Frequency Electronics Presents At AEA Financial Conference

MITCHEL FIELD, N.Y., May 14, 2008 (PrimeNewswire via COMTEX News Network) -- Frequency Electronics (Nasdaq:FEIM) made a presentation to analysts and money managers at the May 2008 American Electronics Association (AEA) MicroCap Financial Conference in Monterey, California. The Company's PowerPoint slides for the breakout sessions at that conference have been posted today in the Investor Relations section of Frequency's website at www.freqelec.com.

In discussions with analysts at the conference, Frequency affirmed that the nine month results, ended January 31, 2008, indicated a breakout year of growth for the full fiscal year 2008, ended April 30. These results were driven mainly by increased satellite payload revenues. Reviewing components of its business areas the Company noted:

 --  In the U.S. Government satellite area, four large satellite
     programs from which Frequency anticipated significant bookings
     during the recently completed fiscal year, were delayed. U.S.
     Government funding for these programs has been approved and
     contract awards are still expected in the coming months. As a
     result, Frequency expects to achieve substantially expanded
     bookings in this new fiscal year compared to those reported
     during fiscal 2008. These programs are included in outstanding
     proposals which exceed $100 million, roughly double the amount of
     outstanding proposals last year. With respect to revenues, the
     timing of these contract awards impacts what can be realized over
     the near term in the current year. Typically, the work to be
     performed under satellite payload contracts takes fourteen to
     twenty-four months or more to complete.

 --  In the commercial satellite area, certain scheduled projects were
     delayed due to tighter credit conditions in the economy and
     financial sponsor caution pending proof of performance of earlier
     launches. The first commercial satellite to carry multiple
     Frequency Electronics' signal generators was recently launched
     and is being activated during this current quarter of fiscal
     2009. The performance of this satellite will validate Frequency's
     new capability to produce high volumes of assemblies for space
     and lead to expanded commercial satellite payload business.

 --  In the telecommunications infrastructure area, the Company
     reported in December 2007 that after many years of development
     and qualification, it recorded the first U.S. domestic sales of
     US5G synchronization units. These proprietary, state-of-the-art
     systems for wireline and cable applications are expected to
     generate increased sales in the current fiscal year.

 --  Frequency discussed the large potential opportunity for its
     quartz oscillators in WiMax networks. Because of their
     performance, size, lower power and cost, the Company's patented
     products are uniquely suited for mobile WiMax applications.

 --  In the Government/DOD area, the Company reviewed the significance
     of its patented low-g time and frequency technology. This
     technology offers 100-times improvement in the performance of
     quartz and rubidium clocks under environmental stress. The
     Company has received the first limited pilot production order and
     manufacturing is currently underway.

About Frequency Electronics

Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency control and synchronization products for space and terrestrial applications. Frequency's products are used in commercial, government and military systems, including satellite payloads, missiles, UAVs, aircraft, GPS, secure radios, SCADA, energy exploration and wireline and wireless communication networks. Frequency has received over 60 awards of excellence for achievements in providing high performance electronic assemblies for over 120 space programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets. Subsidiaries and Affiliates: Gillam-FEI provides expertise in wireline network synchronization and SCADA; FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Asia provides cost effective manufacturing and distribution capabilities in a high growth market. Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components. Elcom Technologies provides added resources for state-of-the-art RF microwave products. Additional information is available on the Company's website: www.frequencyelectronics.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements in this press release regarding the future constitute "forward-looking" statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, inability to integrate operations and personnel, actions by significant customers or competitors, general domestic and international economic conditions, consumer spending trends, reliance on key customers, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, competitive developments, changes in manufacturing and transportation costs, the availability of capital, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

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SOURCE: Frequency Electronics, Inc.

Frequency Electronics 
          Alan Miller, CFO
          General Joseph P. Franklin, Chairman: 
          (516) 794-4500
          www.frequencyelectronics.com

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