Bolt Technology announces acquisition.

NORWALK, Conn.--(BUSINESS WIRE)--Nov. 17, 1997--Bolt Technology Corp. (AMEX:BTJ) and Custom Products Corp. of North Haven, Conn., announced that they have entered into an asset purchase agreement which provides for the acquisition of Custom Products by Bolt for cash and stock in the amount of approximately $6,000,000 plus additional payments based upon future financial performance.

Custom Products, which was established in 1944, is a privately-held manufacturer of miniature precision mechanical and pneumatic slip clutches sold under the "Polyclutch" tradename. The company's clutches are designed into a wide variety of products including lap top computers, package labeling machines, semi-conductor chip manufacturing machines and natural gas transmission meters.

For the year ending Dec. 31, 1997, Custom Products expects to record revenues of approximately $3,500,000 and pre-tax earnings of approximately $1,300,000.

Consummation of the transaction is subject to customary conditions and is expected to be closed in early January 1998.

Bolt Technology develops, manufactures, leases and sells geophysical equipment for use in the exploration for oil and gas. Its principal product line, which is sold worldwide, consists of marine air guns which are used in geophysical seismic surveys.

CONTACT: Bolt Technology Corp.,

Raymond M. Soto, 203/853-0700