June 11, 2002

News Release: API's subsidiary, Filtran Ltd., has been awarded a contract worth US $2,000,000

NEW YORK, June 11, 2002 -- API Electronics Group Inc. (OTCBB: APIEF) today announced that its wholly owned subsidiary, Filtran Ltd., has been awarded a contract worth US $2,000,000. As stated in the Filtran issued press release:

"Filtran Ltd. announced today that (it) has been awarded a US $2,000,000, six year contract by General Dynamics United Kingdom Ltd. for the supply of DC-to-DC converters.

Filtran Ltd. is the lead member of the Filtran Group of Companies, which includes Filtran Inc. in the USA and Canadian Dataplex. Filtran has manufacturing facilities in Canada, the US and China. It also has an office in Britain from which it distributes its products throughout Europe and Scandinavia.

Filtran is one of the world's leading designers and manufactures of Filters (frequency selective networks), Transformers, Inductors and Custom Power Supplies with a world wide distribution network."

General Dynamics United Kingdom Limited (http://www.generaldynamics.uk.com) is part of General Dynamics, a world leader in mission critical defense systems. One of the top six defense companies worldwide, General Dynamics, headquartered in Falls Church, Virginia, employs approximately 52,000 people worldwide and had 2001 revenues of $12 billion. The company has leading market positions in land and amphibious combat systems, mission-critical information systems and technologies, shipbuilding and marine systems, and business aviation.

ABOUT API ELECTRONICS:

API Electronics Group Inc. and its wholly owned subsidiaries are leading designers and manufacturers of superior quality electronic components and microcircuits with precisely defined functional capabilities. API and its subsidiaries have been providing top of the line parts to numerous global producers of military hardware, telecommunications equipment, computer peripherals, process control equipment and instrumentation for a combined total of over 50 years. With a growing list of blue chip customers, including Honeywell/Allied Signal, General Dynamics, Lockheed Martin, Litton Systems, Harris Corporation and numerous other top technology-based firms around the world, API regularly ships off-the-shelf and custom designed products to clients in more than 34 countries.

API owns state-of-the-art manufacturing and technology centers in New York state and Ontario, Canada totaling 48,500 square feet. The company also has manufacturing capabilities in China and a distribution center in Britain. API subsidiary Filtran is an ISO 9001 Registered Company. API Electronics trades on the OTC Bulletin Board under the symbol APIEF. For further information about Filtran Group and API Electronics, please visit the company websites at www.filtran.com and www.apielectronics.com.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in API's Annual and Quarterly Reports filed with the Securities and Exchange Commission, include changes in market conditions in the industries in which the Company operates. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated.

Media Contact: Investor Relations Contact:
Christine Payne
Phone: 877-274-0274

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