Technology Research Corporation to Seek Strategic Buyer

13 December 2000

Technology Research Corporation to Seek Strategic Buyer

    CLEARWATER, Fla.--Dec. 13, 2000--Robert S. Wiggins, chairman and chief executive officer of Technology Research Corporation (TRC), , announced today that its Board of Directors approved a plan to engage an investment banking firm for the purpose of offering the Company for sale to a strategic buyer who can work with TRC in expanding its business. In addition, the investment banking firm will give guidance in determining a valuation of the Company for this purpose.
    Wiggins stated: "We are recognized as a worldwide leader in electrical safety products that prevent electrocution and electrical fires and protect against serious injury from electrical shock. Based on our core technology in ground fault sensing, products are designed to meet the needs of the consumer, commercial and industrial markets worldwide."
    Wiggins added: "We strongly believe that our Fire Shield(TM) technology and product lines will bring a level of electrical safety to the consumer market that does not exist today. The challenge we face as a small Company is the time and resources required to penetrate these potentially large markets. By seeking a strategic buyer for the Company, we believe we can accelerate the Company's growth. An additional goal would be to increase shareholder value either through a cash sale or a sale for stock in the acquiring entity."
    TRC continues to be a primary supplier of control equipment used on engine generator sets purchased by the United States Military, and its prime contractors.

    "Safe Harbor" Statement: Certain statements in this press release are forward looking in nature and, accordingly, are subject to risks and uncertainties. The actual results may differ materially from those described or contemplated.