Rad Source Signs Exclusive Agreement for Advanced Radiation Technology.

Business Editors/Health & Medical Writers

BOCA RATON, Fla.--(BUSINESS WIRE)--March 21, 2002

Rad Source Technologies, Inc. (OTCBB:IRAD) today announced that it has entered into an exclusive agreement to commercialize certain electron beam technology developed and produced by The Russian Federal Nuclear Center - All-Russian Research Institute of Experimental Physics ("VNIIEF"). This agreement provides Rad Source the exclusive right to the ARSA electron beam technology ("ARSA") for certain major markets including North and South America, the European Union, Japan, and Africa, among others.

"This technology is very appealing since it has the potential of allowing us to produce very high dose, self-shielded irradiation equipment in a package about the size of a small refrigerator and plugged into a 220 outlet," stated Randol Kirk, President. He added, "In our experience, we have not seen any equipment comparable in size, cost and performance and believe it can be adapted for on-site irradiation for a variety of possible applications such as medical equipment sterilization, polymer cross-linking, mail irradiation, and flash sterilization in surgery suites."

Under the agreement VNIIEF is to supply to Rad Source two ARSA electron beam units for Rad Source to use to develop and produce high-dose irradiation application equipment over the following year. After the first year, Rad Source will then be required to utilize a minimum number of ARSA components in order to maintain exclusivity. The first ARSA units are anticipated to be delivered to Rad Source in May, 2002.

About Rad Source Technologies, Inc.

The Company is in the business of developing and selling non-radioactive source irradiation products for medical, scientific and industrial use. Its primary products, currently used by research facilities and health care institutions, substitute friendlier, non-radioactive radiation for highly regulated radioactive-isotope based equipment. The Company developed and holds a patent on the RS 3000 Blood Irradiator in the U.S. The Company's research and product development efforts include non-radioactive source radiation for various industrial applications and food irradiation.

About VNIIEF

VNIIEF was established in 1946 to implement the Russian Atomic Project. It is wholly accountable to the federal government of Russia through the Ministry of the Russian Federation for Atomic Energy and is the premier research laboratory of the Russian nuclear weapons program. VNIIEF is the largest research center in Russia, employing approximately 9,000 scientists and 4,000 production workers. Its U.S. counterpart is Los Alamos National Laboratory together with Sandia National Laboratories.

Except for the historical information contained herein, the matters discussed in this news release may contain forward-looking statements made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties. Among the key risks, assumptions and factors that may affect operating results, performance and financial condition are the Company's inability to commercialize its technology, ability to continue and manage its growth, to develop infrastructure to sustain growth, risks associated with potential acquisition, liquidity and other capital resources issues including the ability to raise necessary capital, competition, uncertain development of new markets for irradiation equipment, risks of obtaining appropriate regulatory approvals for products, and the other factors discussed in detail in the Company's filings with the Securities and Exchange Commission.