DRS Technologies Files $250 Million Universal Shelf Registration Statement.

Business Editors

PARSIPPANY, N.J.--(BUSINESS WIRE)--Nov. 20, 2002

DRS Technologies, Inc. (NYSE: DRS) announced today that it has filed a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission for the possible future offer and sale of up to $250 million of debt securities, preferred stock, common stock and warrants.

Upon the effectiveness of the registration statement, DRS may publicly offer these securities from time to time at prices and on terms to be determined at the time of an offering. The specific terms of a future offering by DRS, if any, will be provided in a supplemental prospectus relating to any such offering.

Upon effectiveness of the registration statement, DRS may sell any combination of the securities in one or more offerings and will receive the net proceeds from the sale of the securities. DRS intends to use the net proceeds for general corporate purposes, which may include acquisitions, repayment of other debt, capital expenditures and working capital. The company said it believes that this shelf registration statement will assist in providing financial flexibility to support its growth strategy by facilitating the sale of securities when market conditions are favorable.

The registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. Such securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The securities may be offered separately or together, in separate series, in amounts, at prices and on terms to be set forth in the prospectus contained in the registration statement and in one or more supplements to such prospectus, and may only be offered pursuant thereto.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of the securities under the securities laws of any such state. Any offer of these securities will be made solely by means of the prospectus included in the registration statement and any prospectus supplement that may be issued with respect to such offering.

DRS Technologies provides leading edge products and services to government and commercial customers worldwide. Focused on defense electronics, the company develops and manufactures a broad range of mission critical systems and components in the areas of communications, combat systems, rugged computers, electro-optics, power conversion, data storage, digital imaging, flight safety and space.

For more information about DRS Technologies, please visit the company's web site at www.drs.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the matters set forth in this news release are forward-looking statements The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, and include, without limitation, demand and competition for the Company's products and other risks or uncertainties detailed in the Company's Securities and Exchange Commission filings.