Exhibit 99.1

FOR IMMEDIATE RELEASE
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Espey Increases 3rd Quarter Dividend ...

Saratoga Springs, NY; February 19, 2007- The Board of Directors of Espey Mfg. &
Electronics Corp., (AMEX:ESP) has raised the Company's quarterly cash dividend
by 15 percent to $.15 from $.13 per share for the third quarter of the fiscal
year ending June 30, 2007. The dividend will be payable on March 23, 2007, to
all shareholders of record as of March 2, 2007.

Espey's primary business is the development, design, and production of
specialized military and industrial power supplies/electronic equipment. The
Company's web site can be found on the Internet at www.espey.com.
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For further information, contact Mr. Howard Pinsley or Mr. David O'Neil at (518)
245-4400.

Certain  statements in this press release are  "forward-looking  statements" and
are made  pursuant  to the safe  harbor  provisions  of the  Private  Securities
Litigation Reform Act of 1995. These  forward-looking  statements  represent the
Company's current  expectations or beliefs concerning future events. The matters
covered by these statements are subject to certain risks and uncertainties  that
could  cause  actual  results to differ  materially  from those set forth in the
forward-looking  statements.  The Company wishes to caution readers not to place
undue reliance on any such  forward-looking  statements,  which speak only as of
the date made.

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