DRS Technologies Prices Offering of $600 Million in Senior Notes and Senior Subordinated Notes.

PARSIPPANY, N.J. -- DRS Technologies, Inc. (NYSE: DRS) announced today the terms of an offering of $350 million aggregate principal amount of its 6-5/8 percent senior notes due 2016 and an offering of $250 million aggregate principal amount of its 7-5/8 percent senior subordinated notes due 2018. The transaction is expected to close on January 31.

The notes are being offered pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission. DRS intends to use the net proceeds from the offering, together with a portion of its available cash and borrowings under an amended and restated credit facility, to finance its previously announced acquisition of Engineered Support Systems, Inc. (NASDAQ: EASI), to repay certain of Engineered Support Systems' outstanding indebtedness, and to pay related fees and expenses.

Closing of the offering is conditioned upon the closing of the acquisition by DRS of all of the outstanding stock of Engineered Support Systems.

Bear, Stearns & Co. Inc. is acting as sole book-running manager, and Wachovia Capital Markets, LLC is acting as joint lead manager.

DRS Technologies, headquartered in Parsippany, New Jersey, provides leading edge products and services to defense, government intelligence and commercial customers. Focused on defense technology, DRS develops and manufactures a broad range of mission critical systems. The company employs 6,000 people worldwide.

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

This news release may contain forward-looking statements, which are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Readers are also directed to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. Forward-looking statements can be identified through the use of words such as "may," "will," "intend," "plan," "project," "expect," "anticipate," "could," "should," "would," "believe," "estimate," "contemplate" and "possible." Given these uncertainties, you should not rely on forward-looking statements. Such forward-looking statements speak only as of the date on which they were made, and the Company undertakes no obligations to update any forward-looking statements, whether as a result of new information, future events or otherwise.