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Essex Corporation to Acquire Adaptive Optics Associates

Columbia, Maryland – September 20, 2006:   Essex Corporation announces it has entered into a binding Purchase Agreement to acquire Adaptive Optics Associates, Inc. (AOA) from Metrologic Instruments, Inc. Under the terms of the Agreement, Essex will purchase all of the outstanding stock of AOA in an all cash transaction.

  AOA is an established leader in the design, production, installation, and support of high-performance electro-optic products and systems. AOA is headquartered in Cambridge, Massachusetts, with other facilities in East Hartford, Connecticut and Lancaster, California. AOA has approximately 175 employees, a majority of whom hold security clearances, many of which are at the highest level. Essex expects AOA to be profitable, with over $36 million in pro forma revenue for 2006, of which more than 85% is for U.S. Government customers.

"AOA is an opportune acquisition that will add capability and critical mass to our optical products business," according to Leonard Moodispaw, CEO and President of Essex Corporation. "Jeff Yorsz, President and General Manager of AOA, and his team bring excellent skills, experience, and a strong product focused business to Essex with demonstrated experience in developing and manufacturing complex optical products for both
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government and commercial customers. AOA is an excellent strategic fit as well as being a great cultural fit with Essex. I believe that AOA brings to Essex essential capabilities in the development and production of complex optical products and systems that will help us complete our objective of building a total solutions company. They share our commitment to providing leadership and innovation to national priority programs for defense and related customers."

Under the terms of the Agreement, Essex will purchase all of the outstanding capital stock of AOA for $40,250,000 in cash (exclusive of accounting and attorney fees and customary closing costs and adjustments). Essex expects that the acquisition will be accretive, subject to a final purchase price accounting analysis. The purchase is being financed through an expanded revolving credit facility with the Bank of America. The acquisition is expected to close on or about October 1, 2006, subject to agreement on all material terms and other customary closing conditions for transactions of this nature. Neither Essex nor Metrologic can assure that the definitive agreement will be concluded within this time frame, or at all.
 
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