Telephonics corporation announces award of additional approximately $34 million from Syracuse Research Corporation -- awards to-date close to $250 million

Telephonics Corporation, a wholly owned subsidiary of the Griffon Corporation (NYSE:GFF) announced today the incremental award of an additional approximately $34 Million in funding from Syracuse Research Corporation (SRC) for Turnkey production of a SRC product. The total awards received by Telephonics to date on this program approach $250 Million. All awards are fully funded and should be complete on or before the third quarter of fiscal year 2007.

SRC is an independent, not-for-profit research and development leader focused on technology programs of national significance.

"We are proud to be part of an effort that is having such an important and immediate impact on the protection of our warfighters." emphasized Mr. Donald C. Pastor, Executive Vice President of Operations for Telephonics Corporation. "We will continue to leverage our knowledge and resources to support SRC with flexible alternatives to successfully address the continuing demandprogram."