WOODBURY, N.Y., April 24, 1997 -- Korea's largest flat glass company, Hankuk Glass Industries Inc., has announced to the media that it expects to demonstrate this year the commercial feasibility of a wide variety of products using Research Frontiers' suspended particle device (SPD) technology for the control of light. Hankuk's President, Kim Sung Man, said that Hankuk forecasts rapid expansion of the demand for SPD smart windows because of their excellent protection from ultraviolet radiation in sunlight, as well as their ability to efficiently vary the amount of light transmission. Hankuk plans to commercialize a wide range of SPD products and to establish new production facilities next year.

Hankuk Glass Industries is Korea's largest flat glass company with various joint ventures around the world. In 1990, Hankuk entered into a license with Research Frontiers covering SPD smart windows, and has reported spending approximately 2 billion Won (approximately $2.3 million) to successfully develop film for SPD smart windows. SPD smart windows permit light transmission to be electrically controlled instantly either automatically or by the user. Earlier this month, Research Frontiers and Hankuk Glass Industries entered into a new expanded license agreement which permits Hankuk to produce and sell throughout the world a wide range of products using SPD technology, including architectural windows, skylights, transportation vehicle windows for cars, boats, trains, aircraft and spacecraft, and sunroofs, as well as information displays for all types of products such as computers, televisions, beepers, cellular and other telephones, scientific instruments, toys, and contrast enhancement/glare reduction filters. Hankuk's license also permits them to sell automotive sun visors and rear-view mirrors as original equipment for cars manufactured in Korea.

SPD smart windows will compete for a share of the estimated 12 billion square feet of flat glass produced worldwide each year, and also provide significant retrofit opportunities. SPD smart windows can provide controllable degrees of light transmission with little or no haze when activated. When used in conjunction with low-E glass which reflects heat and other commercially available materials, SPD smart windows will also block ultraviolet light and promote energy efficiency. This will not only save energy but will also reduce fading of rugs, pictures, furniture and other materials which are exposed to sunlight.

Robert L. Saxe, President of Research Frontiers, stated that "We are extremely pleased with Hankuk's product introduction timetable and with their fine and diligent efforts to commercialize products using our SPD technology." Mr. Saxe noted that prototypes of some of Hankuk's SPD products in operation can be viewed on Research Frontiers' Internet web site at http://www.refr-spd.com.

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COMPANY CONTACTS:
Robert L. Saxe, President
Patricia A. Bryant, Manager of Investor Relations
(516) 364-1902 (888) SPD-REFR