Research Frontiers' Director, Victor F. Keen, Increases Investment in Light-Control Technology Supplier

    WOODBURY, N.Y.--Feb. 5, 2003--Research Frontiers is pleased to announce that one of its independent directors, Victor F. Keen, has increased his investment in Research Frontiers through a private placement. Mr. Keen purchased 25,000 shares of common stock at $6.60 per share which was the closing price of Research Frontiers common stock on the date of purchase. In addition, Mr. Keen was issued warrants to purchase 25,000 shares at an exercise price of $9.00 per share. Mr. Keen has contractually agreed to hold these shares for at least a two year period.
    Since becoming a Director in Research Frontiers in June 2001, Mr. Keen has purchased 78,660 shares of common stock for approximately $653,442. These shares were purchased in the open market and directly from the Company in the above-described private placement. Mr. Keen owns a total of 95,860 shares of common stock of Research Frontiers.

    About SPD Technology and Research Frontiers Incorporated

    Research Frontiers Incorporated (RFI) develops and licenses suspended particle device (SPD) technology used in SPD-Smart(TM) light-control glass and plastic products. SPD technology, made possible by a flexible light-control film invented by RFI, allows the user to instantly and precisely control the shading of glass/plastic manually or automatically. SPD technology has numerous product applications, including: SPD-Smart windows, sunshades, skylights and interior partitions for homes and buildings; automotive windows, sunroofs, sun-visors, sunshades, rear-view mirrors, instrument panels and navigation systems; aircraft windows; eyewear products; and flat panel displays for electronic products. SPD technology is covered by approximately 365 patents and patent applications held by RFI worldwide. Currently 21 companies are licensed to use RFI's patented SPD light-control technology in emulsions, film, or end products. Additional information about RFI and its licensees can be found at www.SmartGlass.com.

    Note: From time to time the Company may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. SPD-Smart(TM), Powered by SPD(TM), The View of the Future -- Everywhere You Look(TM) and Visit SmartGlass.com -- to change your view of the world(TM) are trademarks of Research Frontiers Incorporated.