Methode Electronics Announces Investment in Eetrex

CHICAGO, IL--(Marketwire - May 5, 2010) - Methode Electronics, Inc. (NYSE: MEI), a global developer of custom engineered and application specific products and solutions, announced it has become an investor in Eetrex Incorporated, a Boulder-based developer and manufacturer of chargers, inverters, and battery systems for hybrid and plug-in hybrid electric vehicles (PHEV). Since 2006, Eetrex has been a leader in PHEV conversions for the Toyota Prius and Ford Escape hybrids. Through its Inverger™ product, Eetrex specializes in the application of embedded system electronics in the development of super efficient AC-DC and DC-DC power electronics, energy storage and fully integrated electric and hybrid electric vehicle systems. This investment from Methode will be used by Eetrex to advance their technology and product development efforts.

Methode has acquired 15 percent of Eetrex's stock, and pursuant to the investment, Methode will appoint two board members. Methode's investment is intended to foster and strengthen inter-company collaboration towards accelerating Eetrex's penetration in its markets and is complementary to Methode's existing Power Solutions business.

In addition, Methode and Eetrex have entered into ancillary agreements in which Methode will become Eetrex's sales and manufacturing arm. Additionally, Eetrex granted a non-exclusive, worldwide license to Methode for fields including alternative energy, defense and aviation/aerospace markets.

Methode's President and Chief Executive Officer Donald W. Duda said, "We are excited about the opportunity to partner with Eetrex, a high caliber organization committed to making a positive environmental impact with their products. This investment complements our business strategy of providing complete power solutions, not just discreet components. The technologies being developed by Eetrex, and marketed and manufactured by Methode, are expected to be an important part of our business."

Eetrex's President and Chief Executive Officer Matthew Foster added, "We are extremely pleased that Methode will be a strategic investor and partner as we bring our electric and hybrid vehicle technologies to the global marketplace. Methode's global sales presence, manufacturing capabilities and automotive-quality manufacturing standards are the perfect match for our technologies for fully integrated electric and hybrid electric vehicle systems."

About Methode Electronics, Inc.
Methode Electronics, Inc. (NYSE: MEI) is a global developer of custom engineered and application specific products and solutions with manufacturing, design and testing facilities in the United States, Malta, Mexico, the United Kingdom, Germany, the Czech Republic, China, Singapore, the Philippines and India. We design, manufacture and market devices employing electrical, electronic, wireless, radio remote control, sensing and optical technologies to control and convey signals through sensors, interconnections and controls. Our business is managed on a segment basis, with those segments being Automotive, Interconnect, Power Products and Other. Our components are in the primary end markets of the automobile, computer, information processing and networking equipment, voice and data communication systems, consumer electronics, appliances, aerospace vehicles and industrial equipment industries. Further information can be found on Methode's Web site www.methode.com.

About Eetrex Incorporated
Eetrex Incorporated is a development stage company specializing in highly efficient power systems, traction battery systems, and power electronics components serving the alternative transportation industry, including battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. Eetrex was one of the first companies to demonstrate the economical and environmental efficiencies of plug-in hybrid electric vehicles. Eetrex is focused on the development of innovative technologies that are critical to the electrification of all vehicle types throughout the alternative transportation industry.

Contact Information:

For Methode Electronics Inc. - Investor Contacts:
Philip Kranz
Dresner Corporate Services
312-780-7240
pkranz@dresnerco.com

Kristine Walczak
Dresner Corporate Services
312-780-7205
kwalczak@dresnerco.com

For Eetrex Incorporated:
Susan Nedell
Vice President Business Development
303-444-0569 ext. 213
susan@eetrex.com