Tice Announces Fiscal 2002 Q1 Results

    KNOXVILLE, Tenn.--Aug. 27, 2001--Tice Technology, Inc. (OTCBB:TICE) reported a net loss of $547,523, or $0.02 per diluted share for the first quarter of fiscal year ending March 31, 2002, compared to a net loss of $366,436, or $0.04 per diluted share in the previous year. Revenues for the first quarter ended June 30, 2001 were $2,491,992, up 1,360% from $170,655 in the previous year. The Company's first quarter of fiscal year ending March 31, 2002 includes the results of operations for the two newly acquired businesses, MidSouth Sign Company, Inc. ("MidSouth"), a custom sign and survey business, and LandOak Company, Inc. ("LandOak"), a vehicle rental and leasing business as well as the results of operations of Tice Engineering and Sales, Inc., a subsidiary that halted operations effective August 13, 2001. Results of the first quarter of fiscal year ending March 31, 2001 do not reflect any results of operations of MidSouth or LandOak.
    The Company's subsidiary MidSouth posted income before income taxes during the quarter of $111,000, which was offset by a loss at LandOak of $386,000 and a loss at the Company and its industrial sewing equipment subsidiary, Tice Engineering and Sales, Inc. ("TES"), of $270,000. The Company halted operations at TES on August 13, 2001 after an offer by William A. Tice to acquire substantially all of TES was withdrawn. On June 29, 2001, the Company announced that it had entered into a letter of intent to sell the TES business to Mr. Tice. The transaction was expected to close in August 2001 but Mr. Tice withdrew the letter of intent prior to closing. Operating losses at TES are expected to decrease significantly in future quarters due to the cessation of its operations, and the Company will incur a write-down associated with the discontinued operations of TES during the second quarter of fiscal year 2002.
    "The Company was disappointed by Mr. Tice's withdrawal prior to closing, and unfortunately, can no longer invest the capital in product development efforts at TES. We still believe there is significant value in the Electronic Gearing Patents and the rights to marketing the FS-2000, and we are pursuing those discussions," stated Charles R. West, President and CEO. "We are also seeking other acquisition and/or business opportunities to add to our portfolio for the purposes of creating value for our shareholders. This may include efforts to expand our successful sign and survey businesses."
    Tice is a publicly traded holding Company providing diverse products and services through three wholly owned subsidiaries:
    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 and the Tennessee Valley Authority.
    Tice Engineering and Sales, Inc. (founded in 1965), until recently, provided engineering and technical solutions for specialized, industrial sewing equipment. Tice is widely known in the apparel industry for its patented Electronic Gearing Technology. TES has been developing a revolutionary new fell-seam sewing machine, the FS-2000 for the past three and a half years.

    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.