Measurement Specialties Announces Receipt of Delisting Notice from American Stock Exchange

Aug 28, 2002, 01:00 ET from Measurement Specialties

    FAIRFIELD, N.J., Aug. 28 /PRNewswire-FirstCall/ --
 Measurement Specialties (Amex:   MSS) today announced that on August 21, 2002,
 it received notice from the American Stock Exchange Staff indicating that the
 Company no longer complies with the Exchange's listing guidelines due to the
 Company's failure to furnish certain reports and information to shareholders,
 including its Annual Report for its fiscal year ended March 31, 2002, and its
 quarterly earnings release for its fiscal quarter ended June 30, 2002, and
 that its securities are, therefore, subject to being delisted from the
 Exchange.  The Exchange's continued listing standards and the Company's
 listing agreement include the requirement that listed companies furnish
 shareholders with annual reports and release quarterly sales and earnings,
 pursuant to Sections 132 and 1003(d) of the Exchange's Company Guide.  The
 Company has appealed this determination and requested a hearing before a
 committee of the Exchange.  There can be no assurance, however, that the
 Company's request for continued listing will be granted.
     As previously announced by the Company, the Company's inability to make
 its required filings and releases of information has related to delays in its
 audit process, owing to the need to resolve complex accounting issues
 involving inventory valuation and the evaluation of capitalized overhead.  On
 August 21, 2002, following its resolution of these accounting issues, the
 Company announced its determination to restate earnings for the 2001 fiscal
 year and the 2002 fiscal quarters.  The Company, along with its auditors, is
 aggressively trying to complete all required filings prior to the conclusion
 of the delisting process, but cannot assure that it will succeed in doing so.
     In the event that the Company's request for continued listing is denied by
 the Exchange and that delisting of the Company's common stock occurs, the
 Company may seek sponsorship of its common stock for quotation in the Pink
 Sheets, but has not yet determined to do so.
     Measurement Specialties is a designer and manufacturer of sensors, and
 sensor-based consumer products.  Measurement Specialties produces a wide
 variety of sensors that use advanced technologies to measure precise ranges of
 physical characteristics, including pressure, motion, force, displacement,
 angle, flow, and distance.  Measurement Specialties uses multiple advanced
 technologies, including piezoresistive, application specific integrated
 circuits (ASICs), micro-electromechanical systems (MEMS), piezopolymers, and
 strain gages to allow their sensors to operate precisely and cost effectively.
     This release includes forward-looking statements within the meaning of
 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
 Securities and Exchange Act of 1934, as amended, including but not limited to,
 statements regarding completion of required filings prior to the conclusion of
 the de-listing process.  Forward looking statements may be identified by such
 words or phases as "intends", "are expected to", "will continue", "is
 anticipated", "estimated", "projected", "may" or similar expressions.  The
 forward-looking statements above involve a number of risks and uncertainties.
 Factors that might cause actual results to differ include, but are not limited
 to, success of any reorganization; consummation of any contemplated sale of
 assets; ability to raise additional funds; the outcome of the class action
 lawsuits filed against the Company; the outcome of the current SEC
 investigation of the Company; the completion of all procedures necessary for
 the Company to be able to make required SEC filings and to release annual and
 quarterly financial information to shareholders; conditions in the general
 economy and in the markets served by the Company; competitive factors, such as
 price pressures and the potential emergence of rival technologies;
 interruptions of suppliers' operations affecting availability of component
 materials at reasonable prices; timely development and market acceptance, and
 warranty performance of new products; success in integrating prior
 acquisitions; changes in product mix, costs and yields, fluctuations in
 foreign currency exchange rates; uncertainties related to doing business in
 Hong Kong and China; and the risk factors listed from time to time in the
 Company's SEC reports.  The Company is involved in an announced active
 disposition program.  Forward-looking statements do not include the impact of
 acquisitions or dispositions of assets, which could affect results in the near
 term.  Actual results may differ materially.  The Company assumes no
 obligation to update the information in this issue.
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SOURCE Measurement Specialties