<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>ex99.txt
<DESCRIPTION>PRESS RELEASE DATED AUGUST 17, 2001
<TEXT>
                                                                Exhibit 99.1


                                                         Press Release
                                                         For Immediate Release




                             LYNCH CORPORATION NAMES
                          RALPH R. PAPITTO AS CHAIRMAN
                           AND CHIEF EXECUTIVE OFFICER


     Rye, New York,  August 17, 2001 - Lynch  Corporation  (ASE:  LGL) announced
today that Ralph R. Papitto, a long-standing  director of the Company,  has been
named the Chairman and Chief Executive Officer of Lynch.  Mario J. Gabelli,  who
was Chairman and Chief  Executive  Officer of Lynch since 1985,  will stay on as
Vice Chairman. In connection with the appointment, the Board granted (subject to
shareholder  approval) Mr.  Papitto an option to purchase  374,471 shares of the
Company's common stock at an exercise price of $30 per share.

     Mr. Papitto brings with him 30 years of experience in the industry.  He was
Chairman and Chief Executive Officer of AFC Cable Systems,  Inc., a manufacturer
and supplier of electrical  distribution  products for six years and before that
he founded Nortek, Inc., a $2 billion manufacturer of home builders products.

     Mr.  Gabelli  commented  that,  "There are  numerous  opportunities  in the
industrial  world and the selection of Ralph Papitto as Chairman and CEO will be
a catalyst to accelerate Lynch's ability to capitalize on these opportunities."

     Lynch  Corporation,  through its operating  subsidiaries,  is a diversified
manufacturing company that actively seeks acquisitions,  principally in existing
business areas. Lynch Corporation is listed on the American Stock Exchange under
the   symbol    LGL.    The    Company's    World   Wide   Web    address    is:
http://www.lynchcorp.com.


Contact: Ralph R. Papitto
                  Chairman
                  (401) 453-2000

Release: 01-06

</TEXT>
</DOCUMENT>
