Starboard Affiliate Offers to Invest in Prolong International Corporation

SOUTHPORT, Conn., Oct. 29, 2002 Starboard Capital today announced that an affiliate has offered to invest as much as $3.5 million in new capital and as much as $4 million of advertising media for 2003 into Prolong International Corporation, for the purposes of funding working capital and advertising of Prolong's products. Such investment was proposed in the form of convertible preferred stock, the conversion of which would have resulted in a change of control of Prolong. Further, Starboard reported that, in its opinion, these funds are desperately needed by Prolong for such purposes. Despite Starboard's belief, the Board of Directors of Prolong has rejected the offer as not being in the best interests of the shareholders of Prolong.

Mr. Marc C Bergschneider, CEO of Starboard, who personally owns approximately 40,000 shares of Prolong, stated: "Based on public filings, Prolong has had extremely poor operating performance over the last several years. Also, it appears to us that Prolong has virtually no cash or any ability to fund advertising for its products or meet its debt obligations due by next spring. Given these circumstances, this rejection of our proposal is not understandable. We believe strongly that the rejection of our investment proposal will only lead to more difficulties for Prolong and its shareholders. Without at least $2.5 million of new capital investment, it is hard to see how Prolong would survive. In fact, the public market price at 7-9 cents reflects the fact that the market believes Prolong will not survive. We believe that our offer was an opportunity for Prolong to re-capitalize its business, restore investor and customer confidence, and fund a significant TV advertising strategy to rebuild consumer awareness."

Mr. Bergschneider further stated: "We have no current intent to pursue our offer. However, we are open to further dialogue with the management of Prolong and would consider even higher levels of investment or alternative structures."

Starboard Capital is a merchant bank located in Southport, Connecticut with various investments in portfolio companies in several industries. Mr. Bergschneider is also Chairman of WBI, the parent company for Greased Lightning International, Inc., which markets a line of automotive chemical additives for the aftermarket.