News/ Neuvant Acquisition

Stony Point Arranges Neuvant Acquisition for Turbine Engine Components Technologies Corporation

ASHEVILLE, NC - December 10, 2004 - The Stony Point Group of Asheville, North Carolina (www.stonypoint.com) is pleased to
announce that TECT, a Stony Point portfolio company, has recently completed the acquisition of the assets of the Aerostructures Division of Neuvant Aerospace, Inc. Stony Point arranged and managed the transaction, a UCC Article 9 Foreclosure Sale, on behalf of TECT. This represents the second successfully completed transaction for Stony Point
in the last 60 days!

Similar to the Tru Circle Acquisition completed in October, the KEYS TO SUCCESS in the closing of the Neuvant transaction were the SPEED at which we were able to complete the transaction, the CONFIDENCE OF THE SELLER in our ability to close the transaction at the price and timing proposed, and the STRATEGIC ALIGNMENT of TECT, Stony Point and the customers of Neuvant.

• SPEED
  The total time elapsed from our initial meeting with the Seller to Closing of the transaction was 37 days. From the date of our first visit we delivered: a letter of interest in 5 days, a firm letter of intent in 16 days, an asset purchase agreement in 23 days, and a completed transaction in 37 days!!
• CONFIDENCE OF THE SELLER
  Based upon our proven ability with the successful closing of the Tru Circle transaction (completed in less than 30 days), Neuvant, and its secured lenders were confident that we could deliver the deal we proposed at the stated price and within the stated timeline. Their confidence was rewarded with a closing at the price and within the timing set out in our letter of intent.
• STRATEGIC ALIGNMENT
  Consistent with our experience in the Tru-Circle acquisition, the customers of Neuvant were able to meet with TECT and Stony Point and discuss our vision for post acquisition activities. Based upon that vision, the strategic objectives of TECT, and the proven turnaround track record of Stony Point, the Neuvant customers were very supportive of our efforts.

Neuvant Aerospace Corporation is a supplier of structural parts and assemblies to the aerospace industry. Neuvant’s Aerostructures Division is an ISO 9002/AS9100 registered manufacturer with operating facilities in Everett and Woodinville, Washington specializing in high-speed machining, precision turning, assembling of complex structural and mechanical assemblies, stretchforming, sheet metal forming and fabrication, heat treating, and fusion welding. Neuvant has long-standing customer relationships with the aerospace industry including Boeing, BAE, Airbus, Bombardier, Vought, and Cessna among others.