RAY Raytech Corp

Raytech Corporation (NYSE: RAY) ("Raytech") today announced that the Board of Directors of Raytech Corporation ("Raytech") has elected Larry W. Singleton, who has been serving as interim CEO since June 2004, as President and Chief Executive Officer effective September 1, 2005. Mr. Singleton was also elected to the Board of Directors, filling a vacancy on the Board, effective September 1, 2005. Mr. Singleton was a principal in AlixPartners LLC, a firm who provided operational and financial consulting services to Raytech, since 2004. Before becoming a principal in AlixPartners in February, 2004, Mr. Singleton was a Director of Safety-Kleen Corp. from August 2002 to December 2003, Executive Vice President and Chief Financial Officer of Safety-Kleen Corp. from November 2001 to December 2003, and Senior Vice President and Chief Financial Officer of that company from August 2000 to November 2001. Before joining Safety-Kleen Corp. Mr. Singleton was Executive Vice President of Gulf States Steel, Inc. from February 1999 to July 2000. From January 2000 through January 2001, Mr. Singleton served as an investment committee member to Revitalizacni Agentura, a.s., a subsidiary of the Czech Republic's national bank, formed to assist the Czech government in restructuring numerous industrial companies in anticipation of entering the European Union. Mr. Singleton has been a Director of The Thaxton Group, Inc., a sub-prime lender, since January, 2004. Raytech also announced that on August 23, 2005, the Board of Directors of Raytech elected Richard P. McCook, Executive Vice President, Chief Financial Officer and Treasurer of Raytech, effective September 1, 2005. Mr. McCook, who is 52 and a Certified Public Accountant, was Senior Vice President and Chief Financial Officer from 1999 to 2004, and Financial Vice President and Chief Financial Officer of Winn-Dixie Stores from 1984 to 1999, of Winn-Dixie Stores, Inc., Jacksonville, Florida, a $12 billion grocery store chain company listed on the New York Stock Exchange that owned a substantial number of manufacturing facilities to supply a portion of the companies products. Mr. McCook's responsibilities and experience in those positions included corporate financial management and analysis, strategic planning, treasury and cash management, manufacturing process analysis, mergers and acquisitions and certain administrative functions. John B. Devlin, Vice President, Treasurer and Chief Financial Officer, has resigned effective August 31, 2005, due to the relocation of Raytech's corporate offices. Raytech Corporation is a worldwide manufacturer of wet and dry clutch, power transmission and brake systems as well as specialty engineered polymer matrix composite products and related services for vehicular applications, including automotive OEM, heavy duty on-and-off highway vehicles and aftermarket vehicular power transmission systems. Through two technology and research centers and five manufacturing operations worldwide, Raytech develops and delivers energy absorption, power transmission and custom-engineered components focusing on niche applications where its expertise and technological excellence provide a competitive edge. Raytech Corporation, headquartered in Shelton, Connecticut, operates manufacturing facilities in the United States, Germany and China as well as technology and research centers in Indiana and Germany. The Company's operations are strategically situated in close proximity to major customers and within easy reach of geographical areas with demonstrated growth potential. Raytech common stock is listed on the New York Stock Exchange and trades under the symbol "RAY." Company information may be accessed on our Internet website http://www.raytech.com.