Herley Announces Settlement Agreement with U.S. ... ( LANCASTER Pa. May 5 /- Herley Ind...)

Herley Announces Settlement Agreement with U.S. Government

Date:5/5/2008

LANCASTER, Pa., May 5 /PRNewswire-FirstCall/ -- Herley Industries, Inc. (Nasdaq: HRLY) announced today that it has reached a court approved settlement with the U.S. Government on all existing criminal and civil claims. These claims include (a) the criminal indictment against the Company which had been scheduled for trial on May 5, 2008 with respect to a contract for the sale of voltage control oscillators in January 2001 and two contracts involving the sale of power heads to the U.S. Government in April 2002 and October 2002, respectively; (b) the civil action by the U.S. Government against the Company based on alleged excessive profits on these three contracts; and ( c ) any future U.S. Government action against the Company arising from activities resulting in its two prior suspensions from receiving new contract awards from the U.S. Government, including its June 2007 suspension related to the Conventional Air Launched Cruise Missile project (CALCM). The Company also announced that a settlement has been reached with the U.S. Government and its former Chairman, Lee N. Blatt.

The settlement agreement with the Company is as follows: (a) with respect to the indictment, the Company has pleaded guilty to two counts of obstructing an audit relating solely to the power heads, a fine of $3.5 million, and the remaining 31 counts of the indictment have been dismissed; (b) the Department of Justice has released the Company of any civil liability for the matters set forth in the indictment in exchange for the payment of $6 million; and ( c ) with respect to the facts and circumstances resulting in the Company's two prior suspensions, the U. S. Government considers the matters closed.

With respect to Mr. Blatt, the Court, at the Governm
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SOURCE Herley Industries, Inc.
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