Teledyne Technologies Receives Data Security Contract

LOS ANGELES - May 16, 2001 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that its Microelectronics business unit received a multi-million dollar contract from Rainbow Mykotronx, Inc., a subsidiary of Rainbow Technologies (Nasdaq:RNBO), to develop and fabricate a physically secure PCMCIA data communication module for protecting commercial financial transactions over the Internet.

The module will utilize proprietary packaging techniques to completely isolate the circuit from electromagnetic analysis and physical tampering. Rainbow Mykotronx's proprietary integrated circuits will provide the signal encryption. The completed module is designed to be impervious to electronic eavesdropping and tampering during operation as well as being physically impermeable to signal analysis, backward integration of the circuit and unauthorized access to the imbedded code.

Rainbow Mykotronx, in conjunction with one of the nation's largest financial institutions, selected Teledyne primarily due to the company's extensive experience and expertise in the use of similar designs and processes employed in the aerospace and defense markets.

About Teledyne
Teledyne Technologies is a leading provider of sophisticated electronics and communications products, systems engineering solutions, and aerospace products and components, with operations in the United States, the United Kingdom and Mexico. Teledyne Microelectronics specializes in design and production of high performance Multi-Chip Modules (MCMs) and hybrids for the Telecommunications, Test and Measurement, Security and Aerospace markets. More information about Teledyne Microelectronics is available from its website at www.teledynemicro.com.

About Rainbow Technologies
Founded in 1984, Rainbow Technologies is a leading provider of security solutions for the Internet and eCommerce. Rainbow applies its core technology to a variety of Internet applications -- from securing software, to the acceleration of secure communication for eCommerce and Virtual Private Networks (VPNs). Rainbow's products include secure Web server and VPN acceleration boards; anti-piracy and Internet software distribution solutions; PKI security solutions; voice, data and satellite security systems; and USB-based authentication tokens. The company is headquartered in Irvine, California, and maintains offices throughout the United States, United Kingdom, France, Germany, Australia, China, India, The Netherlands, Brazil, and Taiwan. A network of nearly 80 authorized distributors sells Rainbow products worldwide. For more information, visit our Web site at www.rainbow.com

This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from these forward-looking statements. Many factors, including the extent and timing of technological changes, enhancements of competitors' products, and continued weakness in the economy, could affect anticipated results. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Teledyne Technologies' periodic filings with the Securities and Exchange Commission, including its 2000 Annual Report on Form 10-K.

Investor Contact:
Jason VanWees
(310) 893-1642

Press Contact:
Robyn McGowan
(310) 893-1640