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Metrologic Buys Adaptive Optics Associates

Blackwood, New Jersey – January 8, 2001:   Metrologic Instruments, Inc. announced that its previously announced acquisition of Adaptive Optics Associates, Inc. ("AOA"), a subsidiary of United Technologies Corporation was completed today.

Under the terms of the agreement, Metrologic acquired all of the stock of Adaptive Optics Associates, Inc. from United Technologies. AOA is expected to add $0.05 per diluted earnings per share to Metrologic's
  consolidated diluted earnings per share for the year ending 2001, net of acquisition interest expense and goodwill amortization. The revenues of AOA are projected to be $21 million and $28 million for years ending December 31, 2000 and December 31, 2001, respectively.

AOA will be operated as a wholly-owned subsidiary of Metrologic and will retain the AOA name. AOA will be responsible for Metrologic's continued advance into complex, high-speed industrial scanning applications. AOA is a leader in the design and manufacture of highly advanced optical and mechanical products and has a long history of selling sophisticated laser vision systems and laser beam delivery systems to government, scientific and industrial customers, including leaders in the parcel handling and semi-conductor industries. AOA provides software, hardware, engineering, training, field maintenance and support services to these customers.

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Simultaneous with the AOA acquisition, Metrologic closed a $45 million credit facility with PNC Bank, National Association, as lead bank. Under the terms of the credit facility, Metrologic has secured a $20 million term loan and a $25 million revolving line of credit. Proceeds from the facility will be applied toward financing the acquisition of AOA, paying down existing term loans and providing working capital for Metrologic and its subsidiaries.

Metrologic is a leading innovator of bar code scanners featuring automatic infra-red technology and the owner of HoloTrak holographic industrial bar code scanning technology.
 
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