ColorMax Appoints New Chief Financial Officer.

Business Editors and Health/Medical Writers

TUSTIN, Calif.--(BW HealthWire)--May 30, 2000

ColorMax Technologies, Inc., (OTCBB:CXTE), the premier color vision enhancement company, Tuesday announced the appointment of Richard R. Milewski as chief financial officer.

"Given our encouraging first operating quarter results, strong cash position and accelerating second quarter orders, we needed a person with strong financial leadership like Richard Milewski to take ColorMax to its next stage of development," said Dr. Donald H. Hansen, O.D., president & CEO. "We are fortunate to have him join ColorMax as a key member of our management team."

Milewski's financial background with private and publicly traded companies includes working as division controller for Litton Industries (NYSE:LIT); director of planning for the Coca-Cola Bottling Co. of Los Angeles, and treasurer of Petrolane, Inc.

As CFO at Willard Marine Inc., he assisted the company in a repurchase of its own stock to become a private company, and as CFO for Rancho Industries helped orchestrate that company's acquisition by Monroe, a division of Tenneco (NYSE:TEN). He also served as chief administrative officer at D.W. McCasland, Inc.

"These are exciting times for ColorMax, and I am pleased to have a chance to help grow the company," Milewski said. "As we move toward becoming a fully listed security, our focus is on executing both short- and long-term strategies that we believe will make ColorMax an outstanding investment for both current and potential shareholders.

"We plan to grow both internally and through acquisition as well," Milewski continued. "Among the many opportunities we are considering is the possibility of a secondary offering to help fuel that growth."

ColorMax Technologies has the first and only FDA cleared product with the ability to capture a virtually untapped product market in excess of $15 billion worldwide and $5 billion in the United States alone. Its ColorMax(R) Color Vision Enhancement Lenses offer a unique and effective aid for colorblindness, a condition that affects more than 12 million Americans and 250 million people worldwide.

ColorMax currently has 78 doctor providers in the United States with 35 of those practitioners coming on board during the month of May alone.

The company recently announced that it was to begin production of its new ColorMax(R) Color Vision Enhancement Soft Contact Lenses to aid colorblind individuals and effected a forward 2 for 1 split of its common stock at the beginning of the year.

This release contains forward-looking statements with respect to the results of operations and business of ColorMax Technologies, Inc., that involves risks and uncertainties. The company's actual future results could materially differ from those discussed herein. Risks and uncertainties of the company will be detailed from time to time in the company's periodic reports. The company intends that such statements about the company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to "safe harbors" provision of the Private Securities Litigation Reform Act of 1995.