Boeing Selects Griffon Unit for US Army CH-47F Chinook Modernization Program

FARMINGDALE, N.Y.--(BUSINESS WIRE)--Sept. 20, 2004--Telephonics Corporation, a wholly owned subsidiary of the Griffon Corporation (NYSE: GFF), announced today a contract award from The Boeing Company to deliver its Secure Digital Intercommunications (SDI) system as part of the Common Avionics Architecture System for the CH-47F Chinook Helicopter Modernization Program. The U.S. Army plans to upgrade approximately 400 of its existing fleet to the F model configuration, which will keep the Chinook in the Army's fleet through 2030. The total value of this program for Telephonics digital intercommunication system is forecast to be in excess of $25 million over the next eight to ten years. Telephonics' SDI was also selected for the UH-60M Black Hawk Modernization program in 2002. The addition of the CH-47F program provides the U.S. Army with a core intercommunication system that can be used on all Army aircraft and helicopter programs. "The SDI system is the right choice for Army Aviation", says Phil Nicholas, President, Telephonics Communications Systems Division. "The technology roadmap for SDI will make new features such as Voice over Internet Protocol and digital interface to Joint Tactical Radio Systems available to the Army fleet wide." Work on this program will be performed at the Telephonics facilities in Farmingdale and Huntington, NY. About Telephonics Corporation A subsidiary of Griffon Corporation (NYSE: GFF), Telephonics' ( broad based, high-tech engineering capabilities provide integrated information and communication systems solutions to both domestic and international markets. The company is organized into two operating divisions: Communications Systems, specializing in aircraft intercommunications, mass transit communications, wireless and audio products; and Command Systems, specializing in traffic management systems, maritime surveillance radar and aerospace electronics; and one wholly-owned subsidiary, TLSI. Operating under the Telephonics umbrella, TLSI ( manufactures application-specific integrated circuits (ASIC) for the telecommunications, automotive and industrial security markets. About Griffon Corporation In addition to developing and manufacturing information and communication systems for government and commercial markets worldwide, Griffon Corporation is also a leader in the development and production of embossed and laminated specialty plastic films used in the baby diaper, feminine napkin, adult incontinent, surgical and patient care markets. Griffon Corporation is also a leading manufacturer and marketer of residential, commercial and industrial garage doors sold to professional installing dealers and major home center retail chains. Through a substantial network of operations located throughout the country, Griffon's building products company also installs and services specialty building products, primarily garage doors, openers, fireplaces and cabinets for new construction markets. Forward Looking Statements ``Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation statements regarding the company's financial position, business strategy and the plans and objectives of the company's management for future operations, are forward-looking statements. When used in this release, words such as ``anticipate,'' ``believe,'' ``estimate,'' ``expect,'' ``intend,'' and similar expressions, as they relate to the company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the company's management, as well as assumptions made by and information currently available to the company's 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, business and economic conditions, competitive factors and pricing pressures, capacity and supply constraints. Such statements reflect the views of the company with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the company. Readers are cautioned not to place undue reliance on these forward-looking statements. The company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events. (C) 2004 Telephonics Corporation. 815 Broad Hollow Road, Farmingdale, NY 11735. All trademarks, trade names, service marks, and logos referenced herein belong to their respective companies. Contacts Telephonics Linda Uslaner, 631-755-7583

Source: Telephonics Corporation
Date: Sep 21, 2004