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2 Dec 02. DRS Technologies, Inc. (NYSE: DRS – News) announced today that its wholly-owned subsidiary, Prince Merger Corporation, was merged with and into Paravant Inc. (Nasdaq: PVAT – News), resulting in Paravant becoming a wholly-owned subsidiary of DRS.

The merger was completed, pursuant to an Agreement and Plan of Merger, dated as of October 23, 2002, by and among DRS Technologies, Prince Merger Corporation and Paravant.

DRS Technologies also announced that, as a result of the merger, the remaining outstanding shares of Paravant common stock not tendered in connection with Prince Merger Corporation’s tender offer for Paravant common stock at $4.75 per share in cash were converted into the right to receive $4.75 in cash per share. Holders of these remaining outstanding Paravant shares will receive such payment for their shares upon presentation of appropriate documentation by the holder to Mellon Investor Services, LLC, the depositary for the merger. Within the next few days, Mellon Investor Services, LLC will mail to these non-tendering shareholders materials to be used to exchange Paravant stock certificates for such payment.

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