Arguss Holdings Announces Merger of Conceptronic Subsidiary With Heller Industries and Spin-Off of Combined Corporation to Shareholders.

ROCKVILLE, Md.--(BUSINESS WIRE)--March 17, 1999--Arguss Holdings entered into a Letter of Intent detailing the proposed merger of its Conceptronic subsidiary with Heller Industries, Inc. and spin-off of the combined corporation to the shareholders of Arguss Holdings, Inc. and Heller Industries, Inc. Also, the combined corporation plans to privately raise additional capital to finance its future growth plans. Rainer Bosselmann, Chairman and Chief Executive of Arguss Holdings, remarked that "the combination of Conceptronic's strong product orientation with the technological and operational expertise of Heller Industries will create a company with the size to aggressively compete in today's international electronic assembly equipment marketplace." David Heller, who will become the Chief Executive Officer of the combined corporation, commented that "the distinct market focus and distribution of each company will be maintained and strengthened by the improved competitive positioning of the corporation." Mr. Bosselmann will become the non-executive Chairman of the Board. The consummation of this proposed transaction is contingent upon the completion of due-diligence analysis, the signing of a definitive purchase and sale agreement, approval of both companies' boards of directors and other conditions.

Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the company with the Securities and Exchange Commission.

Arguss Holdings, Inc. (NASDAQ:ARGX) is a holding company that conducts its operations through its wholly owned subsidiaries, Arguss Communications Group, Inc. and Conceptronic, Inc. Arguss Communications Group is engaged in the construction, reconstruction, maintenance, repair and expansion of communications systems, cable television and data systems, including providing aerial construction and splicing of both fiber optic and coaxial cable to major telecommunications customers. Conceptronic is a worldwide manufacturer of highly advanced, computer-controlled capital equipment used in the electronic, SMT circuit assembly industry. Conceptronic's equipment is sold to most of the world's largest automotive, telecommunications, aerospace, computer and contract assembly manufacturers.