American Biophysics Corp. Named Number One on 2003 Inc. List of Fastest-Growing Private Companies; Company Reports 25,615% Five Year Growth.

Business Editors

EAST GREENWICH, R.I.--(BUSINESS WIRE)--Oct. 1, 2003

American Biophysics Corp., a scientific-based company and manufacturer of the Mosquito Magnet(R) (www.mosquitomagnet.com) line of biting insect traps, was named the number one fastest-growing private company in America according to Inc. Magazine's 2003 list. Based on five-year sales growth, the Inc. 500 ranks privately held companies in the United States.

American Biophysics Corp. grew yearly revenues over the past five years by 25,615 percent, more than double the percentage rate growth of the number-two-ranked company for the same period. In 1998, when the Company first introduced their patented Mosquito Magnet trap to the commercial marketplace, it reported revenues of $212,317. As the Company improved and perfected its patented technology, developed and launched new models and consumer and institutional demand for the proven and highly effective traps grew, sales reached an impressive $54.6 million in 2002.

"We are thrilled to be recognized as the number one fastest growing company this year and were able to realize this distinction only with the unyielding determination and efforts of our dedicated team," said Raymond Iannetta, President and CEO of American Biophysics Corp. "Our mission is to reduce the necessity of pesticides and help people worldwide carve out a defined area free from biting insects. For the past five years, our engineers, scientists and corporate personnel have been dedicated to fulfilling that mission."

Moving forward, the Company plans to introduce a new generation of 'insect-specific' attractants in 2004-2005, which will dramatically increase the trap's efficiency in many areas of the world. These attractants also target disease-carrying insects with the ultimate goal that their application will reduce the probability of contracting a mosquito-borne disease. The Company's extensive material science capability has allowed it through the in depth study of biting insect's biology and behavior to develop these new insect-specific attractants.

American Biophysics Corporation, founded in 1991 and headquartered in East Greenwich, RI, is a scientific, research-based company that studies the behavior of biting insects and manufactures biting insect abatement traps for consumer, commercial and government applications. The company was first-to-market with a carbon dioxide-based biting insect abatement trap for commercial use in 1998 and currently has three traps on the market: the Pro, the Liberty and the Defender. The Company plans to introduce four new mosquito traps in 2004, which will be priced from $69.00 -- $1,395.00

The Mosquito Magnet traps are backed by more than 12 years of extensive scientific research and testing and are the gold standard in carbon dioxide-based mosquito control products for consumer and commercial users. The trap works by mimicking a large mammal's breath by catalytically producing the proper amount of carbon dioxide, heat and humidity from propane gas. The machine then emits a warm, moist carbon dioxide plume, which attracts the blood-seeking insects. As they approach the source, they are vacuumed into the machine's net where they dehydrate and die.

To be eligible for this year's Inc. 500, companies had to be independently and privately held through their fiscal year 2002, have had at least $200,000 in sales in the base year of 1998, and their 2002 sales had to exceed 2001 sales. Inc. verifies all information using tax forms and financial statements from certified public accountants and by conducting interviews with company officials.