Frequency Electronics, Inc. Announces European Communications Contract

MITCHEL FIELD, N.Y.--(BUSINESS WIRE)--Sept. 4, 2003--Frequency Electronics, Inc. (AMEX: FEI) announced today that a major European communications service provider has awarded a contract valued at over $4 Million to its subsidiary, Gillam-FEI. The contract is for parts used to support a large wireline network. Delivery is scheduled to begin this fall and be substantially completed by the end of FEI's fiscal year.

Announcing this award, General Joseph Franklin, Chairman of FEI's Board, said: "This is the largest single contract Gillam-FEI has won since joining the FEI corporate family. It is especially significant because up until now, activity in the European wireline infrastructure industry had been in a protracted decline. It lends support to our confidence that Gillam-FEI will make a strong contribution to FEI's financial results this fiscal year."

About Frequency Electronics

Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high-technology frequency, timing and synchronization products for satellite and terrestrial voice, video and data telecommunications. The Company's technologies provide unique solutions that are essential building blocks for the next generation of broadband wireless and fiber optic communications systems, and for the ongoing expansion of existing wireless and wireline networks. Additional information is available on FEI'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.

    CONTACT: Frequency Electronics, Inc.
             General Joseph P. Franklin, 516-794-4500
             www.frequencyelectronics.com



    SOURCE: Frequency Electronics, Inc.