Aeroflex Incorporated Announces Radiation-Hardened ASICs Order Valued at $6.5M.

Business Editors

COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--May 7, 2003

Aeroflex Incorporated, (NASDAQ: ARXX), today announced that its microelectronics division, Aeroflex Microelectronic Solutions, has received an order for $6.5 million to design and deliver radiation-hardened ASICs (Application Specific Integrated Circuits) to be used for a major defense satellite program. This represents Aeroflex's largest RadHard-by-Design 0.25um ASIC order to date. Initial unit deliveries are expected to commence in December 2003 and be completed by June 2004.

"We believe we were awarded this contract for several reasons," said John Buyko, President of Aeroflex Microelectronic Solutions. "We have a twenty year history of supplying commercial RadHard integrated circuits to the aerospace, satellite and defense community, we meet the high-reliability standards and delivery schedule requirements our customers demand, and our UT0.25um Commercial RadHard(TM) (CRH) process has been validated with products currently in space. We believe we can expect over $30 million in future 0.25um sales over the next three to five years."

"Aeroflex provides products specifically designed for space applications and the associated exposure to radiation," continued Buyko. "As a fab-independent supplier, we offer customers the benefits of our multiple foundry partners and state-of-the art technology processes."

Aeroflex Incorporated, through its division, Aeroflex Microelectronic Solutions, is a supplier of semicustom and standard VLSI circuits and custom circuit card assemblies. Aeroflex has received Qualified Manufacturer List (QML) certification for Class Q, Class T and Class V. Additionally, Aeroflex has received a letter of compliance for ISO 9001 from the Defense Supply Center Columbus.

About Aeroflex

Aeroflex Incorporated is a global provider of high technology solutions to the aerospace, defense and broadband communication markets. The Company's diverse technologies allow it to design, develop, manufacture and market a broad range of test, measurement and microelectronic products. The Company's common stock trades on the Nasdaq National Market System under the symbol ARXX and is included in the S&P SmallCap 600 index. Additional information concerning Aeroflex Incorporated can be found on the Company's Web site: www.aeroflex.com.

All statements other than statements of historical fact included in this press release regarding Aeroflex's financial position, business outlook, business strategy and plans and objectives of its management for future operations are forward-looking statements. When used in this press release, words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to Aeroflex or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of Aeroflex's management, as well as assumptions made by and information currently available to its management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, competitive factors and pricing pressures, changes in legal and regulatory requirements, technological change or difficulties, product development risks, the integration of IFR Systems with Aeroflex, commercialization difficulties and general economic conditions. Such statements reflect our current views with respect to the future and are subject to these and other risks, uncertainties and assumptions relating to Aeroflex's financial condition, results of operations, growth strategy and liquidity. Aeroflex does not undertake any obligation to update such forward-looking statements.