Research Frontiers: Hanglas SPD Inc. Division Expands Production Capacity and Acquires New Factory Devoted to High Volume Production of SPD Film and End Products.

Business Editors

SEOUL, Korea & WOODBURY, N.Y.--(BUSINESS WIRE)--April 12, 2001

SPD Inc., a subsidiary of Korea's largest glass manufacturer, Hankuk Glass Industries Inc. (KSC:02000.KS), and Research Frontiers Incorporated (Nasdaq: REFR), the developer and licensor of fast-responding SPD light-control technology, jointly announced today that SPD Inc. has acquired a new factory located in Inchon, Korea which will be dedicated exclusively to the production of suspended particle device (SPD) light-control film and a wide variety of end-products using SPD film. Construction of the new factory building has already been completed, with high-capacity equipment expected to be installed, tested, and fully operational shortly. SPD Inc. expects mass production of both SPD film and end-products by this factory to occur this year.

In addition to supplying SPD film to Research Frontiers' other licensees, the new factory intends to produce a wide variety of SPD products under Hanglas' license with Research Frontiers. These products could include SPD "smart" windows for automobiles, trains, aircraft, and boats, as well as for residential and commercial architectural window applications, appliances, optical filters, and flat panel information displays including large area displays such as scoreboards, road and traffic signs, digital clocks, and logographs.

Hanglas' SPD Inc. subsidiary expands Hankuk's present SPD production capacity significantly. The new SPD factory will be able to produce about 35 tons per year of the basic SPD materials used to make SPD light-control film. Seong Man Kim, President of Hankuk Glass Industries' Flat Glass Division and a Director of SPD Inc. indicated that "While we can outsource additional capacity once demand for this factory's production exceeds the capacity of our coaters, we will probably build similar factories in various locations throughout the world to add further capacity to meet the growing demand we see worldwide for SPD film and end products."

SPD technology allows you to instantly and precisely control how clear or dark glass or plastic is, and adjust its light transmission by either turning a knob or having the device automatically adjust itself. This is made possible by a thin film laminate located either in between or affixed to the outside of glass or plastic sheets. This flexible film uses SPD light-control technology invented by Research Frontiers and by Hankuk Glass Industries. SPD technology is licensed by Research Frontiers to a growing number of companies in various industries, and is covered by more than 350 patents and patent applications held by Research Frontiers worldwide.

Robert L. Saxe, President of Research Frontiers, noted: "While our licensees have typically been working in their existing factories to produce SPD emulsions, films, and final end-products, this marks the first time that a separate factory is being established just to produce and sell SPD end-products and film. From our viewpoint, this marks a momentous event!"

Research Frontiers' suspended particle device (SPD) technology for controlling light has many applications, including "smart" windows for homes and buildings, skylights and interior partitions. A smart window using SPD film enables users to instantly and precisely control the amount of light passing through the window, providing relief from glare or heat without blocking view, while also enabling privacy whenever desired, protection from UV damage, promotion of energy conservation, and other benefits. SPD products can be controlled either automatically (by means of a photocell or other sensing or control device) or adjusted manually by the user by turning a knob. In automotive vehicles, SPD-smart products can include windows, sunroofs, sunvisors, rear-view mirrors, instrument panels and navigation systems. In aircraft, replacing existing window shades with SPD film can improve passenger satisfaction and comfort, while also reducing fuel consumption, maintenance, downtime and cost of operation. SPD eyewear products - sunglasses, sport goggles such as ski goggles, and visors - will continuously and instantly control glare to the degree needed. In the flat panel display industry, SPDs may be used in products such as laptop computers, cell phones, and handheld devices such as PDAs - Personal Digital Assistants, with significant performance and cost advantages over current technologies. In advertising, promotion, and retail sales environments, SPD displays offer advantages, bringing large, thin, flexible yet changeable displays to stores, store windows, point-of-purchase displays, billboards, truck sidings, road signs, and other signage applications.

About SPD Inc. and Hankuk Glass Industries Inc.

SPD Inc. is a subsidiary of Hankuk Glass Industries Inc. which is the parent company of the Hanglas Group, which employs over 1,800 people and is Korea's largest flat glass manufacturer with 2000 sales of 639.1 billion Korean won (US$485 million). Additional information about Hankuk Glass Industries Inc. and their work with SPD technology can be found on the Internet at http://www.hanglas.co.kr/eng/product/specialty/spd/default.htm.

About Research Frontiers Incorporated

Research Frontiers has licensed the following companies to use its patented suspended particle device (SPD) light-control technology in emulsions, film, or end-products:

- AP Technoglass - North America's leading automotive glass and sunroof glass
supplier and a subsidiary of Asahi Glass Co., Ltd., the world's largest
automotive glass supplier;

- Dainippon Ink and Chemicals Incorporated-the world's largest manufacturer of
organic pigments;

- Film Technologies International, Inc.-a leading worldwide manufacturer of
solar control, safety and security window films for use on motor vehicles,
homes and commercial buildings.

- General Electric Company (NYSE: GE);

- Glaverbel, SA of Belgium - majority-owned by Asahi Glass, one of the world's
leading automotive glass manufacturing companies;

- Global Mirror GmbH & Co. KG - the world's largest manufacturer of commercial
vehicle mirror systems;

- Hankuk Glass Industries Inc. - Asia's largest flat glass producer (outside of
Japan);

- Hitachi Chemical Co., Ltd.- majority-owned and part of Hitachi Ltd.;

- InspecTech Aero Service, Inc.- provides aerospace component design,
production, marketing, and distribution to both the OEM and aftermarket
industry segments including the Fortune 10 Aerospace Corporations in the U.S.;

- Material Sciences Corporation - the world's second-largest producer of
specialty window films (NYSE: MSC);

- Polaroid Corporation-the worldwide leader in instant imaging and a supplier
of instant photographic cameras and films; digital imaging hardware, software
and media; secure identification systems; and sunglasses to markets worldwide
(NYSE: PRD);

- ThermoView Industries, Inc. - a leading integrator of businesses and
technologies within the replacement window industry (AMEX: THV);

- Vision Ease Lens - the world's largest producer of polycarbonate lenses which
is owned by BMC Industries, Inc. (NYSE: BMM)

Research Frontiers is a technological leader in the development and licensing of suspended particle devices (SPDs)-electrically operated light-control devices using proprietary particle suspensions and films. SPD technology permits light transmission to be electrically controlled instantly, either automatically (by means of a photocell or other sensing or control device) or adjusted manually by the user. Research Frontiers' proprietary SPD technology enables users to control the amount of light passing through windows, skylights, eyewear (including prescription and non-prescription sunglasses and sports goggles), automotive sunroofs, sunvisors and rear-view mirrors, as well as enabling brighter easier to read flat panel information displays for use in computers, television, telephones and other electronic instruments and products. Research Frontiers currently has agreements in effect covering smart windows, automotive mirrors and sunvisors, eyewear, displays and other products with major international corporations and holds or has rights in over 365 patents and patent applications on SPD technology throughout the world. Licensees of Research Frontiers who incorporate SPD technology into end products will pay Research Frontiers a royalty of 5-10% of net sales of licensed products under license agreements currently in effect. Research Frontiers' common stock trades on the Nasdaq National Market under the symbol "REFR." Additional information about Research Frontiers can be found on the Internet at http://www.refr-spd.com.

Note: From time to time the Company may issue forward looking statements which involve risks and uncertainties. This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ and are not guaranteed. Any forward looking statements should be considered accordingly.