SATX Inc. Divests Controlling Interest in ORA Electronics Inc

Business Wire, April 24, 2001

Business Editors

CHATSWORTH, Calif.--(BUSINESS WIRE)--April 24, 2001

ORA Electronics Inc. (OTCBB:ORAE) today announced that pursuant to a Stock Purchase Agreement dated March 13, 2001, SATX Inc., a majority owner of 4,982,600 shares of ORA's common stock, sold 3,982,600 shares of such stock to Iqbal Ashraf, president and CEO of Ashraf Capital Corp.

As a result of this transaction, Ashraf owns approximately 47% of the issued and outstanding stock of ORA Electronics Inc. In consideration for the purchase of SATX Inc.'s 3,982,600 shares of common stock, Ashraf paid to SATX Inc. $35,000 in cash.

In addition, the parties agreed to call/put rights for the remaining 1 million ORA shares still owned by SATX Inc. at a price of $3.00 per share. Ashraf's call right can be exercised at any time, and SATX's put right commences in March 2002.

In connection with the transaction, Kosti Shirvanian and John Hartunian resigned from the board of directors of ORA Electronics Inc. and Iqbal Ashraf; William B. Barnett, Esq.; and Matthew F. Jodziewicz, Esq. were appointed to the board of directors of ORA Electronics Inc.

Ashraf has been in the financial markets for the past 17 years. His specialization is in investing in high-growth companies, covering areas such as semiconductor and networking companies. His firm, Ashraf Capital Corp., is an NASD Member Firm.

Barnett has been an attorney for more than 30 years, specializing in corporate and securities law and is in private practice in Sherman Oaks, Calif. Barnett is also a director of Roex Inc., a distributor of vitamin supplements. Barnett formerly taught corporate and securities law in the paralegal program at California State University at Los Angeles. He earned his LL.B. from De Paul University Law School in Chicago.

Jodziewicz, a registered patent attorney, joined ORA Electronics Inc. in March 1995 as in-house counsel. He is currently vice president of Technology and Legal Affairs and secretary of the company. Prior to joining ORA, Jodziewicz was in the private practice of law and provided legal services, primarily in the intellectual property area, to the company along with other clients.

ORA Electronics is a developer and supplier of interface, connectivity solutions and peripheral accessories for wireless communication devices. ORA's products supplement the effectiveness of cellular telephones, personal communications systems ("PCS"), pagers, computing devices, and the intelligent transportation systems industry.

Safe Harbor Statement: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Forward-looking statements involve known risk and uncertainties, which may cause the company's actual results in the future to differ materially from forecasted results.