WOODBURY, NEW YORK, October 1, 1993 -- Research Frontiers Incorporated announced today that it is making available to holders of the Company's publicly traded Redeemable Common Stock Purchase Warrants (the "Warrants"), a Special Exercise Period during which the Company has agreed to reduce the exercise price of each such Warrant from $11.25 to $9.75. During the Special Exercise Period (which runs from October 1, 1993 through December 3, 1993), Warrantholders who exercise each Warrant for $9.75 will receive 1.5 shares of Research Frontiers common stock. In a letter being sent to Warrantholders of record, Robert L. Saxe, President of the Company, noted that this effectively gives Warrantholders the right to purchase each share of common stock for $6.50. The high and low trading price per share of common stock on NASDAQ on September 30, 1993 was $11.00 and $10.50, respectively. After the Special Exercise Period expires at the close of business on December 3, 1993, Warrantholders will not be able to take advantage of this reduced Warrant exercise price.

The Company noted that it had elected to offer this incentive to Warrantholders in order to encourage them to exercise their Warrants before they expire or are called for redemption by the Company. Each Warrant expires on December 17, 1996 and is redeemable on 30 days' notice by the Company at its option for $0.50 per Warrant at any time after December 17, 1993 (or earlier if the closing bid price per share of the Company's common stock on NASDAQ exceeds $16.875 for 10 consecutive trading days). If future market conditions are favorable, the Company indicated its intention to redeem all unexercised Warrants at $0.50 per Warrant.

If all of these Warrants are exercised during the Special Exercise Period, the Company would receive over $6.7 million in gross proceeds (before costs associated with the offering). These funds will be applied toward the continued development of the Company's suspended particle device (SPD) technology, and for working capital purposes. Since the Company has no debt to pay off, these funds will also be a positive step towards the Company meeting the requirements for listing on the NASDAQ National Market System.

Warrantholders may exercise their Warrants during the Special Exercise Period by completing the information on the back of their Warrant certificate and sending it, along with a check made payable to Research Frontiers Incorporated for the exercise price, to:

Continental Stock Transfer & Trust Company
Two Broadway, 19th Floor
New York, New York 10004
Attention: Compliance Department

If Warrants are held in "street" name through a bank, broker or other nominee, Warrantholders are urged to contact them for instructions as to the proper procedure for exercising Warrants during the Special Exercise Period. Questions may also be directed to Joseph Harary, Research Frontiers' Vice President and General Counsel, at (516) 364-1902.

NASDAQ: REFR
BOSTON STOCK EXCHANGE: RFR

COMPANY CONTACTS:
Robert L. Saxe, President
Joseph M. Harary, Vice President and General Counsel
(516) 364-1902