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BOWMAR ANNOUNCES PRELIMINARY SETTLEMENT

 PHOENIX, May 21 /PRNewswire/ -- Bowmar Instrument (AMEX: BOM) announced today that it has reached a preliminary agreement with Picatinny Arsenal for the settlement of an ordnance claim filed in June 1991. Subject to approvals required within the Department of The Army, Picatinny has agreed to pay Bowmar $1.9 million in full settlement of the claim. After the payment of contingent legal fees, the settlement of a pass-through claim by Bowmar on behalf of one of its suppliers, and other expenses related to the transaction. Bowmar should realize cash of approximately $1.6 million. Payment is expected in early fall.
 Bowmar, which is headquartered in Phoenix, manufactures and sells electronic and electromechanical products with specific application in the aerospace, electronic and computer industries. The company's manufacturing facilities are located in Fort Wayne, Ind., and Phoenix.
 -0- 5/21/93
 /CONTACT: Thomas K. Lanin of Bowmar Instrument, 602-957-0271/
 (BOM)


CO: Bowmar Instrument Corp. ST: Arizona, Indiana IN: CPR SU:

LS-JL -- LA001 -- 1091 05/21/93 09:00 EDT
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Publication:PR Newswire
Date:May 21, 1993
Words:167
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