Subject: [NEXTEL-1] Aeroflex Press Release - March 24, 2003

From: Marcel <[email-masked]>
Date: Thu, 24 Apr 2003 15:45:34 -0400

http://www.aeroflex.com/aboutus/pressroom/pressreleases/2003/032403.html
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FOR
FURTHER INFORMATION CONTACT:

Investor
Inquiries:

Michael Gorin

President and Chief Financial Officer

(516) 694-6700

email: [email-masked]

Media
Inquiries:

Deb Stockman

Aeroflex Test Solutions

(316) 529-5448

email: [email-masked]

AEROFLEX INCORPORATED SIGNS LICENSING AGREEMENT
WITH L-3 COMMUNICATIONS CELERITY SYSTEMS

PLAINVIEW,
NEW YORK, March 24, 2003 -- Aeroflex Incorporated (Nasdaq Symbol: ARXX),
a leading designer, developer and manufacturer of microelectronics and automated testing solutions for the broadband communications market, today
announced that it has signed exclusive technology license and master distribution agreements with Celerity Systems, Inc. (L-3 Celerity), a wholly
owned subsidiary of L-3 Communications (NYSE:LLL) for the development and sale of test and measurement products. Aeroflex and L-3 Celerity will be
jointly targeting the Aerospace/Defense and Broadband Test and Measurement, Wireless Communications, and Signal Processing and Analysis markets.

"The licensing of the L-3 Celerity products and technologies expands Aeroflex's core test and measurement product offerings," said Len Borow, Executive Vice President/COO of Aeroflex. "We are enthusiastic about the L-3 Celerity relationship and believe the Celerity products enhance our product portfolio and our position within the marketplace enabling Aeroflex to provide testing solutions for all of its markets."

"Aeroflex is a very strong player in the ATE marketplace, and is poised to achieve even greater inroads through their progressive use of state of the art technologies and synthetic instrument architectures," said L-3 Celerity President/Chief Technology Officer, Jack Anderson. "Celerity is very excited to be part of Aeroflex's vision for this next generation of test instrumentation, and to provide our broadband products and signal processing experience to help create the future of broadband test."

About Aeroflex

Aeroflex Incorporated is a global provider of high technology
solutions to the aerospace, defense and broadband communication markets.
The Company’s
diverse technologies allow it to design, develop, manufacture and market
a broad range of test, measurement and microelectronic products. The
Company's common stock trades on the Nasdaq National Market System under
the symbol ARXX and is included in the S&P SmallCap 600 index. Additional
information concerning Aeroflex Incorporated can be found on the Company’s
Web site: www.aeroflex.com.

About L-3 Communications Celerity Systems

Celerity Systems, Inc., a wholly owned subsidiary of L-3 Communications, specializes in design, development, and production of broadband test and measurement solutions. With expertise in signal environment generation, wideband signal recording and analysis, and channel simulation, L-3 Celerity has become the leader in digital broadband test and measurement. For more information, visit them at www.celerity-systems.com, or call 408.873.1001. The company is located at 10411 Bubb Road, Cupertino, CA, 95014.

All statements other than statements of historical
fact included in this press release regarding Aeroflex’s financial position, business
outlook, business strategy and plans and objectives of its management
for future operations are forward-looking statements. When used in this
press release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and
similar expressions, as they relate to Aeroflex or its management, identify
forward-looking statements. Such forward-looking statements are based
on the beliefs of Aeroflex’s management, as well as assumptions
made by and information currently available to its management. Actual
results could differ materially from those contemplated by the forward-looking
statements as a result of certain factors, including but not limited
to, competitive factors and pricing pressures, the integration of the
business of IFR Systems with Aeroflex, the consolidation of certain of
our manufacturing facilities according to plan, changes in legal and
regulatory requirements, technological change or difficulties, product
development risks, commercialization difficulties and general economic
conditions. Such statements reflect our current views with respect to
the future and are subject to these and other risks, uncertainties and
assumptions relating to Aeroflex’s financial condition, results
of operations, growth strategy and liquidity.