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IEC to Manufacture GenRad's Worldwide Diagnostic System for Ford

17 February 1999

IEC to Manufacture GenRad's Worldwide Diagnostic System for Ford

    NEWARK, N.Y.--Feb. 17, 1999--IEC Electronics Corp. announced today that it has been awarded a contract by GenRad, Inc. to manufacture GenRad's Worldwide Diagnostic System (WDS) for the Ford Motor Company .
    This system was selected by Ford Motor Company as a new tool for its dealer network serving all Ford Motor Company brands, including Aston Martin, Ford, Jaguar, Lincoln, Mazda and Mercury.
    IEC indicated that the contract is significant since one or more units will be produced for each of approximately 8,400 dealers in the United States and Europe.
    Russell E. Stingel, chairman and chief executive officer of IEC, said the ramp up of the production of the product at IEC's plants in Newark and Longford, Ireland, will occur during IEC's fiscal third quarter (ending June 1999) and that the majority of the production will be completed by the end of the current fiscal year, ending Sept. 30, 1999.
    Stingel stated, "GenRad has been a supplier to IEC for many years through their line of world-class, in-circuit test platforms. IEC has traditionally used GenRad equipment and, in fact, has just purchased their new flying probe tester for our prototype facility. The opportunity to serve GenRad as its supplier is a new relationship that expands and enhances the partnership we have had with GenRad over the years. We believe our strategic decision to expand into Europe and our increased investment in engineering services and prototype productions served to further this collaboration and enabled IEC to be selected as the manufacturer of the WDS."
    The WDS was developed by GenRad's Advanced Diagnostic Solutions business unit in the United Kingdom, in conjunction with the Ford Motor Company. It was unveiled by Ford at the National Automobile Dealers Association convention earlier this month.
    IEC is a full service, ISO 99002 certified, contract manufacturer, employing state-of-the-art production utilizing both surface mount and pin-through-hole technology. IEC offers its customers a wide range of manufacturing and management services, on either a turnkey or consignment basis, including design prototyping, material procurement and control, concurrent engineering services, manufacturing and test engineering support, statistical quality assurance and complete resource management. Information regarding IEC can be found on its World Wide Web page located at http://www.iec-electronics.com.
    The specific news announcing Ford's program is available at http://biz.yahoo.com/prnews/990206/mi_ford_se_1.html or http://biz.yahoo.com/prnews/990206/mi_ca_ford_1.html. Information on GenRad is available at their Website: http://www.genrad.com or by calling their Fax on Demand Service at 800/469-1261 and requesting GenRad's Feb. 11, 1999 press release.

    The foregoing, including the discussion regarding IEC's future prospects, contains certain forward-looking statements that involve risks and uncertainties, including uncertainties associated with economic conditions in the electronics industry, particularly in the principal industry sectors served by the company, changes in customer requirements and in the volume of sales to principal customers, the ability of the company to assimilate acquired businesses and to achieve the anticipated benefits of such acquisitions, and competition and technological change. The company's actual results of operations may differ significantly from those contemplated by such forward-looking statements as a result of these and other factors, including factors set forth in the company's 1998 Annual Report Form 10-K filed with the Securities and Exchange Commission on Dec. 29, 1998.