PennEngineering Announces Distribution of Stock Dividend

    DANBORO, Pa.--May 1, 2001--PennEngineering announced that the 2 for 1 stock split declared on January 31, 2001 will be distributed today, May 1, 2001, to shareholders of record on April 11, 2001.
    This stock split will increase the number of shares of Common Stock outstanding to approximately 13,832,000 from 6,916,000 and the number of shares of Class A Common Stock outstanding to approximately 3,350,000 from 1,675,000.
    The stock split, in the form of a stock dividend, will be accomplished by the distribution of one share of Common Stock for each share of Common Stock held on the record date and the distribution of one share of Class A Common Stock for each share of Class A Common Stock held on the record date.

    About PennEngineering

    PennEngineering provides value-added solutions to leading worldwide computer, electronics, telecommunications, and automotive OEMs.
    Founded in 1942, PennEngineering is a global company headquartered in Danboro, Pennsylvania with manufacturing locations in Connecticut, North Carolina, Ohio, Pennsylvania, and Virginia, and export offices in the United States, Europe, and Asia and independent distribution facilities in more than 40 countries.
    More information about PennEngineering is available at www.penn-eng.com.

    Forward Looking Statement Information

    Statements in this news release, other than statements of historical data, are considered forward-looking statements under the Private Securities Litigation Act of 1995.
    These statements are subject to various risks and uncertainties that could cause actual results to differ from those contemplated in these statements. These factors are discussed in the Company's Securities and Exchange Commission filings.