Innovative Solutions & Support, Inc. Announces 2,000,000 Share Open-Market Stock Repurchase Program

Business Wire, June 6, 2002

Business Editors

EXTON, Pa.--(BUSINESS WIRE)--June 6, 2002

Innovative Solutions & Support, Inc. (NASDAQ:ISSC) today announced that its board of directors has authorized an open-market stock repurchase program of up to 2,000,000 shares of its common stock. Shares will be repurchased at such times and such prices considered appropriate by Innovative Solutions. The program is effective immediately. As of April 22, 2002, Innovative Solutions had 12,780,618 shares outstanding.

"Our confidence concerning our future prospects, as well as our efforts to increase shareholder value, lead to our Board of Directors reinstituting a stock repurchase plan. This plan reflects our belief that Innovative Solutions' shares are currently undervalued and that this use of funds would be in the best interests of our shareholders," said Geoffrey S. M. Hedrick, Chairman and CEO of Innovative Solutions.

Innovative Solutions had instituted a stock repurchase program following the events of September 11, 2001, pursuant to which it repurchased 250,000 shares.

Headquartered in Exton, PA, Innovative Solutions & Support, Inc. (www.innovative-ss.com) designs, manufactures and markets flight information computers, electronic displays and advanced monitoring systems that measure and display critical flight information. This includes data relative to aircraft separation (RVSM, Reduced Vertical Separation Minimum), airspeed and altitude as well as engine and fuel data measurements.

For more information, contact Innovative Solutions and Support, 720 Pennsylvania Drive, Exton, PA 19341, USA, 610/646-9800, fax: 610/646-0150.

Statements in this press release that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a more detailed discussion of these risks and uncertainties, any of which could cause the Company's actual results to differ from those contained in any forward-looking statement, see the "Risk Factors" section of Item 7 of the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2001.