WESTFORD, MA -- June 20, 2001 -- GenRad today confirmed that on June 15, 2001, it signed an agreement with its senior credit facility banks confirming the availability of its senior credit facility line of credit through Sept. 28, 2001, subject to certain conditions, as stated in the Form 8-K the company filed with the SEC yesterday. The conditions include the companyês achievement of certain revenue levels for the quarter ending June 30, 2001.

The full text of the 8-K, filed with the SEC pursuant to Regulation FD, is as follows:

"In its Quarterly Report on Form 10-Q for the quarter ended March 31, 2001, the Company reported that as of March 31, 2001, the Company was not in compliance with the financial covenants of its senior credit facility, but subsequently obtained a waiver from the banks through June 15, 2001. The waiver included a reduction in the maximum availability of the revolving line of credit to $38.0 million. On June 15, 2001, the banks agreed to extend the waiver through September 28, 2001, subject to certain conditions, including the Companyês achievement of certain revenue levels for the quarter ending June 30, 2001. The Company is continuing to explore alternative financing sources, however the outcome of this course of action is uncertain."