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Paul Hastings Represents Firearms Training Systems in its Acquisition by Meggitt

August 24, 2006

Paul Hastings Represents Firearms Training Systems in its Acquisition by Meggitt

Atlanta, GA (August 24, 2006) - Paul, Hastings, Janofsky & Walker LLP (Paul Hastings), a leading international law firm, has advised Firearms Training Systems (FATS) in its definitive merger agreement with Meggitt-USA, Inc., a designer of high performance components and systems for aerospace and defense. The firm also represented FATS as securities counsel. The transaction is expected to close in the fourth quarter of 2006.

Under the agreement, the holders of FATS' Class A Common Stock will receive cash in the amount of $1.08 per share for each outstanding share owned immediately before the effective time of the merger. Holders of FATS' Series C Preferred Stock will receive cash in the amount equal to the sum of the liquidation preferences of such preferred stock plus accrued and any unpaid dividends on such shares to the extent not previously added to the liquidation preference, for each outstanding share owned immediately before the effective time of the merger. All holders of stock options outstanding of the closing will receive cash payments equal to the sum of the difference between the per-share option exercise prices of their respective options and $1.08 for each share subject to an option.

The Paul Hastings team, led by Atlanta partner Walter Jospin, also included Washington, D.C. partner Charles Patrizia and Atlanta associate Karen Leach.

About Firearms Training Systems: Firearms Training Systems is a leading technology company providing fully-integrated, simulated training to professional military and law enforcement personnel. The Company serves both domestic and international customers from its headquarters in Suwanee, GA, and has branch offices in Australia, Canada, the Netherlands and the United Kingdom.

About Paul Hastings Corporate Department: Teams of Paul Hastings' corporate attorneys provide clients with the sophisticated, cross-border legal and business expertise they need to finance and operate companies. The firm's Securities and Capital Markets, M&A, Lending, Project Finance, Private Equity, Investment Management and Securitization practices are nationally and internationally ranked. Paul Hastings' attorneys are experienced in every aspect of modern transactional practice in virtually every industry and service sector. Clients include major financial institutions, domestic, international, public and private companies.

Paul Hastings Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,000 attorneys in 17 offices. The firm serves a diverse client base including many of the top financial institutions and Fortune 500 companies, supports clients in all of their legal needs and offers deep capabilities in Banking and Finance, Capital Markets, Corporate/M+A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at

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