Barringer Technologies Inc. sets effective date for one-for-four reverse stock split

Business Wire, Sept 11, 1995

NEW PROVIDENCE, N.J.--(BUSINESS WIRE)--Sept. 11, 1995--Barringer Technologies Inc. (NASDAQ SmallCap: BARR, BARRW) announced that it will effect a one-for-four reverse stock split (the ``Reverse Split'') of the company's Common Stock, par value 1 cent per share (the ``Common Stock''), as of 11:58 p.m. on Sept. 22, 1995 (the ``Effective Date'').

Pursuant to the Reverse Split, the authorized number of shares of Common Stock will be reduced from 20 million shares to 5 million shares. Each holder of record at the close of business on the Effective Date will be entitled to receive, upon surrender of the certificate or certificates representing the shares of Common Stock prior to the Reverse Split, a new certificate or certificates representing the new number of shares of which he or she is the record owner after giving effect to the Reverse Split. In lieu of fractional shares, stockholders will receive cash in an amount equal to the product of (a) the number of shares of the Common Stock held by such holder immediately prior to the Reverse Split which have not been classified into new shares, (b) multiplied by the average of the closing bid and closing asked prices of the Common Stock as reported on the NASDAQ Small Capitalization Market on the Effective Date.

The company also announced that, upon effectiveness of the Reverse Split, each of its Series E Warrants will become exercisable for 1.0908 shares of Common Stock at an adjusted exercise price of $8.24 per share.

The company has appointed American Stock Transfer & Trust Company as Exchange Agent to act for the holders of the Common Stock in connection with the Reverse Split. Stockholders will be provided with a letter of transmittal for use in exchanging their old stock certificates for certificates representing the shares of Common Stock outstanding after giving effect to the Reverse Split.

The Reverse Split was authorized by the company's stockholders at the company's Annual Meeting held on Aug. 30, 1995.

Barringer Technologies Inc. is a holding company with three operating groups. Barringer Instruments develops, manufactures and markets speciality analytical instruments for drugs and explosives detection, exploration and environmental monitoring applications. Barringer Consumer Products, LLC markets the Barringer DrugAlert System(TM), a home drug test and identification system. Barringer Laboratories Inc., 47 percent owned, provides analytical services to the environmental and minerals industries.

CONTACT: Barringer Technologies Inc., New Providence

Stanley Binder, President and Chief Executive Officer,

908/665-8200

Richard S. Rosenfeld, Vice President Finance, Chief

Financial Officer, 908/665-8200