BNS Co. Announces Management Changes and Completion of Xygent Sale.

Business Editors/Real Estate Writers

NORTH KINGSTOWN, R.I.--(BUSINESS WIRE)--Jan. 24, 2003

BNS Co. (OTCBB:BNSXA) announced today the appointment of Michael Warren as President, Chief Executive Officer and Chief Financial Officer. Mr. Warren is replacing Andrew Genor, who has been President and CEO since May, 2001, and was the Company's CFO since November, 1998.

Mr. Warren is a certified public accountant with extensive experience in real estate and public company administration. A resident of Newport, he is President of Michael Warren Associates, a management consulting firm, and is a director of the Acquidneck Island Land Trust. He was previously Senior Vice President and Director of Finance for U S Restaurant Properties, a Dallas-based Real Estate Investment Trust (REIT). He also was Controller for Rare Hospitality, owner and operator of the Bugaboo Creek and Capital Grille restaurant chains. Mr. Warren was instrumental in helping secure over $600 million in debt and equity financing for the two companies. He has been a management consultant for BNS Co. since November of 2002.

The Company also announced receipt of $603,565 representing the final deferred payment due from Hexagon AB relating to the sale of Xygent, Inc., the Company's start-up software business, which occurred in August 2002. This amount was paid based on the findings of a mutually selected independent public accounting firm engaged to resolve an accounting dispute between Hexagon and BNS Co. as to the equity value of Xygent at the date of closing. The accounting firm's determination reduced the contractual deferred payment of $750,000 to the $603,565 settlement. Pending resolution of the dispute, BNS Co. had previously recorded a reserve for the full amount of the deferred payment in the Company's financial statements for the third quarter ended September 30, 2002.

"With the sale of Xygent, I felt that it was a logical time to turn over the reigns to a new leader who can focus on the Company's real estate operations" said Mr. Genor. "This will now allow me to pursue new opportunities. I remain an enthusiastic stockholder of the Company, having purchased additional shares last fall."

Kenneth N. Kermes, Chairman of the Board of Directors, said "Andy has made a significant contribution to BNS Co. during his tenure, and we thank him for his many years of service. We welcome Mr. Warren and the real estate experience that he will bring to the Company."

BNS Co. (formerly Brown & Sharpe Manufacturing Company) is a real estate management company with office and industrial property in North Kingstown, Rhode Island and in the United Kingdom.