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August 30, 2004

HEI, Inc. Signs Manufacturing Agreement With Cochlear for Implantable Hearing Devices

From: PR Newswire (press release) - Aug 30, 2004

MINNEAPOLIS, Aug. 30 /PRNewswire-FirstCall/ -- HEI, Inc. (Nasdaq: HEII) ( ) today announced that Cochlear, the world leader in Cochlear Implant technologies, has entered into an agreement with HEI, Inc. to manufacture several of their high density rigid-flex printed circuit boards for implantable hearing devices. The scope of work will include current and future applications, with revenue in the range of $1.5-1.8M per year.

"We are excited that Cochlear has chosen HEI to produce their high-density PCB applications," stated Simon Hawksworth, Vice President of Sales and Marketing for HEI, Inc. "HEI offers Cochlear both technical and production solutions, and it is an excellent match with our core competencies in high- density interconnect."

HEI, Inc. designs, develops and manufactures microelectronics, subsystems, systems, connectivity and software solutions for OEMs engaged in the medical equipment and medical device, hearing, communications and RFID industries. HEI provides its customers with a single point of contact that can take an idea from inception to a fully functional, cost effective and manufacturable product by utilizing innovative design solutions and the application of state-of-the-art materials, processes and manufacturing capabilities.

Headquarters & Microelectronics Operations
PO Box 5000, 1495 Steiger Lake Lane, Victoria, MN 55386

Advanced Medical Operations
4801 North 63rd Street, Boulder, CO 80301

High Density Interconnect Operations
610 South Rockford Drive, Tempe, AZ 85281

RF Identification and Smart Card Operations
1546 Lake Drive West, Chanhassen, MN 55317


Information in this news release, which is not historical, includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements contained in this press release, including the implementation of business strategies, including a stronger sales emphasis; growth of specific markets; improved results, profitability, cash flow, margins, and revenues; and estimated HEI revenues, cash flow, expenses and profits, are forward looking statements. All of such forward-looking statements involve risks and uncertainties including, without limitation, continuing adverse business and market conditions, the ability of HEI to secure and satisfy customers, the availability and cost of materials from HEI's suppliers, HEI's ability to satisfy financial or other obligations or covenants set forth in its banking agreements, adverse competitive developments, change in or cancellation of customer requirements, the integration of the Advanced Medical Operations, collection of outstanding debt, HEI's ability to succeed on the merits and defend against litigation, and other risks detailed from time to time in HEI's SEC filings. HEI undertakes no obligation to update these statements to reflect ensuing events or circumstances, or subsequent actual results.

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