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BURLINGTON, VT – General Dynamics (NYSE:GD) and New Colt Holding Corp. announced today that they have entered into a definitive agreement for General Dynamics to acquire Saco Defense Corp., a subsidiary of New Colt Holding Corp., for an undisclosed amount of cash. The transaction, subject to regulatory approval and customary closing conditions, is expected to be completed this summer. Saco Defense, based in Saco, Maine, has 225 employees.

Upon completion of the acquisition, Saco Defense will become part of General Dynamics Armament Systems, and will be known by that name. General Dynamics Armament Systems, based in Burlington, Vermont, will honor the current labor contract with the represented employees of Saco Defense.

Saco Defense is one of the world's leading producers of small and medium caliber machine guns, cannon barrels and complementary equipment. It is the sole producer of the MK-19 40mm automatic grenade launcher for the U.S. armed forces, and is in the final stages of development of a next-generation automatic grenade launcher called Striker. Saco Defense products are in the inventories of more than 40 countries; they complement the high-rate-of-fire Gatling-type weapons produced by General Dynamics Armament Systems.

General Dynamics Armament Systems is a wholly owned subsidiary of General Dynamics, which is headquartered in Falls Church, Virginia. General Dynamics employs approximately 43,000 people worldwide and has annualized sales of approximately $10 billion. The company has leading market positions in business aviation , information systems, shipbuilding and marine systems, and land and amphibious combat systems. More information about the company can be found on the World Wide Web at www.generaldynamics.com.

New Colt Holding Corp., a diversified defense supplier of light arms, is headquartered in West Hartford, Connecticut. More information about the company can be found on the World Wide Web at www.colt.com.