Griffon Corporation Announces Award of $11.2 Million From SRCTec, Inc.

JERICHO, N.Y., Oct. 8 /PRNewswire-FirstCall/ -- Griffon Corporation (NYSE: GFF) announced today that SRCTec, Inc. (SRCTec) has selected Telephonics Corporation, Griffon's electronic information and communication systems subsidiary, as the winner of the Crew 2 turnkey production competition. The base award is for $11.2 Million of a Counter Improvised Explosive Device (Counter IED) and includes options for additional systems.

"Competition is the only way to ensure the best value for our customer," emphasized Mary Ann Tyszko , President and CEO of SRCTec, Inc., "We are pleased to continue to have Telephonics as our manufacturing teammate."

"The commitment to support SRCTec, counter IED initiatives and the urgent needs of our service men and women continues steadfast throughout our company," emphasized Mr. Donald C. Pastor , President Telephonics Electronic Systems . "The result of this competition is representative of our willingness to be the best value subcontractor and do whatever it takes to support our customer."

SRCTec, Inc. a wholly owned subsidiary of Syracuse Research Corporation (SRC), is a high-tech manufacturing company providing integrated solutions, program management, full life-cycle support, and state-of-the-art products to a broad range of customers.

SRC is a national, independent, not-for-profit trusted advisor that researches next generation challenges and develops innovative solutions in the areas of defense, environment, and intelligence.

About Telephonics

"A subsidiary of Griffon Corporation (NYSE: GFF), Telephonics' broad- based, advanced, high-technology engineering and manufacturing capabilities provide integrated information, communication, and sensor system solutions to military and commercial markets worldwide. The company is organized into four operating divisions: Communications Systems, specializing in aircraft intercommunication systems, ruggedized wireless communication systems, and commercial audio products; Radar Systems, specializing in airborne maritime surveillance radar, weather and search radar, and advanced identification friend or foe products; Electronic Systems specializing in aerospace electronics, air traffic management systems and Homeland Security products; and the Systems Engineering Group specializing in the performance of threat and radar system analyses and other support engineering functions for the Department of Defense, the Missile Defense Agency, and various other Government agencies and major prime contractors."

About Griffon Corporation

In addition to developing and manufacturing information and communication systems for government and commercial markets worldwide, Griffon Corporation is also an international 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.

SOURCE Griffon Corporation