UMD Technology, Inc. Signs Definitive Agreement to Acquire the Assets of WELLS-CTI.

Business Editors

PORTLAND, Ore.--(BUSINESS WIRE)--March 21, 2003

UMD Builds on History of Providing Quality Products and Services to

the Electronics Industry

UMD Technology, Inc., a provider of engineering services and products to the electronics industry, announced that it has entered into an agreement to acquire the assets of WELLS-CTI, Inc., including the capital stock of WELLS-CTI Kabushiki Kaisha, a Japanese Corporation.

The sale to UMD Technology is subject to Bankruptcy Court approval and expected to close within 60 days.

WELLS-CTI will maintain continuity of all products and services. All product lines will remain available and orders will be shipped as planned. New orders will be accepted and deliveries should remain within the competitive time frame just as in the past. These commitments are being supported by an agreement between the company and its senior lending group allowing WELLS-CTI to use its existing cash reserves, and its revenues from operations, in order to meet its current and anticipated operating requirements.

WELLS-CTI is the leading US supplier of interconnect devices to the IC Industry. WELLS-CTI provides the "Best Total Solution," offering a complete line of burn-in sockets. WELLS-CTI is committed to meeting customers' technical requirements, exceeding service expectations and anticipating future IC interconnect needs. All WELLS-CTI products are designed and manufactured to meet all customer technical requirements, each and every time. All WELLS-CTI design and manufacturing facilities are ISO 9001 registered

The WELLS-CTI product lines include TSOP for high volume DRAM applications, a broad offering of fine pitch CSP sockets ranging from 0.5mm pitch to 0.8mm pitches, for memory and logic burn-in applications. Other socket families include BGA, QFP, PGA, SOP, PLCC, LCC, DIP and discrete. WELLS-CTI is the leading supplier of IC carriers and flatpack contactors targeted to the Mil-Aero market segment.

WELLS-CTI continues the expansion if its burn-in socket product line with the introduction of the new 727 Series, MLF/QFN family of products. The PariPoser(R) interconnect fabric, utilizing BallWire(TM), is a Z-Axis material that provides superior electrical performance unmatched by traditional interconnect solutions.

WELLS-CTI has the products, worldwide technical resources and professional sales force to provide customers with the "Best Total Solution". In addition to maintaining two design centers, WELLS-CTI participates in JEDEC and EIAJ packaging conferences, works closely with major customers to understand their IC packaging roadmaps, and is actively working on reliable solutions to accommodate evolving fine pitch, high speed, high pin count interconnect requirements.

"We look forward to working with the employees of WELLS-CTI. UMD's customer focus and our management experience in electronics manufacturing and design will be the keys to our success," stated Matt Bergeron, UMD Technology's Chief Executive Officer.

"We believe that our customers and employees are in excellent hands with UMD," stated John Hartstein, Director of Sales and Marketing. "We believe in the UMD strategy and in the importance of focusing on customer service, quality and engineering."

The sale to UMD Technology is subject to Bankruptcy Court approval and expected to close within 60 days. UMD will offer employment to all WELLS-CTI employees and management.

About UMD Technology, Inc.

Founded in late 2001 and headquartered in Portland, Oregon, UMD (www.umdtech.com) is a provider of engineering services and products to the electronics industry. UMD Technology's strengths reside in its employees, management and Board of Directors, who have a vast array of talent and experience in the industry. Some brief profiles of the directors and management are as follows:

MATTHEW BERGERON, 39, CEO & President - Prior to UMD, Mr. Bergeron founded e2E as Chief Executive Officer. e2E was an EMS design and engineering provider for high-end electronic components. In December 2000, e2E was sold to Plexus, a top 15 EMS company (NASDAQ: PLXS) where Mr. Bergeron accepted a position of Vice President. Prior to e2E/Plexus, Mr. Bergeron served as President, Chief Operating Officer and Director of Praegitzer Industries, Inc. (NASDAQ: PGTZ, an EMS provider in the high technology printed circuit board sector). Praegitzer was sold to Tyco in 1999. Prior to becoming President and COO, Mr. Bergeron served as Chief Financial Officer. Prior to joining Praegitzer, Mr. Bergeron was a CPA in the state of Washington.

GORDON KUENSTER, 68, Chairman - Currently Mr. Kuenster is a non-executive director of Osmetech, plc in the UK. Previously, Mr. Kuenster, in the role of CEO, developed Advanced Technology Labs (ATL, now Phillips Ultrasound), a major diagnostic ultrasound company and also Neopath (now Tripath Imaging), a manufacturer of imaging systems for the automatic diagnosis of Pap smear slides. Mr. Kuenster sold ATL to Squibb and served as Group Vice President and Director of Squibb while acquiring additional companies including SpaceLabs, Inc., a major provider of patient monitoring systems

MERRILL A. MCPEAK, 65, Outside Director, is President of McPeak and Associates, an aerospace consulting firm. He was Chief of Staff, United States Air Force, from October 1990 to October 1994, when he retired. General McPeak has served as a director of Tektronix since March 1995. He is Chairman of the Board of ECC International Corporation, and is also a director of Trans World Airlines, Inc. and CenterSpan Communications, Inc.

WILLIAM J. THALE joined the Company in 2001 as CFO and CIO. Prior to UMD, Mr. Thale served as CFO of e2E Corporation, an EMS design and engineering provider for high-end electronic components. After the e2E merger with Plexus, Mr. Thale fulfilled both finance and operational management roles within Plexus' PCDG division. Prior to e2E, Mr. Thale served as Vice President of Operations - Design, Chief Financial Officer, and Controller in the Assembled Products Division of Praegitzer Industries, a business which was discontinued in 1994, and in similar positions at Praegitzer Design, a division of Praegitzer Industries.