WOODBURY, NEW YORK, May 26, 1994 -- Research Frontiers Incorporated announced today that it is calling for redemption the Company's publicly traded Redeemable Common Stock Purchase Warrants (the "Warrants"). Under the terms of the Warrants, Warrantholders will have until the close of business on June 27, 1994 in which to exercise any Warrants held by them. Each Warrant is exercisable into 1.875 shares of Research Frontiers' common stock at an exercise price of $11.25 per Warrant. In a letter being sent to Warrantholders of record, the Company noted that this effectively gives Warrantholders the right to purchase each share of common stock for $6.00. The closing bid and offer price per share of the Company's common stock on NASDAQ on May 25, 1994 was $9.50 and $10.00, respectively, after the Company announced a major agreement with Saint-Gobain Vitrage International SA relating to smart windows using the Company's proprietary suspended particle device (SPD) technology. After the redemption notice period expires on June 27, 1994, all Warrants shall be cancelled by the Company and each Warrantholder who has not exercised their Warrants by then will receive $0.50 per Warrant from the Company.

The Company noted that it had elected to redeem its Warrants because they are substantially in-the-money and that redemption would encourage Warrantholders to exercise their Warrants during the redemption notice period before they are redeemed by the Company on June 27th. As there are only 224,133 Warrants currently outstanding, shares issued upon exercise of these Warrants would represent approximately 4.6% of the total number of outstanding shares of common stock of the Company. Thus, if all of these Warrants are exercised prior to redemption, the Company would receive over $2.5 million in gross proceeds (before costs associated with the offering) with very little dilution to the holders of the Company's common stock. These funds will be applied toward the continued development of the Company's 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 prior to redemption 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 prior to redemption. 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