DRAFT----CRANE CO.                                                         NEWS
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                             Contact:
                             -------
                             Pamela Styles
                             Director, Investor Relations and Strategic Planning
                             203-363-7352
                             www.craneco.com

          CRANE CO. ANNOUNCES COMMENCEMENT OF TENDER OFFER TO ACQUIRE
                         SIGNAL TECHNOLOGY CORPORATION

         STAMFORD, CONNECTICUT - April 25, 2003 - Crane Co. (NYSE:CR) announced
today that its newly-formed subsidiary, STC Merger Co., today commenced an all
cash tender offer in the first step of the acquisition of Signal Technology
Corporation. As previously announced, the tender offer is for all of the
outstanding shares of Signal Technology Corporation at a purchase price of
$13.25 net per share, pursuant to a merger agreement between Crane Co. and
Signal Technology Corporation.

         This press release is for informational purposes only. It does not
constitute an offer to purchase shares of Signal Technology Corporation or a
solicitation/recommendation statement under the rules and regulations of the
Securities and Exchange Commission ("SEC"). STC Merger Co. has filed tender
offer materials with the SEC and Signal Technology Corporation has filed a
solicitation/recommendation statement with the SEC. The tender offer materials
and the solicitation/recommendation statement will be mailed directly to Signal
Technology shareholders. These materials may also be obtained by directing such
request to Georgeson Shareholder Communications Inc., which is acting as
Information Agent with respect to the offer, at 17 State Street, 10th Floor, New
York, NY 10004, toll-free 800-678-9601. These materials will also be available
free of charge on the SEC's web site, www.sec.gov when filed, as well as on the
Crane Co. web site, www.craneco.com. These materials contain important
information and Signal Technology shareholders are advised to read them before
making any decision with respect to the offer.

         Crane Co. is a diversified manufacturer of engineered industrial
products. Crane Co. is traded on the New York Stock Exchange (NYSE:CR). For more
information about Crane Co. visit the company web site www.craneco.com.