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MOCON ANNOUNCES INTENT TO PURCHASE PRECISION ELECTRIC

 MINNEAPOLIS, Nov. 30 /PRNewswire/ -- MOCON (NASDAQ-NMS: MOCO) (Modern Controls, Inc.) today announced that it has signed a letter of intent to purchase certain assets of Precision Electric MFG. CO. (Precision) of Plymouth, Minn., for a combination of cash and common stock, contingent on finalizing a definitive agreement.
 Precision Electric is a provider of electronic component assembly for circuit boards, sub assemblies, design, cables, and turnkey electronic equipment assembly and test. The company has served satisfied customers for over 15 years. The company's 1992 sales were approximately $3,678,000. Sales for the nine month period ended Sept. 30, 1993, were approximately $3,578,000.
 "Our goals of significant profitability and shareholder returns have been consistently met through niche marketing strategies," said Chairman William N. Mayer. "Of late, the particular customers we serve have been hampered in their growth by economic uncertainty in their own markets, thus reducing our revenue prospects in the near term. Our acquisition model is conservative, and requires a projected contribution in the short term to the bottom line. Precision's growth potential is good and its business contacts are broad which will make a solid contribution to Modern Controls' corporate growth.
 MOCON is a leading developer, manufacturer and marketer of high technology instrumentation designed to test packages, packaging materials, films, and pharmaceutical products. The company employs several patented technologies to measure permeation of various gases, gauge thickness and weight variation during production of materials, and to test for leakage in quality control applications.
 MOCON testing instrumentation is used in research, production, and quality control applications in the food, plastics, medical and pharmaceutical industries.
 MOCON's shares are traded over-the-counter and are listed in the NASDAQ National Market System. The company's electronic NASDAQ trading symbol is MOCO.
 -0- 11/30/93
 /CONTACT: Ron Meyer, CFO of MOCON, 612-493-6370/
 (MOCO)


CO: MOCON; Modern Controls, Inc.; Precision Electric MFG. CO. ST: Minnesota IN: CPR SU: TNM

DB-DS -- MN013 -- 8898 11/30/93 16:32 EST
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Publication:PR Newswire
Date:Nov 30, 1993
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