Swales Aerospace announced today
that the company will reorganize its internal business structure, effective
January 1, 2005, to better meet the demands of its expanding customer base.
The new company structure will consist of four Strategic Business Units
(SBUs). A corporate vice president, reporting directly to the CEO, Tom Wilson,
will lead each unit.

As Vice President of the Civil Services SBU, Art Chomas, who has been with
Swales for fifteen years, will be responsible for the company’s core
engineering support business to its NASA customers, including Goddard Space
Flight Center, Langley Research Center, the Jet Propulsion Laboratory, and
Johnson Space Center.

Pete Weinberger has been with Swales since 1982. As the new Vice President
with responsibility for Commercial Programs and Engineering Services, he will
lead the business unit that provides flight hardware and thermal management
systems for commercial space systems in the U.S. and Europe.

Dan Mark, a Swales employee for 12 years, was named Vice President in
charge of Civil Programs. In this role he will have responsibility for leading
the company’s activities to provide full service technology and systems
solutions for NASA’s Exploration and Science initiatives.

Tom Wilson, Jr., has been overseeing the company’s activities in the
national security arena since he joined Swales in 2001. As Vice President of
the National Security Programs and Engineering Services SBU, he will lead
business efforts to bring the full complement of the company’s aerospace
engineering and satellite capabilities to meet needs in the national security
space sector.

The company also announced creation of an Engineering Directorate, led by
Dennis McCarthy, Vice President, and a Production Operations organization, led
by Paul Barcomb, Vice President, to support the new SBU-based structure and to
ensure the successful implementation of customer objectives. In a related
move, Eric Haught was named Vice President of Strategic Planning.

“This has been an exciting year of growth for Swales and for our employee-
owners,” said Tom Wilson, CEO of Swales Aerospace. “We are successfully
expanding our customer base, and as such, are proud to welcome new customers
that complement our long-established NASA business. Our new structure supports
this growth while continuing to serve our NASA customers. This new
organization will enhance our ability to effectively partner on key programs,
enable us to rapidly respond to our customer’s needs, permit us to provide
additional resources in support of new technology and customer development
opportunities, and favorably impact our cost competitiveness,” he added.

An employee-owned business, Swales Aerospace provides state-of-the-art
engineering solutions and spacecraft, as well as a broad range of structural
and thermal management systems for the global satellite industry.

The company, headquartered in Beltsville, Maryland, expects to post annual
revenues in excess of $180 million during 2004 and employs more than 900
aerospace professionals in offices in Maryland, Virginia, California and
Texas. Additional information about the company is available at