Electroglas Establishes Industry/Technical Advisory Board; Company Appoints Walden C. Rhines and Steven J. Sharp as Initial Members.

Business Editors/High-Tech Writers

SAN JOSE, Calif.--(BUSINESS WIRE)--March 17, 2004

Electroglas, Inc. (Nasdaq:EGLS), a leading supplier of wafer probers and prober-based test handling solutions for the semiconductor industry, today created an industry/technical advisory board to help assure that the company's product and technology development anticipates and exceeds customer needs. This advisory board will be comprised of prominent technologists and semiconductor industry senior executives who will lend advice, insight and expertise to Electroglas.

Electroglas named Mentor Graphics Chairman and CEO Walden. C. Rhines and TriQuint Semiconductor Chairman Steven J. Sharp as the initial members of the industry/technical advisory board. Dr. Rhines brings more than 30 years of semiconductor industry experience to his role, and Mr. Sharp brings more than 40 years.

"We expect the industry/technical advisory board to be a great asset to the immediate and long-term future of Electroglas," said Keith Barnes, Electroglas chairman and CEO. "This board's collective experience, knowledge and relationship base will furnish significant insight into the technology trends and developments that drive this industry, helping Electroglas better support our customer's leading edge requirements and keep pace with their technology roadmaps."

Dr. Rhines has been the chairman and CEO of Mentor Graphics since 1993. Prior to that, he spent 21 years with Texas Instruments, where he held a variety of research, technical and business management positions, eventually attaining the level of executive vice president of that company's Semiconductor Group. Dr. Rhines has served as chairman of the Semiconductor Technical Advisory Committee of the U.S. Department of Commerce, as an executive committee member of the board of directors of the Corporation for Open Systems and member of boards of both the Computer and Business Equipment Manufacturers' Association (CBEMA) and International SEMATECH. He currently serves as chairman of the Electronic Design Automation Consortium (EDAC). Dr. Rhines holds a B.S. degree in metallurgical engineering from the University of Michigan, an M.S. and Ph.D. in materials science and engineering from Stanford University, and an M.B.A. from Southern Methodist University. He has also been awarded an honorary doctor of technology degree from Nottingham Trent University.

Mr. Sharp has been chairman of TriQuint since 1992, and previously served as president and CEO of that company. He has been integral to the development of several venture capital-financed semiconductor industry companies over the years, including founding both Power Integrations, Inc. and Silicon Architects (now Synopsys), and serving as a director at Megatest (now Teradyne), Crystal Semiconductor (now Cirrus Logic) and Gazelle Microelectronics (now TriQuint). Earlier in his career he worked for 14 years at Signetics Corp. and nine years at Texas Instruments. Mr. Sharp currently serves as an executive committee member for the Oregon Chapter of the American Electronics Association (AEA). He holds a B.S. from Southern Methodist University, an M.S. from California Institute of Technology and an M.B.A. from Stanford University.

"With well over half a century of industry experience between them, Wally and Steve are exemplary members to serve as the foundation of the Electroglas' industry/technical advisory board," Mr. Barnes said. "We look forward to reaping the benefits of their wisdom, as well as that of the distinguished individuals who will subsequently join them on this board."

About Electroglas, Inc.

Electroglas is a supplier of innovative probers, prober-based test handlers, test automation software and services that improve the overall effectiveness of semiconductor manufacturers' wafer and device testing processes by delivering faster answers to questions about device quality, manufacturing performance and corrective action needed. Headquartered in San Jose, California, the company has been a leading equipment supplier to the semiconductor industry for over four decades, and has an installed base of more than 15,000 systems worldwide. Electroglas' stock trades on the NASDAQ National Market under the symbol "EGLS." More information about the company and its products is available at www.electroglas.com.