Standard Automotive Corporation Announces Acceleration Notice Under Senior Secured Facility has Been Withdrawn

    NEW YORK--Aug. 9, 2001--Standard Automotive Corporation (AMEX: AJX - news) today announced that it had received a letter from PNC Bank, National Association, the administrative agent under Standard's senior secured credit facility, withdrawing the acceleration notice previously sent to Standard.
    Standard Automotive Corporation is a diversified company with production facilities located throughout the United States, Canada, and Mexico. Standard manufactures precision products for the aerospace, nuclear, industrial and defense markets; it designs and builds remotely operated systems used in contaminated waste cleanup; it designs and manufacturers trailer chassis used in transporting maritime and railroad shipping containers; and it builds a broad line of specialized dump truck bodies, dump trailers, and related products. Through its Providence Group, Standard provides engineering professional services to both government and commercial industry.
    This release contains certain forward-looking statements, which involve known and unknown risks, uncertainties, and other factors not under the Company's control, which may cause actual results, performance, and achievements of the Company to be materially different from the results, performance or expectations of the Company. These factors may include, but are not limited to, those detailed in the Company's periodic filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, as amended, for the fiscal year ended March 31, 2001.