F:\WPWIN60\ARX\34REPS\ARX.NEWS RELEASE.DOC


                                                   NEWS RELEASE


                                                   FOR IMMEDIATE RELEASE
FOR FURTHER INFORMATION CONTACT:

Investor Inquiries:                                Media Inquiries:
- ------------------                                 ---------------
Michael Gorin                                      Andrew Merrill, David Pitts
President and Chief Financial Officer              The Abernathy MacGregor Group
(516) 694-6700                                     (212) 371-5999




                              AEROFLEX INCORPORATED
                        EXTENDS EXISTING CREDIT FACILITY



PLAINVIEW, NEW YORK, DECEMBER 20, 2002 -- Aeroflex Incorporated (Nasdaq Symbol:
ARXX), a leading designer, developer and manufacturer of automated testing
solutions and microelectronics for the aerospace, defense and broadband
communications markets, today announced that it had entered into an agreement
with its lending banks extending until March 31, 2003 its existing $23 million
line of credit. There are no borrowings currently outstanding under such line of
credit other than a standby letter of credit of $2 million.

The Company expects to enter into a replacement credit facility with its lending
banks prior to the scheduled expiration of the extension.

ABOUT AEROFLEX
Aeroflex Incorporated is a multi-faceted high technology company with a diverse
range of core disciplines supporting test, measurement and microelectronic
products. We design, develop, manufacture and market products that are used
worldwide in support of communication systems, networks and automatic test
systems. Aeroflex's capabilities in enabling aerospace, defense and broadband
communications are based on a broad range of patented and proprietary
technologies. The Company's common stock trades on the Nasdaq National Market
System under the symbol ARXX and is included in the S&P SmallCap 600 index.
Additional information concerning Aeroflex Incorporated can be found on the
Company's Web site: www.aeroflex.com.





All statements other than statements of historical fact included in this press
release regarding Aeroflex's financial position, business outlook, business
strategy and plans and objectives of its management for future operations are
forward-looking statements. When used in this press release, words such as
"anticipate," "believe," "estimate," "expect," "intend" and similar expressions,
as they relate to Aeroflex or its management, identify forward-looking
statements. Such forward-looking statements are based on the beliefs of
Aeroflex's management, as well as assumptions made by and information currently
available to its management. Actual results could differ materially from those
contemplated by the forward-looking statements as a result of certain factors,
including but not limited to, competitive factors and pricing pressures, the
integration of the business of IFR Systems with Aeroflex, the consolidation of
certain of our manufacturing facilities according to plan, changes in legal and
regulatory requirements, technological change or difficulties, product
development risks, commercialization difficulties and general economic
conditions. Such statements reflect our current views with respect to the future
and are subject to these and other risks, uncertainties and assumptions relating
to Aeroflex's financial condition, results of operations, growth strategy and
liquidity.