767 Third Ave
New York NY 10017

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                                                                    EXHIBIT 99.1



FOR IMMEDIATE RELEASE

LEXINGTON PRECISION EXTENDS EXCHANGE OFFER

NEW YORK, August 30, 2002 - Lexington Precision Corporation (OTC: LEXP)
announced today that it is extending the expiration date of its offer to
exchange for its 12 3/4% Senior Subordinated Notes due February 1, 2000, units
consisting of 11 1/2% Senior Subordinated Notes due August 1, 2007, and warrants
to purchase common stock. The offer, which was scheduled to expire at 12
midnight, New York City Time, on August 30, 2002, is now scheduled to expire at
12 midnight, New York City Time, on September 30, 2002, unless further extended.

As of August 29, 2002, the company had received tenders of 12 3/4% Senior
Subordinated Notes in the principal amount of $27,131,875, or 98.98% of the
notes. In addition to a number of other conditions precedent, the exchange offer
cannot be consummated unless at least 99% of the notes are tendered for
exchange.

Lexington Precision Corporation manufactures rubber and metal components that
are used primarily by manufacturers of automobiles, automotive replacement
parts, and medical devices.

Contact:  Warren Delano (212) 319-4657