SAN JOSE, Calif., Sept. 5, 2008 (GLOBE NEWSWIRE) -- Electroglas, Inc. (Nasdaq:EGLS), a leading supplier of wafer probing and software solutions for the semiconductor industry, announced today that it expects its financial results for the first quarter ended August 30, 2008 to be below the expectations previously provided due to weak semiconductor equipment market conditions and the company now expects revenue to be in the range of $8.1 million to $8.4 million for the first quarter.

Electroglas will release its first quarter results after the market closes on September 18, 2008.

About Electroglas

Electroglas is a leading supplier of innovative wafer probers and software solutions for the semiconductor industry. For more than 40 years, Electroglas has helped integrated device manufacturers (IDMs), wafer foundries and outsourced assembly and test (OSAT) suppliers improve the overall effectiveness of semiconductor manufacturers' wafer testing. Headquartered in San Jose, California, the company has shipped more than 16,500 systems worldwide. Electroglas' stock trades on the NASDAQ Capital Market under the symbol "EGLS." More information about the company and its products is available at www.electroglas.com.

Safe Harbor Statement

This news release contains forward-looking statements including expectations regarding revenue for the first fiscal quarter of 2009. These forward-looking statements involve risks and uncertainties including, but not limited to, the risk of adverse changes in global and domestic economic conditions, a prolonged downturn in the semiconductor and electronics industries, a downturn or decrease in customer utilization rates, unforeseen technical difficulties related to the development and manufacture of Electroglas' products, and a failure of its new products to achieve broad market acceptance and success in customer evaluations as a result of competing technologies. Electroglas assumes no obligation to update this information. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Electroglas' business in general, see the risk disclosures in Electroglas' SEC filings, including its most recent Annual Report on Form 10-K for the year ended May 31, 2008 and its Quarterly Reports on Form 10-Q filed from time to time with the SEC.

CONTACT:  Electroglas, Inc.
          Investor Relations
          Candi Lattyak
          +1 408.528.3801
          clattyak@electroglas.com