For Immediate Release

TLSI Introduces Miniature High Precision VCXO Clock Generator IC

The T277 is First in a Series of IC's that Reduce Cost and Dramatically Improve Crystal Oscillator Performance

HUNTINGTON, N.Y. October 15, 2001-- Telephonics Corporation, a wholly owned subsidiary of the Griffon Corporation (NYSE: GFF), announced today its integrated circuit ('IC') subsidiary, TLSI Inc., introduced the T277, a miniature, high precision Voltage Controlled Crystal Oscillator (VCXO) Clock Generator IC.

The T277's small size, low cost and stable clock reference make this device ideally suited for state-of-the-art handsets, routers, hubs, PCs, telephony and/or cable modems, set-top boxes and numerous other data transmission devices where cost, size and power need to be minimized and accuracy optimized.

First in a series of VCXO ICs, the T277 was designed to exhibit extremely low jitter and low phase noise performance (less than -140dBc/Hz at 100KHz offset from Fc). The integrated circuit utilizes a fundamental crystal to generate output frequencies from 8Mhz to 100Mhz.

"The T277 was designed to become the de-facto standard for low noise and high accuracy gigabit Ethernet and SONET applications," states Barry Eckstein, President of TLSI. "This advanced single chip solution maximizes system performance for the precise transmission and processing of data," said Eckstein.

The device incorporates a programmable divider that also allows users to select output frequencies lower than the crystal frequency while maintaining 50% output symmetry. Typical tuning frequency range is +/- 200 PPM (crystal and varactor dependent). Future products slated to be introduced include: a 200MHz VCXO IC and a 650MHz VCXO IC that will incorporate PECL and LVDS outputs.

Additional features of the T277 include: operating supply voltage 3V to 5.5V, operating temperature range -40°C to +85°C, power less than 150mW, start-up time less than 5 mS, rise and fall times less than 3 nS, nominal output duty cycle 45% to 55%, output drive capability of 50pF, tuning input impedance 50k Ohms and internal crystal load capacitance 20 pF.

Availability:
Sample quantities of the T277 are now available. TLSI expects to be shipping production quantities by December 2001. The T277 is currently available in die as well as 8-Pin or 14-Pin SOIC packages.

About TLSI
TLSI Inc., a wholly owned subsidiary of Telephonics Corporation, is a broad-based Integrated Circuit (IC) manufacturer providing IC silicon systems solutions for a wide range of applications serving the Internet backbone, broadband wireless and fiber optics, telecommunications, security and automotive markets. Telephonics is a subsidiary of the Griffon Corporation (NYSE: GFF).

About Telephonics
A subsidiary of Griffon Corporation (NYSE: GFF), Telephonics' (www.telephonics.com) broad based, high-tech engineering capabilities provide integrated information and communication systems solutions to both domestic and international markets. The company is organized into two operating divisions: Communications Systems, specializing in aircraft intercommunications, mass transit communications, wireless and audio products; and Command Systems, specializing in traffic management systems, maritime surveillance radar and aerospace electronics; and one wholly-owned subsidiary, TLSI. Operating under the Telephonics umbrella, TLSI (www.tlsi.com) manufactures application-specific integrated circuits (ASIC) for the telecommunications, automotive and industrial security markets.

About Griffon
In addition to developing and manufacturing information and communication systems for government and commercial markets worldwide, Griffon Corporation is also a leader in the development and production of embossed and laminated specialty plastic films used in the baby diaper, feminine napkin, adult incontinent, surgical and patient care markets. Griffon Corporation is also a leading manufacturer and marketer of residential, commercial and industrial garage doors sold to professional installing dealers and major home center retail chains. Through a substantial network of operations located throughout the country, Griffon’s building products company also installs and services specialty building products, primarily garage doors, openers, fireplaces and cabinets for new construction markets.

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Safe Harbor Statement
``Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation statements regarding the company's financial position, business strategy and the plans and objectives of the company's management for future operations, are forward-looking statements. When used in this release, words such as ``anticipate,'' ``believe,'' ``estimate,'' ``expect,'' ``intend,'' and similar expressions, as they relate to the company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the company's management, as well as assumptions made by and information currently available to the company's 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, business and economic conditions, competitive factors and pricing pressures, capacity and supply constraints. Such statements reflect the views of the company with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the company. Readers are cautioned not to place undue reliance on these forward-looking statements. The company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.

Lucy Tarnell
TLSI
631.755.7019
ltarnell@tlsi.com

Gina deCesare
Telephonics
631.755.7583
decesare@telephonics.com

© 2004 Telephonics Corporation. 815 Broad Hollow Road, Farmingdale, NY 11735. All trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.