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PARAVANT SIGNS BOWMAN CONTRACT

7 Nov 02. Paravant Computer Systems (PCS) confirmed that the $90m contract announced on October 23rd was signed prior to the opening ceremony of the general Dynamics (UK) facility on November 7th. PCS was selected to receive a contract amendment from General Dynamics UK Limited, worth approximately $90m, to supply two new computers, the Vehicle User Data Terminal (VUDT) and the Dismountable User Data Terminal (DUDT), and additional BOWMAN Management Data Terminals (BMDT), in support of BOWMAN. All three computers will be modified versions of Paravant’s Scorpion Rugged Notebook Computer. Deliveries for this multi-year contract are scheduled to begin this month and continue through early 2007.

This award is an amendment to a $6.7m contract previously announced on August 5, 2002 for Paravant to provide the BOWMAN Management Data Terminal (BMDT) to General Dynamics UK. The increase in both size and scope of work will bring the total contract value to approximately $96m.

On November 13th, DRS Technologies, Inc. (NYSE: DRS – News) announced today that its wholly-owned subsidiary, Prince Merger Corporation, has extended its cash tender offer to purchase all of the outstanding shares of common stock of Paravant Inc. (Nasdaq: PVAT – News) for $4.75 per share in cash.

The offer, which previously was scheduled to expire at 12:00 midnight, New York City time, on Friday, November 22, 2002, has been extended until 12:00 midnight, New York City time, on Monday, November 25, 2002.

The tender offer is being made pursuant to an Offer to Purchase, dated October 28, 2002, and in connection with an Agreement and Plan of Merger, dated October 23, 2002, between DRS, Prince Merger Corporation and Paravant. Following the completion of the tender offer, Prince Merge Corporation will be merged with and into Paravant. Holders of any remaining outstanding common stock of Paravant will receive in the merger the $4.75 price per share in cash.

Paravant’s board of directors has unanimously recommended that its shareholders tender their shares, pursuant to the tender offer. Certain shareholders owning approximately 22 percent of the outstanding common stock of Paravant have agreed to tender their shares in the offer.

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