LOGIC Devices Board of Directors Approves Share Repurchase

SUNNYVALE, Calif.--Oct. 9, 2002--LOGIC Devices Incorporated (Nasdaq:LOGC - News), today announced that its Board of Directors authorized the repurchase of up to $500,000 of its common stock. The Company has approximately 6.85 million shares of common stock outstanding as of October 9, 2002.
"While this is a difficult time for the stock market and the semiconductor industry, LOGIC has conservatively managed itself to build a very strong balance sheet with great liquidity," stated Bill Volz, president of LOGIC. "At the current prices, we believe LOGIC stock represents an attractive investment for the Company. This repurchase program also affords us an opportunity to enhance shareholder value."

According to the repurchase plan (the Plan), the Company may make purchases from time-to-time, in the open market or through privately negotiated transactions, at prices considered attractive by management. The Plan does not include a time limit for completion, and the Company will use existing cash holdings to finance the purchases.

Established in 1983, LOGIC Devices is a fabless semiconductor manufacturer providing high-performance, function-specific integrated circuits that are utilized in smart weapons systems and in broadcast studio, medical imaging, and digital telecommunications equipment.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Any statements in this press release regarding expectations of future events are "forward-looking statements" involving risks and uncertainties, including, but not limited to, market acceptance risks, the effect of economic conditions and shifts in supply and demand, the impact of competitive products and pricing, product development, commercialization and technological difficulties, availability of capital, and capacity and supply constraints. Please refer to the Management Discussion and Analysis of Financial Condition and Results of Operations (MD&A) for a discussion of risks in the most recent LOGIC Devices Annual Report on Form 10-K and the quarterly report under Form 10-Q.

Editorial Contact:
LOGIC Devices Incorporated
Kimiko Milheim, (408) 542-5400 (CFO)