Exhibit 99.1

 Valpey-Fisher Corporation to Purchase Assets of MF Electronics Corp.


    HOPKINTON, Mass.--(BUSINESS WIRE)--April 30, 2003--Valpey-Fisher
Corporation (AMEX:VPF), announced today the signing of an Asset
Purchase Agreement to acquire certain assets of MF Electronics Corp.,
located in New Rochelle, NY. The transaction is expected to close in
30 days. The Companies did not disclose financial details of the
agreement.
    Michael J. Ferrantino, President and CEO of Valpey-Fisher said,
"This acquisition is another step in executing our growth strategy.
With the acquisition, Valpey-Fisher adds a new dimension to its
portfolio of products, specifically in the high-reliability frequency
segment. In addition, this acquisition will enable cross selling
within our respective customer bases and will add to our sales backlog
and leadership team. The MF Electronics operation will become a
division of Valpey-Fisher. Over the next few months, we will be
transitioning the MF operations to our plant located in Hopkinton,
MA."
    "I am especially excited about the MF Electronics operation
becoming part of Valpey-Fisher." Mr. Ferrantino said. "Both companies
have a long history in the time and frequency control industry,
however, each serves unique markets. Our cultures and philosophies
match on customer service and commitment to the industry we serve."

    About MF Electronics

    MF Electronics was founded in 1956 in New York City, originally
designing and manufacturing electronic projects for the US Military.
During its 47-year history, the company has continued to serve its
military customers and its largest customers currently include
commercial and industrial electronic OEMs worldwide. The company is a
leader in the design and manufacture of frequency control products -
components that control the timing of electronic devices, from
calculators to data networking equipment to supercomputers. Additional
information about MF Electronics can be found on
www.mfelectronics.com.

    About Valpey-Fisher Corporation

    Valpey-Fisher specializes in providing crystal and
oscillator-timing devices to a variety of markets including computer,
networking, telecommunications, wireless, military and medical and
also produces a variety of ultrasonic transducers for the scientific,
industrial and medical markets. Additional information about
Valpey-Fisher Corporation can be found on www.valpeyfisher.com.

    Safe Harbor Statement: Some of the information may contain
projections or other forward-looking statements regarding future
events or the future financial performance of the Company. We wish to
caution you that these statements are only predictions and that actual
events or results may differ materially. We refer you to Valpey-Fisher
Corporation's most recent Form 10-K filed with the Securities and
Exchange Commission. This document contains and identifies important
factors that could cause the actual results to differ materially from
those contained in our projections or forward looking statements.
Valpey-Fisher Corporation expressly assumes no obligation to update
any such forward-looking statements.



    CONTACT: Valpey-Fisher Corporation
             Michael J. Kroll, 508/435-6831 ext. 600