EDO Corporation Selected by Ultra Electronics to Provide Sonar Systems Valued up to $11 Million to UK Destroyer Program

Business Wire, Jan 18, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 18, 2002

EDO Corporation (NYSE:EDO) announced today its selection as part of a team headed by Ultra Electronics, the UK-based aerospace and defense electronics group, to provide bow-mounted Medium Frequency Sonar -- 7000 (MFS-7000) systems to the United Kingdom's Type 45 naval destroyer program.

The Ultra/EDO team will produce the MFS-7000, a new sonar based upon EDO's proven at-sea technology. EDO's initial contract, expected to be approximately $11 million, will provide systems for six ships.

EDO Combat Systems in Chesapeake, Va., will help to adapt the systems and will transfer the technology to Ultra for final assembly and for manufacture and integration in the UK. EDO Electro-Ceramic Products, Salt Lake City, Utah, will provide ceramic and transducer elements. Deliveries under the initial contract will be completed by 2006.

"This contract is a result of EDO's long standing position in the international undersea warfare marketplace combined with our capability to bring new technologies and many years of operational expertise to sensor systems that address 21st century threats," said James M. Smith, President and Chief Executive Officer of EDO Corporation. "This contract represents EDO's continuing growth in the worldwide market for shipboard combat systems and our strategy to move our product base into international markets."

About EDO Corporation

EDO Corporation (www.edocorp.com) supplies highly engineered products for governments and industry worldwide, including advanced electronic, electromechanical and information systems and engineered materials critical to the mission success of its customers. The Company's Defense Segment provides integrated front-line war fighting systems, including radar countermeasure systems, aircraft weapons storage and release systems, airborne mine countermeasure systems, integrated combat systems and sonar systems and professional, operational, technical and information technology services. EDO's Space and Communication Segment addresses the needs of the remote sensing, communication, navigation, and electronic warfare industries with ultra-miniature electronics and a broad line of antennas. The Company's Engineered Materials Segment supplies piezoelectric and advanced composites for the communication, navigation, chemical, petrochemical, paper and oil industries, for civilian infrastructure and military applications.

Forward-Looking Statements

This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: changes in demand for the Company's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, difficulties encountered in the integration of acquired businesses and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.