Merix Corporation Announces Pricing of Public Stock Offering

FOREST GROVE, Ore.--Jan. 28, 2004--Merix Corporation announced today the public offering of 3,600,000 shares of its common stock, including 400,000 shares to be sold by Tektronix, Inc., at a price of $25.21 per share for an aggregate public offering price of $90.8 million. Merix increased the size of the offering from 3,000,000 shares to 3,600,000 shares based on investor demand. The company has granted the underwriters an option to purchase up to an additional 500,000 shares of its common stock to cover over-allotments, if any. Merix intends to use the proceeds of this offering primarily to expand production capacity, for working capital and for general corporate purposes. The company will not receive any proceeds from the sale of shares by Tektronix.

UBS Investment Bank is acting as sole book-running manager of the offering. Thomas Weisel Partners LLC is acting as the co-lead manager, and Needham & Company, Inc. and Wells Fargo Securities, LLC are acting as co-managers of the offering. Registration statements relating to these securities filed with the Securities and Exchange Commission became effective today.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities. The public offering of our common stock may be made only by means of a prospectus. When available, a copy of the prospectus relating to the offering may be obtained from UBS Investment Bank, ECMG Syndicate, 299 Park Avenue, New York, NY 10171; Thomas Weisel Partners LLC, One Montgomery Street, Suite 3700, San Francisco, CA 94104; Needham & Company, Inc., 445 Park Avenue, New York, NY 10022; and Wells Fargo Securities LLC, 600 California Street, Suite 1600, San Francisco, CA 94108.

Merix is a leading manufacturer of technologically advanced printed circuit boards for use in sophisticated electronic equipment. Merix provides quick-turn prototype, pre-production and volume production of complex, multi-layer printed circuit boards and expertise in processing high-performance materials. Merix provides its products to original equipment manufacturers and their electronic manufacturing service providers that use them primarily in high-end commercial equipment in the communications, high-end computing, and test and measurement markets of the electronics industry.

Forward-looking statements in this release relating to the Company's prospects, including statements related to its use of the proceeds of the offering, are made pursuant to the safe harbor provisions of the federal securities laws. Information contained in forward-looking statements is based on current expectations and is subject to change, and actual results may differ materially from the forward-looking statements. Many factors, including the following, could cause actual results to differ materially from the forward-looking statements: our ability to successfully complete the offering; customer order levels, product mix and inventory build-up; lower than expected or delayed sales; our ability to successfully complete and ramp our Wood Village facility; the ability to effectively utilize our assets; pricing and other competitive pressures in the industry from domestic and global competitors; our ability to successfully execute our quick-turn strategy; levels of quick-turn and premium sales; the ability of our emerging growth customers to secure capital; our ability to realize profits to absorb deferred tax assets; our ability to reduce costs; our ability to retain or attract employees with sufficient know-how to conduct our manufacturing processes and maintain or increase our production output and quality; and other risks listed from time to time in the Company's filings with the Securities and Exchange Commission or otherwise disclosed by the Company, including those set forth in the Company's Annual Report on Form 10-K for the year ended May 3, 20041, 2003 and the Company's Registration Statement on Form S-3, No. 333-111740. Merix Corporation does not undertake to update any such factors or to publicly announce developments or events relating to the matters described herein.