Tice Announces Third Quarter Results

    KNOXVILLE, Tenn.--Feb. 15, 2001--Tice Technology, Inc. (OTCBB:TICE) reports the results of operations for the third quarter and nine months ending December 31, 2000 of its 2001 fiscal year.
    Revenues for the quarter were $390,416, up 153%, from $154,196 in the same period of the previous year. The Company had a net loss for the quarter of $109,781 (down 62% from the same period of the previous year) or $0.01 per fully diluted share, compared to a net loss of $291,596 or $0.03 per fully diluted share, in the same period of the previous year.
    Revenues for the nine-month period were $743,427 (up 99%) up from $372,351 in the same period of the previous year. The Company had a net loss of $866,097 for the nine-month period or $0.09 per fully diluted share compared to a net loss of $757,165 or $.09 per fully diluted share in the same period of the previous year.
    The revenue increase, both for the quarter and the nine months, was primarily due to the inclusion of a $250,000 license fee from a licensee of Tice's patented Electronic Gearing Technology (EGT), and increased sales of traditional product lines. Revenue from the traditional product line remains low by historical levels due to changing market conditions, increased competition and management's decision to focus marketing efforts toward new products featuring EGT. The Company expects these new products to be ready for delivery in the first quarter of our next fiscal year.
    Charles R. West, President and CEO, said, "During the quarter, we focused on completing the acquisition of two new businesses which have strengthened our Company. The results do not reflect any contribution from the recent acquisitions.
    Our new subsidiary, MidSouth Sign Company, which fabricates and installs signs and performs site surveys, provides a solid growth opportunity for Tice. Our other new subsidiary, LandOak Company, in the leasing and rental business, complements our sales efforts at Tice Engineering and Sales (TES) by providing financing for our sewing machine sales. We expect LandOak and MidSouth to provide the Company with sufficient cash flow to complete development projects at TES. Our primary focus in the third quarter at Tice (and TES) was completing the redesign of the FS-2000 and development of a new multi-head sewing application for a specialty products customer. These projects are nearing completion and should begin generating revenues in the first quarter of the next fiscal year and beyond."
    Tice is a publicly traded holding Company providing diverse products and services through three wholly owned subsidiaries:
    Tice Engineering & Sales, Inc. (founded in 1965) provides engineering and technical solutions for specialized, industrial sewing equipment. Tice is widely known in the apparel industry for its patented Electronic Gearing Technology. Tice holds dozens of US and International patents and is the only Company to completely design a new sewing machine using 21st Century technology from the ground up. Tice's customer list includes major apparel manufacturers such as Levi Strauss, Vanity Fair and Hart, Schaffner and Marx.
    MidSouth Sign Company, Inc. sells and produces metal and vinyl signs and National Survey Associates (a division of MidSouth Sign Company, Inc.) provides national signage surveys and other services for commercial clients. Customers include American Express, Clayton Homes, and Compass Bank.
    LandOak Company, Inc. is an automobile and equipment rental and leasing Company for individual and commercial clients throughout the upper East Tennessee area. Customers include Tennessee Eastman.
    Statements in this release that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, words such as "believes," "anticipates," "expects," and similar expressions are intended to identify forward looking statements. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievement of events of the Company, or events, or timing of events, relating to the Company to differ materially from any future results, performance, or achievements of the forward-looking statements. The Company cannot assure that it will be able to anticipate or respond timely to the changes, which could adversely affect its operating results in one or more fiscal quarters. Results of operations in any past period should not be considered indicative of results to be expected in future periods. Fluctuations in operating results may result in fluctuations in the price of the Company's securities.

SUMMARY:

                      For the Quarters Ended   For the Nine Months Ended
                     Dec 31, 2000 Dec 31, 1999 Dec 31, 2000 Dec 31, 1999
                      (unaudited) (unaudited)   (unaudited) (unaudited)
(000's omitted)                                
REVENUES               $ 390,416   $ 154,196     $ 743,427   $ 372,351  
NET INCOME (LOSS)     ($ 109,781) ($ 291,596)   ($ 866,097) ($ 757,165)
AVG EPS               ($    0.01) ($    0.03)   ($    0.09) ($    0.09)
WT AVG SHRS OUTSTAND -                                        
BASIC AND DILUTED      9,298,329   9,262,615     9,276,901   8,691,434