Press Release

Astrex, Inc. Reports Improved Third Quarter Results

PLAINVIEW, N.Y., Feb. 12, 2004 -- Astrex, Inc. (Pink Sheets: ASXI) today released its Third Quarter financial results for the period ended December 31, 2003, reporting improved revenues and earnings for the third quarter just ended and continued profitability for the first nine months of the current fiscal year. Specifically, for the current fiscal year Third Quarter and First Nine Months, ended in each case on December 31, 2003, as compared to the same periods a year ago:

-- Net Earnings for the Third Quarter of $6,000 and net earnings for the First Nine Months of approximately $14,000 as compared to a net loss of $96,000 and net earnings of $54,000 for the same periods a year ago;

-- Per Share (diluted) Net Earnings for the Third Quarter and First Nine Months of $0.00 and $0.00 against a loss of $0.02 and earnings of $0.01 for the same periods a year ago;

-- Net Sales for the Third Quarter and First Nine Months of approximately $3,299,000 and $10,208,000 against $3,163,000 and $10,511,000 for the same periods a year ago;

-- Total Shareholders' Equity as of December 31, 2003 of approximately $4,822,000 as compared to $4,790,000 at the same date last year;

-- Bookings (i.e. orders) for the Third Quarter of approximately $3,090,000 against $3,207,000 a year ago; and

-- Backlog (i.e. confirmed but not yet shipped orders) at January 1, 2004 of approximately $2,602,000 as compared to $2,855,000 on the same date a year ago.

This press release briefly summarizes only certain portions of the Company's Quarterly Report for the Third Quarter ended December 31, 2003 and readers can review the entire report which is available on the Company's website located at www.astrex.net or by contacting the Company at (516) 433-1700, attention Shareholder Relations. The Company cautions that the results for the Third Quarter reported have not been subject to audit or review and emphasizes that they are only for the Third Quarter and First Nine Months and thus are not necessarily indicative of the results for the entire fiscal year.

This announcement contains forward looking statements that involve risks and uncertainties, including those relating to the future business performance of Astrex. More information about some of the many potential factors which could affect the Company's business and financial results are included in the Company's Annual Report on Form 10-KSB for the year ended March 31, 2003, including (without limitation) under the captions "Description of Business", "Description of Property" and "Management's Discussion and Analysis or Plan of Operation," and in the Company's Quarterly Report on Form 10-QSB for the quarter ended June 30, 2003, which is on file with the Securities and Exchange Commission (http://www.sec.gov).

The Company filed a Form 15 deregistering its common stock on September 19, 2003 and Company reports and financial results after that date will not be filed with or available from the SEC but will be available at the Company's web site: www.astrex.net or by contacting the Company at (516) 433-1700, attention Shareholder Relations. Trading reports for the Company's Common Stock may be found at: http://www.pinksheets.com/quote/quote.jsp?symbol=asxi

CONTACT: John C. Loring, Chairman, Astrex, Inc., 773-935-0710

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