Flight Safety Technologies, Inc. Files for Public Offering.

Business Editors

MYSTIC, Conn.--(BUSINESS WIRE)--Oct. 23, 2003

Flight Safety Technologies, Inc. (OTC:BB - FLST), a developer of technology intended to improve aviation safety and airport capacity, announced today that it has filed a registration statement on Form SB-2 with the Securities and Exchange Commission for a proposed public offering of units (each unit consisting of two shares of FLST common stock and a warrant to purchase one share of FLST common stock). The number of units to be sold in the offering and the offering price will be determined as set forth in the preliminary prospectus. The units will be issued by FLST and it will use the proceeds primarily to accelerate product development and general corporate purposes as set forth in the preliminary prospectus.

The units are expected to be offered on a firm commitment basis to the public through an underwriting group managed by Paulson Investment Company, Inc. The sale to the public is expected to occur in November 2003. A copy of the preliminary prospectus may be obtained from the offices of Paulson Investment Company, Inc., 811 S.W. Haito Pkwy, Suite 200, Portland, Oregon 97204.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Flight Safety Technologies, Inc.

Flight Safety Technologies, Inc. is developing two patented technologies to enhance aviation safety. Project SOCRATES is intended for use at U.S. and international airports to detect and track wake vortex turbulence. UNICORN is under development as an airborne radar to avoid mid-air and ground collisions and is intended for use on general aviation (non-commercial airline) aircraft and unmanned aerial vehicles (UAV) or drone aircraft.

'Safe Harbor' statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements identified by the use of words such as should, believes, plans, goals, expects, may, will, objectives, missions, or the negative thereof, other variations thereon or comparable terminology. Such statements are based on currently available information which management has assessed but which is dynamic and subject to rapid change due to risks and uncertainties that affect our business, including, but not limited to, the impact of competitive products and pricing, limited visibility into future product demand, slower economic growth generally, difficulties inherent in the development of complex technology, new products sufficiency, availability of capital to fund operations, research and development, fluctuations in operating results, and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be forward looking statements. Forward looking statements involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated and we have no duty to update such statements except as required by law.