LEIX Lowrance Electronics (MM)

Simrad Yachting AS and Lowrance Electronics, Inc. (Nasdaq:LEIX) announced today that the waiting period under the Norwegian Competition Act applicable to Simrad Yachting's pending acquisition of Lowrance expired. The waiting periods under the U.S. Hart-Scott-Rodino Antitrust Improvements Act and the German Act Against Restraints of Competition expired on February 14, 2006, and, therefore, the expiration of the waiting period under the Norwegian Competition Act means that the condition to the tender offer related to U.S. and foreign antitrust approvals has now been satisfied. Simrad Yachting and Lowrance announced on January 30, 2006 that they had reached a definitive merger agreement pursuant to which Navico Acquisition Corp., a wholly owned subsidiary of Simrad Yachting, would acquire Lowrance by means of a cash tender offer at $37 per share and second step merger at the same price. In addition to the antitrust conditions, the tender offer is subject to a majority minimum tender condition and other customary conditions, but is not subject to any financing condition. Lowrance is one of the world's largest providers of marine electronics to leisure boats and has a particularly strong presence in the fish finders and GPS navigation systems segments of the market. In addition to marine electronic products, Lowrance has produced for over 10 years hand held GPS mapping products for campers and hikers as well as GPS navigation systems for the automotive and aviation markets. Simrad Yachting is a leading provider of marine electronics to high-end leisure boats and smaller commercial vessels. Notice to Lowrance stockholders: This announcement is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offer is being made pursuant to a Tender Offer Statement on Schedule TO (including the Offer to Purchase, Letter of Transmittal and other related tender offer materials) filed by Simrad Yachting and Navico with the SEC. In addition, Lowrance filed a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. The Tender Offer Statement (and related materials) and the Solicitation/Recommendation Statement contain important information that should be read carefully before any decision is made with respect to the tender offer. Those materials may be obtained for free upon request to Morrow & Co., Inc., the information agent for the tender offer, at 470 West Avenue, Stamford, CT 06902, by calling toll free at 800-607-0088. In addition, all of those materials (and all other offer documents filed with the SEC) will be available at no charge on the SEC's Web site www.sec.gov. FORWARD-LOOKING STATEMENTS Certain statements in this announcement may constitute "forward-looking statements." Actual results could differ materially from those projected or forecast in the forward-looking statements. The factors that could cause actual results to differ materially include the level of shareholder acceptance of the proposed transaction, any competing transactions, satisfaction of the remaining conditions to the tender offer and other factors which may affect the Company's business, financial condition, results of operations, properties or prospects, including those discussed in "Risk Factors" in Lowrance's Annual Report on Form 10-K for the most recently ended fiscal year and Lowrance's other filings with the SEC, which are available at www.sec.gov. None of Lowrance, Simrad Yachting or Navico Acquisition Corp. assumes any obligation to update the information in this announcement, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.