ColorMax Expands Australian Operations.

Business Editors

TUSTIN, Calif.--(BUSINESS WIRE)--Dec. 12, 2000

ColorMax Technologies Inc. (OTCBB:CXTE), the nation's leading color vision enhancement firm, said it has expanded its operations in Australia.

In October of 1999, ColorMax announced a distribution contract with a major eyewear company and a group of professional optometric doctors, located throughout Australia. As a result, ColorMax PTY LTD was formed.

Dr. James E. Bailey, chief executive officer, said ColorMax PTY LTD began operations in 1999 with locations in a few key cities. That number has now increased to 23 Provider locations across the Australian continent.

"We're pleased that we've been able to expand operations into international markets, such as Australia," Bailey stated. He said ColorMax USA has been working hard on developing a delivery system that would be able to meet the growing demand for the firm's color vision enhancement lenses, not only in Australia but other international markets.

Bailey said that ColorMax is working to process lens prescription orders coming in from Australian Providers through ColorMax PTY LTD. He said ColorMax USA is solidly committed to developing other international markets to bring help to color deficient individuals worldwide. ColorMax lenses were featured on Australian television's "Current Affairs" Nov. 24.

The program resulted in more than 400 requests for information.

ColorMax is the only company offering an ophthalmic lens coating technology that is the first product of its kind legally marketed in the United States and other countries as a prescription optical aid indicated for the treatment of congenital red-green color vision deficiencies.

On Nov. 14, ColorMax announced it had acquired exclusive patent rights from the Medical College of Wisconsin to offer genetic-based testing for colorblindness. The new test is the first major improvement in color vision testing in the past 50 years with worldwide application. The totally objective test can consistently classify color vision deficiencies.

As such, it offers a solution to the problem of setting uniform standards in the workplace. The test will be available through ColorMax Providers.

ColorMax Technologies, with headquarters in Tustin, is the nation's leading color vision enhancement company, providing corrective lenses, testing and other products to help color deficient individuals. The firm is committed to increasing public awareness and sensitivity about colorblindness, and to provide help to those individuals who may be limited by this visual handicap.

Forward-Looking Statements

Any of the above statements that refer to the company's estimated or anticipated future results or product performance, are forward-looking and reflect the firm's current analysis of existing trends and information. Actual results may differ from current expectations based on a number of factors impacting ColorMax's business, including new product performance and regulatory processes. There is no guarantee the FDA will ultimately approve any of the company's products currently under review, including its color corrective soft contact lenses. In addition, economic factors, such as interest rates, the state of the economy worldwide, and government laws and regulations can affect overall operations. As a result, the reader is cautioned not to rely on these forward-looking statements. Additional information concerning these factors may be found in news releases, as well as the company's public periodic filings with the Securities and Exchange Commission, and in the company's Form 10-K.