Film Technologies International, Inc. Acquires License From Research Frontiers to Manufacture Variable Light Transmission SPD Film Products
ST. PETERSBURG, Fla. and WOODBURY, N.Y.--March 29, 2001--Research Frontiers Incorporated , the developer and licensor of fast-responding SPD light-control technology, and Film Technologies International, Inc., a global leader in window film, jointly announced today that FTI has acquired from Research Frontiers a worldwide non-exclusive license to manufacture and sell suspended particle device (SPD) films to Research Frontiers' current and future SPD "end-product" licensees. This growing list of customers for SPD light-controlling film includes numerous leading companies whose licenses permit them to manufacture and market SPD windows, mirrors, sunvisors, flat panel displays, and eyewear. SPD technology is the subject of over 350 patents and patent applications held by Research Frontiers worldwide.Frank Miro, Executive Vice President of FTI noted: "We were very impressed with SPD technology in terms of performance and expected cost compared to other technologies such as electrochromics and liquid crystals. While we have monitored the progress that Research Frontiers has made over the years, we saw how far advanced this technology has become at this month's National Glass Association Show in Miami."
Film Technologies International, Inc. specializes in the design, manufacture and distribution of window films for homes, commercial and public buildings, and motor vehicles. They produce millions of square feet of superior quality window film each month, and market and sell window film in more than 60 countries. FTI joins General Electric, Hankuk Glass Industries Inc., Materials Sciences Corporation, Polaroid Corporation, and Hitachi Chemical Co., Ltd. as a licensed producer of SPD light-control film.
Robert Saxe, President of Research Frontiers, noted: "We are extremely pleased to welcome FTI to our growing list of licensees. They have been in the window film business for over 25 years, and are well known for producing very durable and high quality window films."
SPD technology allows you to instantly and precisely control how clear or dark glass or plastic is, and adjust its light transmission by either turning a knob or having the device automatically adjust itself by means of a photocell. This is made possible by a thin film laminate located either in between or affixed to the outside of glass or plastic sheets. SPD technology has many applications, including "smart" windows for homes and buildings, skylights and interior partitions. A smart window using SPD film provides relief from glare or heat without blocking view, while also enabling privacy whenever desired, protection from UV damage, promotion of energy conservation, and other benefits. In automotive vehicles, SPD-smart products can include windows, sunroofs, sunvisors, rear-view mirrors, instrument panels and navigation systems. In aircraft, replacing existing window shades with SPD film can improve passenger satisfaction and comfort, while also reducing fuel consumption, maintenance, downtime and cost of operation.
Michael LaPointe, Director of Marketing for Architectural Windows and Displays, noted, "This agreement adds additional strength, capabilities and capacity to the SPD infrastructure we have already built to help meet anticipated demand. A recently-completed independent market study indicates a market for smart windows over the next few years measured in the hundreds of millions of square feet, and SPD automotive and aircraft products, eyewear, and flat panel display applications will also require substantial volumes of SPD film."
In addition to windows, skylights, interior partitions, aircraft and automotive windows, sunroofs, sunvisors and mirrors, Research Frontiers' SPD technology for controlling light has many other applications. SPD eyewear products - sunglasses, sport goggles such as ski goggles, and visors - will continuously and instantly control glare to the degree needed. In the flat panel display industry, SPDs may be used in products such as laptop computers, cell phones, and handheld devices such as PDAs - Personal Digital Assistants, with significant performance and cost advantages over current technologies. In advertising, promotion, and retail sales environments, SPDs offer display advertising advantages, bringing large, thin, flexible yet changeable displays to stores, store windows, point-of-purchase displays, billboards, truck sidings, road signs, and other signage applications.
About Film Technologies International, Inc.
Film Technologies International, Inc. manufactures and markets worldwide a variety of solar control, safety and security window films for use on motor vehicles, homes and commercial buildings. Established in St. Petersburg, Florida in 1974, FTI sells its Sun-Gard(R), Safe-Gard(R), Glass-Gard(R) brand films and other products through a global network of distributors serving thousands of installing dealers in more than 60 countries. Recognized as a global leader in window film, they are responsible for many industry innovations and have developed proprietary coating formulations and methods that permit them to produce window films free of distortion. Additional information about Film Technologies International can be found on the Internet at http://www.filmtechnologies.com.
About Research Frontiers Incorporated
Research Frontiers has licensed the following companies to use its patented suspended particle device (SPD) light-control technology in emulsions, film, or end-products:
| - | AP Technoglass - North America's leading automotive glass and sunroof glass supplier and a subsidiary of Asahi Glass Co., Ltd., the world's largest automotive glass supplier; |
| - | Dainippon Ink and Chemicals Incorporated-the world's largest manufacturer of organic pigments; |
| - | Film Technologies International, Inc.-a leading worldwide manufacturer of solar control, safety and security window films for use on motor vehicles, homes and commercial buildings. |
| - | General Electric Company ; |
| - | Glaverbel, SA of Belgium - majority-owned by Asahi Glass, one of the world's leading automotive glass manufacturing companies; |
| - | Global Mirror GmbH & Co. KG - the world's largest manufacturer of commercial vehicle mirror systems; |
| - | Hankuk Glass Industries Inc. - Asia's largest flat glass producer (outside of Japan); |
| - | Hitachi Chemical Co., Ltd.- majority-owned and part of Hitachi Ltd.; |
| - | InspecTech Aero Service, Inc.- provides aerospace component design, production, marketing, and distribution to both the OEM and aftermarket industry segments including the Fortune 10 Aerospace Corporations in the U.S.; |
| - | Material Sciences Corporation - the world's second-largest producer of specialty window films ; |
| - | Polaroid Corporation-the worldwide leader in instant imaging and a supplier of instant photographic cameras and films; digital imaging hardware, software and media; secure identification systems; and sunglasses to markets worldwide ; |
| - | ThermoView Industries, Inc. - a leading integrator of businesses and technologies within the replacement window industry (AMEX: THV); |
| - | Vision Ease Lens - the world's largest producer of polycarbonate lenses which is owned by BMC Industries, Inc. |
Research Frontiers is a technological leader in the development and licensing of suspended particle devices (SPDs)-electrically operated light-control devices using proprietary particle suspensions and films. SPD technology permits light transmission to be electrically controlled instantly, either automatically (by means of a photocell or other sensing or control device) or adjusted manually by the user. Research Frontiers' proprietary SPD technology enables users to control the amount of light passing through windows, skylights, eyewear (including prescription and non-prescription sunglasses and sports goggles), automotive sunroofs, sunvisors and rear-view mirrors, as well as enabling brighter easier to read flat panel information displays for use in computers, television, telephones and other electronic instruments and products. Research Frontiers currently has agreements in effect covering smart windows, automotive mirrors and sunvisors, eyewear, displays and other products with major international corporations and holds or has rights in over 350 patents and patent applications on SPD technology throughout the world. Licensees of Research Frontiers who incorporate SPD technology into end products will pay Research Frontiers a royalty of 5-10% of net sales of licensed products under license agreements currently in effect. Research Frontiers' common stock trades on the Nasdaq National Market under the symbol "REFR." Additional information about Research Frontiers can be found on the Internet at http://www.refr-spd.com.
Note: From time to time the Company may issue forward looking statements which involve risks and uncertainties. This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ and are not guaranteed. Any forward looking statements should be considered accordingly.