Vision -Environmental Innovation- Ltd. Acquires License from Research Frontiers to Make SPD-Smart Windows, Doors, and Skylights

HAMPSHIRE, England & WOODBURY, N.Y.--Aug. 4, 2003--U.K-based design and engineering firm Vision (Environmental Innovation) Ltd. has acquired a license from Research Frontiers Incorporated to manufacture and sell SPD-Smart(TM) windows, doors, and skylights.

Vision Ltd. plans to showcase SPD-Smart window products at next month's "100% Detail" exhibition sponsored by the Royal Institute of British Architects (RIBA). This major show focuses on the introduction of innovative building design solutions into the U.K. and European markets.

Vision Ltd.'s SPD-Smart products will be offered for both commercial and residential architectural applications. The non-exclusive license, which covers the United Kingdom, provides for a 10% royalty on sales of licensed products. The UK construction market is expected to experience healthy growth of 3.5% in 2003 and 3.8% in 2004.

In an SPD-Smart product, the user can manually or automatically "tune" the amount of light, glare and heat coming into a home, office, or vehicle. SPD-Smart film technology was recently awarded a "Best of What's New Award" from Popular Science magazine for home technology and was also named by the Society of Automotive Engineers' Aerospace Engineering magazine as one of the top new technologies for 2002. Additional information about SPD-Smart products can be found at www.SmartGlass.com.

Bob Hudson, president and principal engineer of Vision Ltd., noted: "In many of the projects we are doing in the commercial and government sectors, architects and designers are introducing innovative uses of glass to optimize energy efficiency and aesthetics, and to more efficiently use daylighting. The use of SPD light-control technology permits elegant and effective solutions to these design and engineering issues, and we already are working with a number of architects and projects to introduce these benefits to them in the United Kingdom."

Vision Ltd. will introduce SPD-Smart window products at the 100% Detail exhibition being held from September 25-27 in Earls Court 1, London. This exhibition focuses on innovative construction products that improve building design and provide new solutions to increasingly rigorous legislative standards. Over 4,000 architects, designers, specifiers, engineers, contractors, and developers are expected at the show, which will be co-located with a sister event called 100% Design. In total, 30,000 professionals are expected at the joint exhibition. Additional information about the 100% Detail exhibition, which is sponsored by The Royal Institute of British Architects (RIBA), can be found at http://www.100percentdetail.com.

About Vision (Environmental Innovation) Limited

Vision (Environmental Innovation) Limited was founded in 1997 to specialize in the design and manufacture of innovative natural ventilation and solar shading systems and is recognized by the UK's leading architects, specifiers and consultants for its expertise in this field. Vision provides its clients with a wide range of services, from early stage consultations to complete "turnkey" packages including compilation, specification, procurement, manufacture, maintenance and installation of the system.

Vision's success in promoting new technologies has resulted in their winning many awards including their being named runner-up in the UK's Engineering Council Awards for Engineering in the Built Environment 1999 competition, as well as winners of the Heating and Ventilation News Awards (H&V News) Environmental Initiative and Air Movement Product of the Year for both 2000 and 2002. A few of Vision Ltd.'s recently completed projects include the revolutionary natural rotating wind towers at Bluewater Shopping Centre in Dartford, Kent; the Touchwood Shopping Centre in Solihull, Birmingham, which is the only completely naturally ventilated shopping centre in the UK; Nottingham University; Shoeburyness High School in Kent; Beddington Zero Energy Development (BedZED) in Beddington, Sutton; The Earth Centre in Doncaster; and the specialized solar shading systems for the Bournemouth University Library and its adjacent APCOA Car Park.

Vision Ltd. believes that the introduction of SPD light-control technology into the UK markets will revolutionize the way buildings are designed. The unique solar-shading properties, architectural performance and flexibility of SPD-Smart(TM) products, if used on their own or in conjunction with natural ventilation and conventional solar shading systems, will make a major contribution to significantly improved and environmentally-friendly building designs.

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(TM) 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 27 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 http://www.SmartGlass.com.

Note: From time to time Research Frontiers 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.