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TRANSTECHNOLOGY'S CEO EXPRESSES SHOCK AT TERMINATION

 TRANSTECHNOLOGY'S CEO EXPRESSES SHOCK AT TERMINATION
 CLEVELAND, Aug. 14 /PRNewswire/ -- Michael J. Berthelot stated that


he was shocked when the board of directors of TransTechnology Corporation (NYSE: TT) removed him from his offices of vice chairman, president, and chief executive officer and dropped him from the company's slate of directors for the upcoming annual meeting at a hastily called special meeting Aug. 13. Berthelot stated, "Our stock price is more than double its low since I assumed those posts; we have essentially completed the restructuring plan approved by the board; we had an excellent first quarter with a good second quarter expected; and company morale and motivation was improving rapidly." Berthelot stated that the reasons he was given for his termination included a) the board did not feel that the CEO of a company should lead a proxy fight seeking to remove its existing board of directors, and b) that he was difficult to "control".
 "Since the removal of Dr. Arch Scurlock, chairman, from his roles as corporate officer last September, there has been a power struggle going on inside the board, and, apparently, I have lost this round. The chairman and those directors affiliated with him, who control 25 percent of the stock and 50 percent of the board seats, have stated repeatedly that they would 'get me' and regain control of 'their' company. It is unfortunate that such a vendetta can be accomplished at the expense of our customers, employees, and shareholders. I believe that our record of accomplishment and increase in shareholder value during my tenure speaks for itself. Those individuals who voted for my removal are paid more than $870,000 per year by the company, and they know I would not renew those contracts which expire shortly, amounting to almost $421,000, if I remained CEO. The board does not have a candidate lined up to take over as CEO, in fact, as late as 3:30 p.m. yesterday they were calling various officers of the company to determine if they would step in, but all declined. The sole goal of Dr. Scurlock and those directors affiliated with him was to remove me from my positions, regardless of the effects upon the company or its shareholders. I cannot think of a more blatant example of an entrenched board looking out for its own interests above those of the shareholders."
 Berthelot, who owns 5.6 percent of the company's stock, amended his form 13-D last month to reflect his intent to seek changes to the company's board, following an unsuccessful attempt to remove him from his offices at that time. Berthelot was unable to comment on his plans relative to that 13-D filing at this time.
 -0- 8/14/92
 /CONTACT: Michael J. Berthelot of Canterbury Holdings Corporation, 216-528-0163, or 216-656-3812/
 (TT) CO: TransTechnology Corporation ST: Ohio IN: SU:


BM -- CL006 -- 9953 08/14/92 11:02 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
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