Exhibit 99.1

     Tel-Instrument Electronics Corp Announces Estimated Results

    CARLSTADT, N.J.--(BUSINESS WIRE)--March 24, 2004--Tel-Instrument
Electronics Corp announced today that, as a result of its earlier
agreement with the U.S. Navy to delay shipments of the AN/APM-480
Identification Friend or Foe (IFF) test sets, and the increase in
research and development expenditures, revenues and net income for the
fourth quarter of the fiscal year ending March 31, 2004 (FY04), are
estimated to be substantially lower than revenues and net income for
both the comparable quarter in FY03, and for the December 31, 2003
quarter, and could result in a loss for the quarter. Additionally,
initial costs in connection with recently acquired Innerspace
Technology, Inc. contributed toward this loss. The current fiscal
year, ending March 31, 2004, will be profitable and the first quarter
of fiscal year 2005, ending June 30, 2004, is projected to be
profitable.
    The Company previously announced its agreement with the U.S. Navy
to reduce monthly shipments of the ANAPM-480 testers in the third and
fourth quarters of FY04. The total quantity of units under this
contract remains unchanged and shipments should now continue through
the first half of FY05. The reduction in shipments of the AN/APM-480
was partially offset by orders for the TR-220 and TR-210
Multi-Function commercial test sets, which were recently introduced.
    During FY04, the Company also made substantial investments in
designing the next generation of IFF test sets, which will also
provide the foundation technology for future products, and the
incorporation of other product enhancements. The Company is developing
a multi-function bench test set, which will add a new market and a
diversification opportunity for the future. In addition, the Company
also invested in product development and marketing activities for its
newly acquired Innerspace Technology division.
    Tel-Instrument is a leading designer and manufacturer of avionics
test and measurement solutions for the global commercial air
transport, general aviation, and government/military aerospace and
defense markets. Tel-Instrument provides instruments to test, measure,
calibrate, and repair a wide range of airborne navigation and
communication equipment. For further information please visit our
website at www.telinstrument.com.
    Newly acquired Innerspace Technology, Inc.
(www.innerspacetechnology.com), a division of the Company, designs,
manufactures and distributes a variety of shipboard and underwater
instruments to support hydrographers, oceanographers, researchers,
engineers, geophysicists, and surveyors worldwide.
    The Company's stock is traded in the American Stock Exchange under
the symbol TIK.

    CONTACT: Tel-Instrument Electronics Corp
             Joseph P. Macaluso, 201-933-1600