SPD Inc. Successfully Completes Latest Round of Financing

    INCHON, Korea--Sept. 27, 2001--SPD Inc. announces that this week it has successfully completed its latest round of private financing, and has raised a total of $6.5 billion Korean won ($5 million).
    SPD Inc.’s majority shareholder and parent company, Hankuk Glass Industries Inc. (KSC:02000.KS), is Korea’s largest glass manufacturer and is a licensee of Research Frontiers Incorporated , the developer of SPD light-control technology. SPD Inc.’s shareholders now include Hankuk Glass Industries, Research Frontiers Incorporated, KTB Network and KDB Capital (the two largest venture capital companies in Korea), and four major Korean banks (Korea Development Bank, Shinhan Bank, Choheung Bank and Hanvit Bank). S.L. Investments acted as SPD Inc.’s investment bank in connection with this financing.
    Thomas Lee, President of S.L. Investments and a shareholder in SPD Inc. noted, "We are very pleased that such fine and reputable financing institutes were eager to participate in our SPD business - so much so that we received more funds than we were seeking. The strength of our management team and business plan, our ability to stay on schedule with plant acquisition and production scale-up, and the tremendous markets for SPD film and end-products were looked upon extremely favorably."
    SPD technology uses a thin flexible film to regulate the amount of light passing through normally clear glass or plastic, and benefits users of a wide variety of everyday products such as windows, mirrors, eyewear and flat panel displays. SPD Inc. will market SPD film to many companies that will use the film in the production of "SPD-Smart" (electrically controlled) products, and SPD Inc. will produce and market its own SPD end-products.
    SPD Inc. has established a 29,500 square foot SPD factory in Inchon, Korea, and once demand for this factory’s production exceeds capacity, it has plans to expand production capabilities into other similar facilities around the globe. The Inchon factory (with an annual production capacity of 4 million square feet of SPD film) is expected to be fully online in December of this year.
    The proceeds from this financing has been allocated towards the completed acquisition of production facilities, high-capacity equipment, and will also be used for the hiring of additional personnel and in SPD Inc.’s soon-to-be-launched global marketing campaign. SPD Inc. plans to aggressively roll out both SPD film and end-products worldwide.

    About SPD Inc. and Hankuk Glass Industries Inc.

    SPD Inc. is a subsidiary of Hankuk Glass Industries Inc. which is the parent company of the Hanglas Group, which employs over 1,800 people and is Korea’s largest flat glass manufacturer with 2000 sales of 639.1 billion Korean won (US$485 million). Additional information about Hankuk Glass Industries Inc. and their work with SPD technology can be found at http://www.hanglas.co.kr.