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SI DIAMOND TECHNOLOGY COMPLETES INITIAL PUBLIC OFFERING

 HOUSTON, Feb. 19 /PRNewswire/ -- SI Diamond Technology, Inc. (NASDAQ: SIDT) of Houston ("the company") today announced the successful completion of its initial public offering. At the first closing, a total of 900,000 shares of the company's common stock were delivered to the underwriters and a second closing is anticipated within the 10 days for the 100,000 remaining shares. The common stock is listed for trading on the NASDAQ system (symbol SIDT) and on the Boston and Pacific Stock Exchanges (symbol SDI).
 The company is engaged in the development and commercialization of several diamond film technologies and diamond related products. The company's expertise in diamond and diamond technology has been demonstrated by its receipt of over $3 million in SBIR research grants from various government agencies, and through its development joint venture with Microelectronics and Computer Technology Corporation (MCC), a consortium of 22 Fortune 500 companies (including IBM, Motorola and Hewlett Packard). The MCC joint venture involves a multi-year project to commercialize flat panel display technology based on one of the company's proprietary diamond technologies. The project team is developing a diamond device that makes it possible to produce bright, lightweight, low power, high resolution, flat panel displays a fraction of an inch thick. This device should replace the active matrix liquid crystal displays currently used in color lap top computers and ultimately provide the means for the production of large screen color televisions the thickness of a notebook.
 The company is currently producing diamond coatings in its pilot plant in Houston and has plans to expand its production through the use of the proceeds from this offering.
 -0- 2/19/93
 /CONTACT: Larry King, chief financial officer of SI Diamond Technology, Inc., 713-529-9040, or fax 713-529-1147/
 (SIDT)


CO: SI Diamond Technology, Inc. ST: Texas IN: CPR SU: OFR

TM-LD -- NY004 -- 8278 02/19/93 09:00 EST
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Publication:PR Newswire
Date:Feb 19, 1993
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