SPD Inc. Reports on SPD End-Product Plans and Displays "Smart" Window at Korea Development Bank.

Business Editors

INCHON, Korea--(BUSINESS WIRE)--Oct. 10, 2001

SPD Inc. proudly reports that one of its suspended particle device (SPD) end-products, a "smart" window, has been on display to the public at the Korean Development Bank.

In response to inquiries, SPD Inc. notes that it plans to produce a wide variety of SPD end-products, and expects that the first products it will sell will be architectural windows, automotive products including sunroofs, and certain appliance applications.

As the world's first commercial supplier of SPD light-control film, SPD Inc. also will be selling SPD light-control film to other licensees of Research Frontiers Incorporated (Nasdaq: REFR), the developer of SPD light-control technology for use in a variety of products.

SPD Inc.'s parent company, Hankuk Glass Industries Inc. (KSC:02000.KS), is Korea's largest glass manufacturer and is a licensee of Research Frontiers. SPD Inc. was formed as a separate subsidiary devoted exclusively to the production and sale of SPD light control film and end-products.

SPD technology uses a thin flexible film to regulate the amount of light passing through normally clear glass or plastic, and benefits users of a wide variety of everyday products. SPD Inc. has produced SPD film for various customers, and in December will commence mass-production at its new plant in Inchon, Korea. SPD Inc. will market its film worldwide to companies who will incorporate it into a broad range of their own end-products including SPD "smart" products for automobiles, trains and other vehicles, as well as SPD products for residential and commercial architectural windows, flat panel information displays, appliances, rear-view mirrors, sunvisors, eyewear and optical filters.

Mr. Byoung Chan (B.C.) Lee, Vice President of SPD Inc. noted that "We will not only sell SPD film to other companies around the world licensed to use this technology in their own products, but are also working with other divisions of our parent company, Hankuk Glass Industries, for use in our own end-products. Our initial sales will be in the areas of architectural windows, sunroofs and other automotive products, and appliance applications. We have been working with other licensees of Research Frontiers and we are also working with our own customers which include large automotive and appliance manufacturers, and various customers for architectural windows."

SPD Inc. will be working with other divisions of Hankuk Glass Industries for the production and sale of end-products, including Hankuk Mirror Inc. and Hankuk Sekurit Ltd. for SPD automotive products. Hankuk Sekurit, which is jointly owned by Hankuk Glass Industries and Saint-Gobain of France, currently supplies automotive glass for approximately 2.3 million passenger cars, buses, trucks, subway cars, trains and construction vehicles, and also produces automotive safety glass for use in the replacement market. Hankuk Processed Glass Inc. will also be involved with SPD architectural, automotive, and appliance products. Hankuk Processed Glass currently produces processed, laminated, insulated and tempered glass products for use in architectural, home appliance, and other 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 at http://www.hanglas.co.kr.

To learn more about SPD light-control film and end-products offered by SPD, Inc., please contact Mr. Byoung Chan (B.C.) Lee, Vice President of SPD Inc., by telephone from the U.S. at 011 82 32 819 4671 or by email at [e-mail].