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              FOR RELEASE: JUNE 28, 2001 -- 5:00 P.M.

              INVESTOR CONTACT:          INVESTOR CONTACT:    MEDIA CONTACT:
              Peggy Jo Toth              Todd A. Fromer       KERRI BUDDE
              248-644-0500 ext. 2873     KCSA                 248-554-6532
              vsih@vsi-hq.com            212-682-6300         kbudde@vsi-hq.com
                                         tfromer@kcsa.com


         VSI HOLDINGS, INC. ANNOUNCES RESPONSE TO SPX CORPORATION CLAIMS


BLOOMFIELD HILLS MICHIGAN, JUNE 28, 2001 -- VSI Holdings, Inc. (AMEX: VIS)
disclosed today that it has delivered a letter to SPX Corporation (NYSE: SPW) to
the effect that, based on VSIH's investigations to date, it has concluded that
SPX is not entitled to terminate their Merger Agreement.

         On March 24, 2001, SPX and VSIH entered into a Merger Agreement
pursuant to which SPX would acquire VSIH. On May 8, 2001, SPX delivered a notice
to VSIH stating SPX's intention to terminate the agreement if certain conditions
were not reasonably cured or possible to cure. On the same date, VSIH announced
that it would investigate SPX's claims.

         VSIH's investigation has concluded that the claims in the SPX notice
arise out of changes in VSI Holdings' financial condition resulting from general
business and economic conditions. Accordingly, VSI Holdings has concluded that
the changes do not constitute a "Company Material Adverse Effect" as defined in
the Merger Agreement and SPX is therefore not entitled to terminate the Merger
Agreement on those bases.

         VSIH has requested that SPX withdraw its notice and that the parties
proceed toward closing the merger. VSIH Holdings has also given notice to SPX of
its extension of the closing deadline set forth in the Merger Agreement.

         There is no assurance that the transaction contemplated by the Merger
Agreement will close.

                                     (MORE)


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VSIH RESPONSE TO SPX - PAGE 2


ABOUT VSI HOLDINGS, INC.

         VSI Networks provide customer relationship management services,
Internet/Intranet communications, education and training, and
edutainment/entertainment. The Company employs over 1,000 professionals through
its Networks and offers integrated marketing services using a wide range of
technology-driven alternatives.

         The spectrum of services of the Networks include concept development
through implementation of Web-based offerings including seamless CRM/e-commerce
integration, customer interaction center and back-end fulfillment; long-form
cable programming; interactive satellite-driven and Web-based education and
e-learning; integrated logistics and distribution; database management;
site-based marketing and touring events. The Internet address for VSI Holdings,
Inc.'s home page is www.vsiholdings.com.

         Certain statements in this report and in the press release included as
an exhibit to this report are forward looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended, and are subject to the safe harbor
created thereby. These statements involve a number of risks, uncertainties, and
other factors including potential changes in market conditions that could cause
actual results to differ materially. Please refer to the Company's filings with
the Securities and Exchange Commission for a discussion of certain important
factors that relate to forward looking statements contained herein. Although the
Company believes that the expectations reflected in any such forward looking
statements are reasonable, it can give no assurance that such expectations will
prove to be correct.

         A registration statement on Form S-4, as amended (Registration No.
333-59050), has been filed by SPX with the Securities and Exchange Commission
regarding the proposed merger of VSIH into SPX Corporation. You are urged to
read the registration statement and the documents included or incorporated by
reference therein, because they contain important information regarding the
merger and the legal rights of security holders. SPX's registration statement,
as well as other documents filed by SPX and VSIH with the SEC, are available
from the SEC's website (http:/www.sec.gov). These documents are also available
without charge upon request to either:

VSI HOLDINGS CONTACTS:

Peggy Jo Toth
248-644-0500 ext. 2873
vsih@vsi-hq.com

Kerri Budde
248-554-6532
kbudde@vsi-hq.com

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