EDO Corp. Awarded $12 Million Option On Airborne Mine Countermeasures Contract.

NEW YORK--(BUSINESS WIRE)--Jan. 11, 1999--EDO Corp. (NYSE:EDO) Monday announced the exercise, by the Department of the Navy, of a $12 million option for the supply of Mod 4 Upgrade Kits for the U.S. Navy's MK 105 Airborne Mine Countermeasures (AMCM) Systems.

The option exercise is a follow-on to the basic contract of approximately $9 million announced in July 1998.

EDO's Marine and Aircraft Systems unit will manufacture the Mod 4 Upgrade Kits at its facility in North Amityville, N.Y., with initial shipments commencing in 2000. The Mod 4 Upgrade Kits will be installed into the MK 105 AMCM Systems under a separate contract to be awarded to EDO with deliveries extending into 2002.

Frank A. Fariello, chairman and chief executive officer, said: "The Mod 4 Upgrade reduces the maintenance requirements and significantly improves the reliability and performance capabilities of the MK 105 Airborne Mine Countermeasures System, the primary airborne magnetic minesweeping capability of the U.S. and Japanese navies."

Fariello added: "EDO is a world leader in Airborne Mine Countermeasures Systems. In addition to the MK 105, EDO continues to introduce new products to satisfy this important military requirement. We have started on the production of the Shallow Water Influence Minesweeping System (SWIMS), and are expanding our development work on Mine Countermeasure Command and Control."

EDO designs and manufactures advanced electro optical, electronic, mechanical, acoustic and composite products for the defense and aerospace industries.

The statements contained in this release that are not historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties, including, 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.