Huntington, N.Y., July 20, 2000 -- Telephonics Corporation, a subsidiary of Griffon Corporation (NYSE: GFF) and global supplier of information and communication systems, today announced the incorporation of TLSI as a separate, wholly-owned subsidiary. TLSI's change of corporate status represents a refocused positioning strategy toward new markets.

As a broad-based Integrated Circuit manufacturer providing silicon systems and IC solutions for a wide range of applications, TLSI envisions a substantial expansion into the telecommunications market. In addition to security and automotive applications, TLSI's semiconductors enhance the functionality of cell phones, cable modems and intelligent network processors by improving interface capabilities.

Mr. Joseph Battaglia, Telephonics President, said, "Our goal is to be a world-class supplier of both custom Application Specific Integrated Circuits and Application Specific Standard Products to the explosive telecommunications market."

Telephonics also announced the appointment of Mr. Donald Pastor as Chief Executive Officer of TLSI. Mr. Pastor has been with Telephonics since 1988 and will continue in his present capacity as Telephonics' Executive Vice President of Operations and Chief Financial Officer. He has over 20 years of experience in the information, communications and electronics industries.

Also announced was the promotion of Mr. Barry Eckstein to President and Chief Operating Officer of TLSI from his position as Executive Vice President. Mr. Eckstein, who has been with TLSI since 1977, was Acting President for the past three months. He has over 20 years experience in the semiconductor industry.

About Telephonics
A subsidiary of Griffon Corporation (NYSE: GFF), Telephonics' 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 manufactures application specific integrated circuits for the telecommunications, automotive and industrial security markets.

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. 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.