Tice Announces Fiscal 2003 Q1 Results

    KNOXVILLE, Tenn.--Sept. 18, 2002--Tice Technology, Inc. (Pink Sheets:TICE) reported a net loss from continuing operations of $267,044, or $0.01 per diluted share for the three months ended June 30, 2002, compared to a net loss from continuing operations of $144,827, or $0.01 per diluted share in the same period of the previous year. The Company posted a net loss, including both continuing operations and discontinued operations, of $637,165, or $0.03 per diluted share for the three months ended June 30, 2002, compared to a net loss of $547,523, or $0.02 per diluted share in the same period of the previous year.
    The Company previously announced the closing of its Tice Engineering and Sales, Inc. subsidiary, the conditional sale of its MidSouth Sign Company, Inc. subsidiary and negotiations for the sale of its LandOak Company, Inc. subsidiary as it prepares for its expected merger with Atmospheric Glow Technologies, LLC ("A-G Tech").
    On July 3, 2002, the Company signed a letter of intent with A-G Tech. This agreement allows Tice to obtain the assets of A-G Tech by merging the operations of the two businesses, subject to Tice meeting certain conditions. These include Tice meeting a minimum threshold of $6.5 million in new funding, divesting itself of both LandOak and MidSouth, obtaining the approval of its shareholders for an increase the number of authorized shares, completing a definitive purchase agreement with A-G Tech by December 31, 2002, and other more minor conditions. If this transaction is successfully consummated, A-G Tech will receive approximately 88 million Tice common shares and 500,000 Tice Class B common shares.
    A-G Tech is a Tennessee limited liability company formed to advance the patented One Atmosphere Uniform Glow Discharge Plasma (OAUGDP(TM)) technology and develop related products for commercialization in multiple large international markets. Management believes that the OAUGDP(TM) is an exciting breakthrough technology offering capabilities that other plasma technologies cannot provide. Because of its proprietary unique features, OAUGDP(TM) costs less to generate and therefore Tice management believes that its products will prove viable in a number of markets where other plasma technologies are too expensive and/or technologically impracticable. Moreover, AG Tech's OAUGDP(TM) is expanding the applicability of its technology and has targeted new market and product opportunities to create additional value.
    Tice is a publicly traded holding company with three wholly owned subsidiaries:
    MidSouth Sign Company, Inc. sells and produces metal and vinyl signs, primarily in the east Tennessee area and extending through surrounding states.
    LandOak Company, Inc., until recently, an automobile and equipment rental and leasing Company for individual and commercial clients throughout the upper East Tennessee area.
    Tice Engineering and Sales, Inc. (founded in 1965), until recently, provided engineering and technical solutions for specialized, industrial sewing equipment and is widely known in the apparel industry for its patented Electronic Gearing Technology. Recently Tice Engineering and Sales was awarded another patent for its Electronic Gearing Technology, Inc. in Mexico. The Company receives royalty income on this patented technology through a license agreement with an international sewing machine manufacturer.

    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.