Aeroflex Incorporated Provides Guidance Regarding Its Acquistion Of MCE Technologies, Inc.

Business Editors/High-Tech Writers

PLAINVIEW, N.Y.--(BUSINESS WIRE)--July 7, 2003

Aeroflex Incorporated (Nasdaq:ARXX), a leading designer, developer and manufacturer of automated testing solutions and microelectronics for the aerospace, defense and broadband communications markets, announced today that in connection with the previously announced acquisition of MCE Technologies, Inc., it anticipates that the results for MCE will be as follows:

-- Sales for calendar 2003 are expected to be in line with sales

in calendar 2002 of approximately $64 million.

-- Operating profitability is anticipated to be significantly

higher for calendar 2003 than for calendar 2002 as a result of

certain restructurings previously made by MCE.

-- Sales for 2004 are anticipated to be approximately $70

million.

About Aeroflex

Aeroflex Incorporated is a global provider of high technology solutions to the aerospace, defense and broadband communications 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 website: www.aeroflex.com.

In connection with the proposed transaction, Aeroflex and MCE will file a proxy statement/prospectus with the U.S. Securities and Exchange Commission (the "Commission"). Investors and security holders are advised to read the proxy statement/prospectus when it becomes available, because it will contain important information. Investors and security holders may obtain a free copy of the proxy statement/prospectus (when available) and other documents filed by Aeroflex with the Commission at the Commission's website at http://www.sec.gov. Free copies of Aeroflex's filings may also be obtained by directing a request to Aeroflex, 35 South Service Road, Plainview, New York 11803, [phone].

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, the integration of the business of MCE Technologies with Aeroflex, changes in legal and regulatory requirements, technological change or difficulties, product development risks, 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.