IEH Corp. Announces Appointment of Subrata Purkayastha as Chief Financial Officer

Rhea-AI Summary

IEH Corporation (IEHC) appoints Subrata Purkayastha as permanent Chief Financial Officer, after her successful completion of the Super 10-K audit and publication. The company expresses excitement about her leadership and looks forward to continued recovery and growth.

BROOKLYN, NY / ACCESSWIRE / November 7, 2023 / IEH Corporation (OTC PINK:IEHC) announced today that interim CFO Subrata Purkayastha has been appointed as permanent Chief Financial Officer of IEH Corporation.

Dave Offerman, President and CEO of IEH Corporation commented, "We're very excited to elevate Subrata to the position of IEH's permanent Chief Financial Officer.

Subrata began at IEH as our Controller in November 2021, reporting to our then CFO. After taking over as the interim CFO following the departure of her predecessor in May of this year, Subrata spearheaded the effort to complete the audit and publication of our Super 10-K, which was released in June of this year. This was a voluminous document, representing 3 years of audited financial statements (FY 2020-2022), and Subrata worked closely with our management team and accounting staff, our board of directors and our auditors to get it over the finish line and filed with the Securities and Exchange Commission. She then directed her efforts toward our Fiscal Year 2023 10-K, which was filed with the SEC last month, and is currently leading the effort to file the Form 10-Qs for the first two fiscal quarters of our current fiscal year (2024), at which point we will be up-to-date in our SEC filings. Originally hired on an interim six-month term, Subrata has demonstrated her expertise and leadership at IEH, and the Board of Directors and I are thrilled to approve her for this critical position. Under Subrata's leadership and in partnership with me, our management team and our board, we look forward to continuing our recovery and growth."

About IEH Corporation

For 80 years and 4 generations of family-run management, IEH Corporation has designed, developed, and manufactured printed circuit board (PCB) connectors, custom interconnects and contacts for high performance applications. With its signature Hyperboloid technology, IEH supplies the most durable, reliable connectors for the most demanding environments. The company markets primarily to companies in defense, aerospace, space and industrial applications, in the United States, Canada, Europe, Southeast and Central Asia and the Mideast. The company was founded in 1941 and is headquartered in Brooklyn, New York.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Certain statements contained in this press release, and in related comments by the Company's management, include "forward-looking statements." All statements, other than statements of historical facts, including, without limitation, statements or expectations regarding our financial condition, statements or expectations regarding our revenues, cash and backlog, expectations regarding future cash requirements, revenue and revenue recovery, including for fiscal year 2024, projected timelines for making our SEC filings or successfully preventing our registration from suspension or revocation and expectations regarding our efforts and ability to resolve our inventory accounting issues are forward-looking statements. These statements often include words such as "believe," "expect," "estimate," "plan," "will," "may," "would," "should," "could," or similar expressions, although not all forward-looking statements contain such identifying words. These statements are based on certain assumptions that the Company has made on its current expectations and projections about future events. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and you should not place undue reliance on any forward-looking statements. The Company's actual performance or results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, as they will depend on many factors about which we are unsure, including many factors beyond our control. Among other items, such factors could include: any claims, investigations or proceedings arising as a result of our past due Securities and Exchange Commission ("SEC") periodic reports, including changes in the proceedings related to the SEC's Order Instituting Administrative Proceedings and Notice of Hearing pursuant to Section 12(j) of the Securities and Exchange Act of 1934, as amended; our ability to remediate our inventory accounting issue; our ability to reduce costs or increase revenue; changes in the macroeconomic environment or in the finances of our customers; changes in accounting principles, or their application or interpretation, and our ability to make accurate estimates and the assumptions underlying the estimates; our ability to attract and retain key employees and key resources; and other risk factors discussed from time to time in our filings with the SEC, including those factors discussed under the caption "Risk Factors" in our most recent annual report on Form 10-K, filed with the SEC on June 22, 2023, and in subsequent reports filed with or furnished to the SEC. Additional information concerning these and other factors can be found in our filings with the SEC. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. Except as may be required by applicable law, we do not undertake or intend to update or revise our forward-looking statements, and we assume no obligation to update any forward-looking statements contained in this press release as a result of new information or future events or developments. Thus, you should not assume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. You should carefully review and consider the various disclosures we make in our filings with the SEC that attempt to advise interested parties of the risks, uncertainties and other factors that may affect our business.

Contact:

Dave Offerman
IEH Corporation
dave@iehcorp.com
718-492-4448

SOURCE: IEH Corporation

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FAQ

What is the latest announcement from IEH Corporation (IEHC)?

IEH Corporation has appointed Subrata Purkayastha as its permanent Chief Financial Officer.

Who is Subrata Purkayastha and what has she accomplished?

Subrata Purkayastha started as the Controller in November 2021 and successfully completed the Super 10-K audit and publication, as well as led the effort to file the Form 10-Qs for the first two fiscal quarters of the current fiscal year (2024).

What are the expectations for IEH Corporation's recovery and growth?

The company, along with its management team and board, looks forward to continued recovery and growth under Subrata Purkayastha's leadership.

What is the significance of the Super 10-K audit completion?

The completion of the Super 10-K audit represents a major milestone for IEH Corporation, as it includes 3 years of audited financial statements (FY 2020-2022).