Parlex Corporation Shareholders Approve Acquisition by Johnson Electric

HONG KONG, Nov. 9, 2005 /Xinhua-PRNewswire-FirstCall/ -- Johnson Electric Holdings Limited ("Johnson Electric") announced today that its proposal to acquire Parlex Corporation ("Parlex"), a leading producer of flexible interconnect products, was approved by Parlex's shareholders at a special meeting on November 8, 2005 in Methuen, Massachusetts.

Parlex announced on August 18, 2005, a definitive merger agreement with Johnson Electric and its subsidiaries regarding the acquisition of the company for approximately $74.6 million, including assumption of Parlex's convertible and nonconvertible debt. Under the acquisition agreement, Johnson Electric will acquire all of the issued and outstanding common stock of Parlex for US$6.75 per share in cash or US$44 million.

It is anticipated that financial closure will occur on or about November 10, 2005 and that at that time Parlex stock will cease to trade on the Nasdaq national market and will be subsequently delisted.

About Johnson Electric

Johnson Electric is one of the world's largest providers of micro motors and integrated motor systems to global customers in the automotive, power tools, home appliances, business equipment, audio-visual and personal care sectors. The group is headquartered in Hong Kong and employs over 32,000 people in 14 countries worldwide. Johnson Electric is listed on the Hong Kong Stock Exchange (code 179) and is a constituent of the Hang Seng Index. For further information please visit: http://www.johnsonelectric.com/ .

About Parlex Corporation

Parlex Corporation is a world leader in the design and manufacture of flexible, interconnect products. Parlex produces custom flexible circuits and laminated cables utilizing proprietary processes and patented technologies, which are designed to satisfy the unique requirements of a wide range of customers. Its manufacturing facilities are located in the United States, China, Mexico and the United Kingdom. For further information, please visit Parlex on the web at http://www.parlex.com/ .

  For further information please contact:

   CT Hew
   GolinHarris
   Tel: +852-2522-7928 / +852-9132-8828

   Peggy Chung
   GolinHarris
   Tel: +852-2501-7903 / +852-8105-8675

Web sites: http://www.johnsonelectric.com
http://www.parlex.com