[ESPEY MFG. & ELECTRONICS CORP. LOGO]



FOR IMMEDIATE RELEASE
---------------------

Espey Mfg. & Electronics Corp. Hires New President

      Saratoga Springs, NY, July 27, 2009 - Espey Mfg. & Electronics Corp. (NYSE
Amex:  ESP) has appointed Mark St. Pierre,  age 51, as President  effective July
27, 2009.  It is  anticipated  that Mr. St. Pierre will also be appointed to the
position of Chief Executive Officer after a period to be determined by the Board
of Directors.  During the transition period, Mr. Howard Pinsley will continue as
Chairman of the Board and Chief Executive Officer of the Company.

From 2000 to 2008,  Mr. St.  Pierre was  employed by ITT Power  Solutions,  West
Springfield,  Massachusetts,  and last held the position of Vice  President  and
Director,  Merchant  Market  Segment.  He was responsible for the management and
development  of a new  business  unit and the  growth of sales to major  defense
contractors  and analytical  instrument  manufacturers.  Prior to his employment
with ITT Power  Solutions,  Mr. St.  Pierre  held other  positions  in the power
supply and electronics industry for 20 years.

Mr. Howard Pinsley, CEO, commented, "We are pleased to welcome Mr. St. Pierre to
our  company.  We  believe  he will be a  valuable  addition  for  today and the
future."

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.
                                                   -------------

For further information, contact Mr. David O'Neil or Mr. Howard Pinsley at (518)
245-4400.

This press  release may contain  certain  statements  that 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.

                               ###################