Concord Camera Corp. Receives Prestigious "DIMA Innovative Digital Product Award".

Business and Technology Editors

HOLLYWOOD, Fla.--(BUSINESS WIRE)--March 15, 2002

Concord Camera Corp. ("Concord" or the "Company") (NASDAQ:LENS) today announced it received a prestigious Innovative Digital Product Award for the Concord Eye-Q(TM) IR Digital Camera from the Digital Imaging Marketing Association ("DIMA") at the Photo Marketing Association trade show held in Orlando, Florida, the week of February 24, 2002.

DIMA's Innovative Digital Product Awards are presented annually to those products which utilize new technologies and/or applications in such a way as to make a product either unique or the first of its kind. The product must be of high quality and demonstrate that it is likely to be an influence on the future of digital imaging.

Commenting on the award, Ira B. Lampert, Concord's Chairman, Chief Executive Officer and President, said, "We are very proud that our Concord Eye-Q(TM) IR Digital Camera has been recognized for its application of innovative technology. We believe that the Concord Eye-Q(TM) IR and other digital products in our developmental pipeline, which combine digital image capture technology and wireless transmission of images and connectivity, represent a significant future trend of digital image capture and transmission. Many companies have talked about wireless transmission of digital images. We are proud to be one of the first companies that has successfully commercialized a product that can transmit an image without a computer as an intermediary.

"Our cooperation with Nokia Mobile Phones Ltd. ("Nokia"), a world leader in mobile communications, in developing the Concord Eye-Q(TM) IR demonstrates Concord's capabilities and acceptance as a global leader in digital image capture and wireless transmission. The Concord Eye-Q(TM) IR is an example of Concord leveraging its technology, including its design, engineering and product development expertise, and adding value to its partners' products in the marketplace. We expect to continue to develop innovative technology and products like the Concord Eye-Q(TM) IR with industry leaders and leverage our growing digital image capture and wireless transmission technology expertise for the benefit of both our partners and our Company."

The compact Concord Eye-Q(TM) IR still digital camera uses wireless technology to transfer images to Nokia's integrated mobile multimedia device, the Nokia 9210 Communicator. Concord's still digital camera, known as the Concord Eye-Q(TM) IR is the result of a joint development effort by Concord and Nokia, with Concord providing the engineering, design and manufacturing and Nokia contributing to the camera-communicator connectivity and user interface. The Concord Eye-Q(TM) IR is co-branded with Nokia, and has been bundled with the Nokia Communicator. The Concord Eye-Q(TM) IR is manufactured for Nokia exclusively by Concord at Concord's ISO 9002 certified manufacturing facility located in the People's Republic of China. The still digital camera is also marketed independently by Concord through its own retail sales and distribution business and network.

The Nokia 9210 Communicator is an integrated full service mobile communications terminal combining phone, fax, email, calendar, imaging, WAP and WWW. The Concord Eye-Q(TM) IR provides the Nokia 9210 Communicator with the functionality of wireless image capture and transmission. The still digital camera features IrDA wireless image transmission, USB connectivity, image storage in internal flash memory and a removable MMC card, and advanced CMOS imaging by Agilent Technologies, Inc. via a 640 x 480 true VGA resolution sensor. This highly integrated CMOS active pixel sensor offers excellent image quality with low power consumption, low dark current, high sensitivity and anti-blooming characteristics - in other words, better pictures. Agilent Technologies, Inc. is the world's leading designer, developer, manufacturer and provider of communications components as well as electronic and optical test, measurement and monitoring instruments, systems and solutions.

About Concord Camera Corp.

Concord Camera Corp. is a global developer, designer, manufacturer and marketer of high quality, low cost, digital, instant, Advanced Photo System (APS), and 35mm format cameras and 35mm, APS, and instant format single-use cameras. Concord markets its cameras under the trade names CONCORD(R), KEYSTONE(R), CONCORD EYE Q(TM), LE CLIC(R), GOLDLINE(R), APEX(R), and ARGUS(R). Today, Concord is one of the world's leaders in the single-use camera category, one of the fastest growing segments of the camera market, and the largest producer of single-use cameras in the world in the private label, corporate premium and original equipment manufacturer segments of the industry. Concord sells and markets its camera products worldwide through direct sales offices in the United States, Canada, Germany, Hong Kong, the United Kingdom and France and through independent sales agents. Concord manufactures its products in its expansive, vertically integrated manufacturing facilities in the Peoples Republic of China, which includes a class 10,000 "clean room" digital technology manufacturing and assembly facility.

This press release contains statements that are "forward-looking statements" within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent only our present belief regarding future events, many of which, by their nature, are inherently uncertain and involve risks and uncertainties. Concord's actual results could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in Concord's filings with the Securities and Exchange Commission, some of which are summarized under the caption "Risk Factors" in Concord's Annual Report on Form 10-K for the fiscal year ended June 30, 2001 and subsequently filed reports. In particular, timely introduction of Concord's new digital cameras will require satisfactory completion of Concord's development effort and initiation of full-scale production. Furthermore, terrorist attacks in New York and Washington, D.C. in September of 2001 have disrupted commerce throughout the United States and other parts of the world. The continued threat of terrorism within the United States and abroad and the potential for military action and heightened security measures in response to such threat may cause significant disruption to commerce throughout the world. To the extent that such disruptions result in delays or cancellations of customer orders, a general decrease in consumer spending, or Concord's inability to effectively market and sell Concord products, Concord's business and results of operations could be materially and adversely affected. Concord is unable to predict whether the threat of terrorism or the responses thereto will result in any long-term commercial disruptions or if such activities or responses will have a long-term material adverse effect on Concord's business, results of operations or financial condition. Additionally, any forward-looking statements represent Concord's estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While Concord may elect to update forward-looking statements at some point in the future, Concord specifically disclaims any obligation to do so, even if Concord's estimates change.