UPDATE: Meade Instruments Terminates JOC Merger Deal, Merger Announced with Affiliates of Ningbo Sunny Electronic for $4.21/Share

Meade Instruments Corp.

("Meade"), (est. 1972) one of the world's largest designers and manufacturers of telescopes and accessories for amateur astronomers, announces the termination of its previously announced Agreement and Plan of Merger with JOC North America LLC and JOCNA Inc., collectively ("JOC"), which was announced May 17, 2013, and the execution of a new Agreement and Plan of Merger with Sunny Optics, Inc. ("SOI") and Sunny Optics Merger Sub, Inc., a wholly-owned subsidiary of SOI, both of which are affiliates of Ningbo Sunny Electronic Co., Ltd., collectively ("Sunny") for $4.21 per share or approximately $5.5 million for all shares. As required by its merger agreement with JOC, Meade paid a $250,000 termination fee to JOCNA Inc. which Meade borrowed from Sunny in connection with the execution of their merger agreement.