Investor Inquiries:
Michael Gorin,
President and Chief Financial Officer
(516) 694-6700

Media Inquiries:
Deb Stockman
Aeroflex Test Solutions
(316) 529-5448
deb.stockman@ifrsys.com

PLAINVIEW, NEW YORK, December 4, 2003 -- Aeroflex Incorporated (NASDAQ: ARXX), a leading designer, developer and manufacturer of microelectronics and automated testing solutions for the broadband communications market, today announced that it has signed an exclusive technology license and master distribution agreement with Navigation Laboratories (NavLabs) for the development and sale of GPS test equipment, simulators and GPS software applications. Aeroflex and Navigation Laboratories will be jointly targeting the Aerospace/Defense, Automotive, Avionics and Wireless Test markets.

“The licensing of Navigation Laboratories’ products and technologies expands Aeroflex’s core test and measurement product offerings,” said Len Borow, Executive Vice-President/COO of Aeroflex. “We are enthusiastic about the Navigation Laboratories relationship and believe the NavLabs products enhance our product portfolio and our position within the marketplace enabling Aeroflex to provide GPS testing solutions for several of its current markets.”

"Aeroflex is a very strong player in the Test and Measurement marketplace, and is poised to achieve even greater inroads through their progressive use of state of the art technologies," said Navigation Laboratories’ President, Frank Bletzacker. "Navigation Laboratories is very excited to be part of Aeroflex's vision for the next generation of test instrumentation, and to provide our GPS test equipment and software application experience to help create the future of GPS test."

Navigation Laboratories makes two basic types of GPS Constellation Simulator products: LabPro – high end and targeted for R&D activities and LabMate – entry level and more applicable to manufacturing activities. A Constellation Simulator generates a RF signal that emulates those received from the entire 24 satellite GPS Constellation. This emulation includes modeling of the GPS satellite orbits and perturbations, telemetry data up-link, earth horizon and masking effects, propagation through the atmosphere, effects of special and general relativity, etc. In addition, a Constellation Simulator also models motion and dynamics of the simulated host vehicle that receives the GPS signal. The Navigation Laboratories’ simulator includes effects due to vehicle masking, auxiliary support sensors such as Inertial Measurement Units, Antenna models, multi-path, etc.

The Navigation Laboratories GPS products will be sold in a standalone fashion and as an integrated part of the recently acquired Racal Instruments Wireless Solution (RIWS) test systems.

About Aeroflex
Aeroflex Incorporated, through its subsidiaries, designs, develops and manufactures state-of-the-art microelectronic module, integrated circuit, interconnect and testing solutions used in broadband communication applications. 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.

About Navigation Laboratories
Navigation Laboratories specializes in GPS test equipment, simulators and GPS software applications. With expertise in receiver design, navigation software development and multi-sensor integrated military systems, Navigation Laboratories has become one of the leaders in GPS testing. For more information, visit them at http://www.navlabs.com or call 949-766-0444. The company is located at 3-251 Golden Lantern, Suite E-426, Laguna Niguel, CA, 92677.

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 current 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 each of MCE Technologies, Celerity Systems and the Racal Instruments Wireless Solutions Group with Aeroflex, 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. Aeroflex does not undertake any obligation to update such forward-looking statements.