THE O’GARA GROUP AND THE WALNUT GROUP FORM STRATEGIC PARTNERSHIP

Partnership to Focus on Corporate Strategy and Continued Acquisitions and Product Line Expansion in Security, Counter-Terrorism and Defense Industries

Cincinnati, Ohio, July 6, 2004 -- The O’Gara Group, Inc., established by the former founders and executives of O’Gara–Hess & Eisenhardt Armoring Company and Kroll-O’Gara, announced today that it has partnered with The Walnut Group. The O’Gara Group, which was formed to pursue acquisitions in the security and defense industry, acquired its first company, Specialized Technical Services, Inc. (STS) in September of 2003. STS is a producer of sophisticated night vision equipment for users such as the U.S. Special Forces and elite special operations units around the world. “The investment by The Walnut Group is a significant step for us”, said Bill T. O’Gara, CEO of The O’Gara Group. “We view Walnut as an excellent partner for us. Philosophically they are entrepreneurial, which fits our style well. We think very highly of Fred Mayerson and Jimmy Gould and their past investment success and are proud to be associated with them in our new venture.” Mr. O’Gara added.

The Walnut Group has strategically identified the security and defense industry as one of areas to focus investments. Walnut’s partnership with the O’Gara Group’s team and their track record in the security and defense industry will facilitate acquisition and growth of businesses in this sector.

About the Companies

The O’Gara Group was established to build a global products and services company focused on solutions for counter-terrorism and low intensity conflict. Located in Cincinnati, Ohio, and founded by Thomas O’Gara, the former Chairman of the Board of O’Gara-Hess & Eisenhardt Armoring Company (OHEAC) and Vice Chairman of Kroll-O’Gara, Wilfred (Bill) O’Gara, the former CEO of OHEAC and Co-CEO of Kroll-O’Gara and Michael (Chip) Lennon, the former President of OHEAC and President of the Security and Products Group of Kroll-O’Gara, together have more than fifty years of experience in management and acquisition of defense and security businesses on a world-wide basis. In 2003 the Company purchased Specialized Technical Services, Inc in Beavercreek, Ohio, a producer of sophisticated military night vision equipment.

The Walnut Group consists of several diversified investment capital enterprises, organized by life-long friends and business associates whose diverse, yet complementary entrepreneurial backgrounds span more than 25 years. The Walnut Group makes capital investments across a broad range of industry sectors. Its investment in The O’Gara Group was made through Walnut Investment Partners, L.P.

About STS

Sensor Technology Systems, Inc. (STS), formerly known as Specialized Technical Services, Inc, is the designer and manufacturer of Low-Profile Night Vision Goggles (LPNVG) for counter-terrorism and low intensity conflict operations by Special Operations Forces, both U.S. and abroad. The AN/PVS-21 binocular NVG is the only production NVG with an integrated Heads-Up Display capability for "Sensor Fusion" applications. STS has fielded the AN/PVS-21 with U.S. Military forces, U.K forces, Canadian forces, Italian forces and others. STS is a subsidiary of The O’Gara Group.

About The O’Gara Group

The O’Gara Group was established to build a global products and services company focused on solutions for counter-terrorism and low intensity conflict. Located in Cincinnati, Ohio, and founded by Thomas O’Gara, the former Chairman of the Board of O’Gara-Hess & Eisenhardt Armoring Company (OHEAC) and Vice Chairman of The Kroll-O’Gara Company, Wilfred (Bill) O’Gara, the former CEO of OHEAC and Co-CEO of The Kroll-O’Gara Company and Michael (Chip) Lennon, the former President of OHEAC and President of the Security and Products Group of The Kroll-O’Gara Company. Together the founders have more than fifty years of experience in management and acquisition of defense and security businesses on a world-wide basis. In 2003 the Company purchased Sensor Technology Systems, Inc in Beavercreek, Ohio, a producer of sophisticated military night vision equipment. In 2004 The O’Gara Group formed a strategic partnership with The Walnut Group, a diversified investment firm based in Cincinnati, Ohio.

Certain matters discussed in this press release constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. The Company may use words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” “should,” and similar expressions to identify forward-looking statements.