CORRECTING and REPLACING Photonics Corp. is Looking Toward Signing a Joint Venture Agreement with Silla Ltd. and Valore Holdings.

Business Editors/High-Tech Writers

CORRECTION...by Photonics Corp.

DALLAS--(BUSINESS WIRE)--Nov. 3, 2003

In BW5967 issued Nov. 3, 2003: First graph, last sentence of release should read: If successful, Photonics will be acquiring exclusive license rights to distribute prepaid telephone and debit cards represented by Silla, Ltd. and Valore Holdings. (sted: If successful, Photonics will be acquiring exclusive license rights to distribute prepaid telephone and debit cards around the globe using the fast and easy Telecash System).

The corrected release reads:

PHOTONICS CORP. IS LOOKING TOWARD SIGNING A JOINT VENTURE AGREEMENT WITH SILLA LTD. AND VALORE HOLDINGS

In an ongoing effort to increase shareholder value, the Board of Photonics Corporation (OTCBB:PHOX) announces its intention to enter into the planning phase of a joint venture agreement with Silla Ltd., and Valore Holdings. PHOX is seeking a joint venture with Silla and Valore, which are both represented by Mr. Emanuel Castriniano. If successful, Photonics will be acquiring exclusive license rights to distribute prepaid telephone and debit cards represented by Silla Ltd. and Valore Holdings.

For further information regarding this release, please contact Mr. Jason Freeman, Director-Investor relations at the following:

-- By calling [phone]; or

-- By mail at 5710 LBJ Freeway, Suite 215, Dallas, Texas 75240

DISCLAIMER: Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include, but are not limited to: the severity and duration of the industry adjustment; the sufficiency of our restructuring activities, including the potential for higher actual costs to be incurred in connection with restructuring actions compared to the estimated costs of such actions; fluctuations in operating results and general industry, economic and market conditions and growth rates; the ability to recruit and retain qualified employees; fluctuations in cash flow, the level of outstanding debt and debt ratings; the ability to meet financial covenants contained in our credit agreements; the ability to make acquisitions and/or integrate the operations and technologies of acquired businesses in an effective manner; the impact of price and product competition; the dependence on new product development; the impact of the credit risks of our customers and the impact of customer financing and commitments; stock market volatility; the entrance into an increased number of supply and outsourcing contracts which contain delivery and installation provisions, which, if not met, could result in the payment of substantial penalties or liquidated damages; the future success of our strategic alliances; and the adverse resolution of litigation. Unless otherwise required by applicable securities laws, Photonics Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.