Admiralty Partners, Inc. Acquires Former TRW Space Components Business.

LOS ANGELES -- Admiralty Partners, Inc. announced today that it has acquired the Aerospace and Defense business units of Vertical Circuits, Inc. (VCI). The new company, renamed Trident Space & Defense, LLC, is headquartered in Torrance, California.

Trident Space & Defense, LLC is composed of three operating units. The Advanced Products business unit designs advanced custom multi-chip modules and dense systems-in-a-package solutions for Aerospace and Defense applications. The Space Electronic Components business unit is a supplier of high reliability electronic components and design support services to the space industry. The Ground Systems business unit supplies custom, turnkey full-tracking ground stations to the commercial space industry.

In commenting on the acquisition, Jon B. Kutler, Chairman, Chief Executive Officer and Founder of Admiralty Partners, said, "Trident is an ideal Admiralty portfolio company. We look forward to working with Jerry and Roydn, as we collaborate to deliver exciting new growth opportunities for Trident."

Jerry Smith, General Manager and VP of the Space Electronics Business and Ground Systems business units, commented, "We have been the recognized leader in the supply of space qualified components and ground systems support for over 30 years. The Trident team remains intact and will continue to provide all the services and excellent quality that our customers have come to expect of us."

Roydn Jones, VP of Advanced Products, added, "Trident's Advanced Products plans to expand its business globally in the supply of custom components for military and aerospace applications which enable our customers to realize significant benefits in improved performance and miniaturization at the system level. Trident Advanced Products also plans to begin the development of a standard product line, emphasizing ruggedized, storage devices that will take best advantage of our proven dense packaging methodologies."

VCI was formed by the merger of TRW Components International, a unit of TRW, Inc., now a subsidiary of Northrop Grumman Corporation (NYSE:NOC) and Cubic Memory Inc., in October 1999. For more information visit www.tridentsd.com.

About Admiralty Partners, Inc.

Admiralty Partners, Inc. is a Los Angeles, Calif. based private investment firm focused exclusively on acquiring companies in the global aerospace, defense and federal information technology industries. Its Chief Executive Officer, Jon B. Kutler, previously founded Quarterdeck Investment Partners, a leading merger & acquisitions advisory firm in these sectors, and subsequently sold it to Jefferies & Company, Inc. (NYSE:JEF). For more information, visit, www.admiraltypartners.com.