Jerry R. Pritchett, Owner and Chairman of Pritchett Controls, announced October 18, 2007 that the company has formed an Employee Stock Ownership Plan (ESOP) and has joined the growing list of companies whose employees are stockholders.  When the transaction is completed, the employees of Pritchett Controls will share in the ownership of the Company.  Mr. Pritchett announced that the buyout of his stock will take place over a period of time, allowing all existing and future employees an opportunity to participate in the plan. 

“It has always been my goal to build a strong business that could be perpetuated for our employees”, said Pritchett.  “The loyalty, dedication and hard work of this fine group of individuals have made our company a success.  As I began nearing retirement age and considered the future of the company, it seems only appropriate to transfer ownership to the people responsible for making this company what it is today.  All of our customers should take comfort in realizing that they will be working directly with an owner of the company at all levels of service.”

Pritchett Controls designs, installs and services building automation systems including temperature, lighting and access control, CCTV, indoor air quality monitoring, and energy information systems.  Headquartered in Beltsville, Maryland with a branch office in Salisbury, Maryland, Pritchett Controls serves Maryland, Virginia and Washington D.C. 

Pritchett Controls utilized the services of Menke & Associates, Inc., a San Francisco-based firm specializing in Employee Stock Ownership Plans, for the establishment of the new ESOP.  Menke will provide on-going management services for the Plan.

For more information on Pritchett Controls or Menke & Associates, visit www.pritchettcontrols.com or www.menke.com .  Please contact Pete Ewart, Vice-President of Business Development for Pritchett Controls at 301-470-7300 if you have any questions.
 
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