Tice Announces Letter of Intent for Acquisition

    KNOXVILLE, Tenn.--March 7, 2002--Tice Technology, Inc. (OTCBB:TICE) Tice Technology, Inc. announces today it has executed a letter of intent to acquire A3 Technologies, Inc. (formerly Glow Products Corporation), a Jacksonville, FL based company that has the sole commercialization rights to a patented atmospheric plasma technology developed in conjunction with Atmospheric Glow Technologies, LLC and the University of Tennessee. Conditions of the acquisition involve the raising of $6.5 million of new equity for Tice through a private placement, the divestiture by Tice of its LandOak Company and MidSouth Sign Company subsidiaries by March 31, 2002, and the signing of a definitive purchase agreement no later than June 30, 2002. This transaction is also subject to the approval of the shareholders of Tice to increase the number of authorized shares of the company and to approve a reverse split of the company's common stock.
    This innovative atmospheric plasma technology has a number of different market applications. A3 Technologies and Atmospheric Glow Technologies are currently developing and commercializing products for commercial and residential air filtration and purification, biological and chemical decontamination, DNA extraction, and diesel emission reduction. There are additional products that will be developed and commercialized by A3 Technologies including medical and food sterilization products. The patented atmospheric plasma technology is revolutionary in its ability to generate uniform glow discharge plasma with low energy requirements and at atmospheric pressure using ambient air. This, compared to previous plasma technologies, allows A3 Technologies to broaden the scope of applications to be economically developed for commercialization. Most of the research to date has been developed in conjunction with the Department of Defense, the Environmental Protection Agency, and the National Institutes of Health.
    "We felt the opportunity to launch this new technology in conjunction with Tice was an opportunity to access capital markets easier and to leverage our value faster," said Joe K. Hawkins, President of A3 Technologies. "Our science has attracted attention from several areas, mainly name brand technology companies that are seeking ways to solve problems that are beyond the scope of existing technologies." Mr. Hawkins will assume the role of President and Chief Executive Officer of Tice upon the successful consummation of this transaction.
    "We believe this technology has a substantial market advantage over any perceived competitive products, and this is evidenced by the quality of companies who are in discussions with A3 Technologies about licensing, strategic partnerships, and acquiring rights to particular applications," said Charles R. West, President and CEO of Tice. "This represents a shift in strategy for our company only in the respect that we plan on divesting our automobile leasing subsidiary and our sign company subsidiary sooner than we initially believed. However, we believe this opportunity is better served by focusing all of our resources on this technology. A3 Technologies, though an early stage concept, has created a lot of momentum. We anticipate that the name of the corporation will be changed to reflect this new opportunity and the company's focus on it.
    "In divesting of LandOak Company, the company has reached an agreement with its primary lender to LandOak Company and two of our directors agreed to inject $1,300,000 of new equity into Tice to reduce our debt. The lender has agreed to the forgiveness of approximately $600,000 of senior debt subject to LandOak Company meeting a certain vehicle reduction schedule and the infusion of the new equity by the two directors. We believe this to be achievable. We anticipate we will take a charge in the fourth quarter of our fiscal year to reflect the disposition of both LandOak Company and MidSouth Sign Company, but we are cleaning up our balance sheet in anticipation of our arrangement with A3 Technologies. To further this along, other holders of Tice Technology long term notes will be offered the opportunity to convert existing notes from the company to equity under the same terms offered to investors in the private placement."

    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, Ruby Tuesday's, 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 had 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.