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Herley Chairman Addresses Shareholders at Annual Meeting of Shareholders March 17, 2009
Date:3/17/2009

LANCASTER, Pa., March 17 /PRNewswire-FirstCall/ -- Herley Industries, Inc. (Nasdaq: HRLY) Chairman and CEO, Myron Levy, addressed stockholders at the company's Annual Stockholders' Meeting today at The Eden Resort Inn in Lancaster, Pennsylvania. His comments follow:

"Good morning and thank you for coming. At last year's annual shareholders meeting, I said we believed that the U. S. would withdraw from Iraq in the reasonably near term. We now have a new President and administration with a plan to withdraw from Iraq within the next year and a half. What does that mean for Herley? In two years I will be able to tell you exactly what it meant. Today, we can only speculate and plan. Unlike the commercial markets, where changes happen very quickly, we don't have to figure out what will come up tomorrow to change our plans. Governments move at glacial speed. Herley's seasoned, experienced management team has made strategic decisions about the programs and platforms that we should target over the years, and our 'batting average' has been very good. We will continue on the course that we have set, making minor adjustments as necessary.

With most of our troops out of Iraq, even with some troops shifting to Afghanistan, we believe that there will be a downturn in equipment for combat such as IED's and MWRAPS. We believe that in the post-Iraq period the large well-planned major programs on which we currently build equipment will continue to be mainstays within the U. S. Government defense procurement. We have significant contracts, and see long term involvement in programs for the F/A-18 and E/A 18G programs, the Trident D5 Program, the ICAP Program and AMRAAM, just to name a few.

We believe that the programs described by President Obama as 'Cold War Relics' will be either canceled or severely cut back, or pushed far
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SOURCE Herley Industries, Inc.
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