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SCHEDULE 14A INFORMATION
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HEI, INC.
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(Name of Registrant as Specified In Its Charter)
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NEWS RELEASE
[LETTERHEAD]
HEI ASTOUNDED BY FANT'S LATEST PRESS RELEASE
VICTORIA, MN (August 3, 1998) Eugene Courtney, HEI's Chief Executive
Officer, said today that the Company was astounded by Mr. Fant's comments in
this morning's press release.
Courtney stated, "Fant's comments this morning continue his disturbing
pattern of mischaracterizing the facts. Unfortunately, we once again need to
set the record straight.
- - Mr. Fant has placed calls to me from time to time for the apparent
purpose of twisting our conversations or lack of conversations into
distorted press releases or advertisements. Our most recent call was on
Saturday. I did not refuse to sit down with him as he alleged. Indeed, I
called him on Sunday and left a message that we remain willing to sit
down with him to hear any constructive proposals that he might have to
benefit all shareholders. That apparently is not what Mr. Fant wanted to
hear.
- - HEI is very interested in letting the shareholders decide. We will not
delay the meeting or the vote. However, under Minnesota law, the Fant
group can vote only 20% of the HEI shares, and we believe that the group
includes not just Mr. Fant, but his sister and his financial advisor, and
together that group owns more than 20% of the shares. We are seeking a
court decision to that effect. As directors, we have a duty to ensure that
the Fant group's shares are voted in accordance with Minnesota law.
- - The Federal Court in Alabama determined that HEI's legal action should be
heard in Alabama solely because Fant hastily filed suit in Alabama before
HEI, in response to Fant's lawsuit, reluctantly filed its action in
Minnesota. We believe that Fant's early filing in Alabama was made for the
purpose of assuring that HEI's claims would be heard in Alabama. The
Alabama judge will hear HEI's claims for a preliminary injunction tomorrow
morning.
- - HEI also believes that Fant has used numerous misleading advertisements
and press releases. Two of the most blatantly untrue assertions are--that
HEI's earnings have declined dramatically during the past five years and
that it is necessary to vote in favor of Fant to tender shares into the
tender offer. We believe that these untrue statements were deliberately
intended to confuse shareholders into voting for Fant, and the court
should decide whether that confusion has made an informed decision
impossible.
It is very upsetting to HEI that constructive dialog with Mr. Fant appears
impossible because of Mr. Fant's apparent desire to distort conversations for
his personal gain rather than to engage in meaningful discussions."
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HEI IS A MINNESOTA-BASED COMPANY SPECIALIZING IN THE DESIGN AND MANUFACTURE
OF ULTRAMINIATURE MICROELECTRONIC DEVICES AND HIGH TECHNOLOGY PRODUCTS
INCORPORATING THOSE DEVICES. THE COMPANY'S STOCK TRADES ON THE NASDAQ
NATIONAL MARKET UNDER THE SYMBOL HEII.
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