORS.” and for the benefit of regional investment communities.  Conference sponsors collectively have more than $200 billion in assets under management and include: 1102 Partners, Adirondack Research and Management, Allianz Global Investors: NFJ Investment Group, Ariel Investments, Aristotle Capital Boston, Ascend Wealth Advisors, Barrow Hanley Mewhinney & Strauss, BMO Global Asset Management, Constitution Research & Management, Inc., Diamond Hill, First Wilshire Securities Management, Inc., Granahan Investment Management, Great Lakes Advisors, Greenbrier Partners Capital Management, LLC, Hodges Capital Management, Ironwood Investment Management, Keeley Teton Advisors, Luther King Capital Management, Marble Harbor Investment Counsel, North Star Investment Management, Perritt Capital Management, Punch & Associates, Shepherd Kaplan Krochuk, Westwood Holdings Group, Inc., and William Harris Investors.

The IDEAS Investor Conferences are held annually and are produced by Three Part Advisors, LLC.  Additional information about the events can be located at www.IDEASconferences.com.

If interested in participating or learning more about the IDEAS conferences, please contact Lacey Wesley at (817) 769 -2373 or lWesley@IDEASconferences.com.

Forward-Looking Statements

This release includes certain “forward-looking” statements as defined by the Securities and Exchange Commission. Statements in this press release regarding the Company’s business that are not historical facts represent “forward-looking” statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K filed on July 31, 2023, and other reports we file with the Securities and Exchange Commission. The Company assumes no responsibility to update the “forward-looking” statements in this release as a result of new information, future events or otherwise.

LaFox, IL | July 24, 2023 – Richardson Electronics, Ltd. (NASDAQ: RELL), a global provider of engineered solutions for the green energy, power management, custom display and healthcare markets, announced today the completion of recent upgrades to its LaFox, IL Headquarters after investing several million dollars to expand its design, manufacturing and test capabilities and capacity. The expansion adds more than 16,000 square feet of manufacturing space and will serve as a showcase for the Company’s Green Energy Solutions (“GES”) production.

“We continue to add new, innovative products to support global green energy markets including wind, solar, electric vehicles, and other green power management applications such as lab grown diamonds. Post-COVID, we did not mandate a return to the office for many of our employees. This left us with excess administrative space, which we converted to a state-of-the-art manufacturing floor to support the growth of our GES business unit. We are extremely excited by the long-term potential of our GES business, as sales from this segment have increased 110.5% from $22.6 million in FY22, to $47.6 million in FY23,” said Edward J. Richardson, Richardson Electronics Chief Executive Officer.

Richardson Electronics will manufacture its patented ULTRA3000^® and ULTRAPEM™ multi-brand Pitch Energy Modules; the patent-pending ULTRAUPS3000™, designed to replace lead-acid batteries in wind turbine generators and other power management applications; battery start modules for numerous applications including EV locomotives; and other products in the expanded area. Total manufacturing space in LaFox is now 160,000 square feet.

The Company plans to host an open house and presentation for investors on August 22, 2023, to showcase its products and upgraded facilities. To request an invitation, contact stefanie@smberger.com.

About Richardson Electronics, Ltd.

Richardson Electronics, Ltd. is a leading global manufacturer of engineered solutions, green energy products, power grid and microwave tubes and related consumables; power conversion and RF and microwave components; high-value replacement parts, tubes, and service training for diagnostic imaging equipment; and customized display solutions. More than 60% of our products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by one of our manufacturing partners throughout the world. All of our partners manufacture to our strict specifications and per our supplier code of conduct. We serve customers in the alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific and semiconductor markets. The Company’s strategy is to provide specialized technical expertise and “engineered solutions” based on our core engineering and manufacturing capabilities. The Company provides solutions and adds value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair through its global infrastructure. More information is available at www.rell.com.

Richardson Electronics, Ltd. common stock trades on the NASDAQ Global Select Market under the ticker symbol RELL.

About Richardson Electronics – Green Energy Solutions

Richardson Electronics Green Energy Solutions combines our key technology partners and engineered solutions capabilities to design and manufacture key products for the fast-growing energy storage market and power management applications. As a designer, manufacturer, technology partner and authorized distributor, GES’s strategy is to provide specialized technical expertise and engineered solutions using our core design engineering and manufacturing capabilities on a global basis. We provide solutions and add value through design-in support, systems integration, prototype design and manufacturing, testing, logistics and aftermarket technical service and repair—all through our existing global infrastructure. GES’s focus is on products for numerous green energy applications such as wind, solar, hydrogen and electric vehicles, and other power management applications that support green solutions such as synthetic diamond manufacturing. For more information, visit us at: https://www.rell.com/business-units/green-energy-solutions/

Forward-Looking Statements

This release includes certain “forward-looking” statements as defined by the Securities and Exchange Commission. Statements in this press release regarding the Company’s business that are not historical facts represent “forward-looking” statements that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K filed on August 1, 2022, and other reports we file with the Securities and Exchange Commission. The Company assumes no responsibility to update the “forward-looking” statements in this release as a result of new information, future events or otherwise.