WOODBURY, NEW YORK, October 23, 2000 - Research Frontiers Incorporated (Nasdaq: REFR), the developer and licensor of SPD light-control technology, announced today that its Board of Directors has implemented a program to formally acknowledge its licensees that are the first to sell in commercial quantities SPD emulsion, film and end-products. The recipient of the award for each of these three categories will receive warrants to purchase up to 10,000 shares of common stock of Research Frontiers, which may be distributed by each award recipient as it sees fit. In addition, Research Frontiers will make a $10,000 donation to such award recipient’s designated charity.

Robert L. Saxe, President of Research Frontiers, noted: "Our licensees have worked very hard to prepare for the commercialization of SPD technology. Developing production capabilities for any new technology is a monumental task. This program is one way that we can tangibly show our sincere appreciation to those that are first to market and recognize them and the teams of their employees working to commercialize SPD technology."

There are three categories of licensees in the SPD supply chain infrastructure. The first category are companies which are licensed to make and sell SPD emulsions to other licensees of Research Frontiers. The second part of the supply chain, the SPD film manufacturers, will then turn these emulsions into SPD light-controlling film. These licensees are authorized under their license agreements with Research Frontiers to sell such SPD film for use in end-products. The third and final link in the supply chain are Research Frontiers’ licensees who are authorized to make a variety of specific end-products using Research Frontiers’ patented SPD technology. The ten companies currently licensed by Research Frontiers which are listed below, as well as new licensees, will be eligible to receive this award.

Joseph M. Harary, Research Frontiers’ Executive Vice President and General Counsel, commented: "Due to our relationship with our licensees, Research Frontiers cannot comment specifically on the status and plans of its licensees. However, our licensees have achieved certain significant milestones such as the delivery of SPD emulsion, film and product samples, field evaluation of such product samples by our licensees’ customers, licensee participation at trade shows, and the quoting of pricing and other production information to interested customers. Because of these and other milestones achieved by our licensees, our Board felt that it was now an appropriate time to implement this award program."

Research Frontiers’ suspended particle device (SPD) technology for controlling light has many applications, including "smart" windows for homes and buildings, skylights and interior partitions. A smart window using SPD film enables users to instantly and precisely control the amount of light passing through the window, providing relief from glare or heat without blocking view, while also enabling privacy whenever desired, protection from UV damage, promotion of energy conservation, and other benefits. SPD products can be controlled either automatically (by means of a photocell or other sensing or control device) or adjusted manually by the user by turning a knob. In automotive vehicles, SPD-smart products can include windows, sunroofs, sunvisors, rear-view mirrors, instrument panels and navigation systems. SPD eyewear products - sunglasses, sport goggles such as ski goggles, and visors - will continuously and instantly control glare to the degree needed. In the flat panel display industry, SPDs may be used in products such as laptop computers, cell phones, and handheld devices such as PDAs - Personal Digital Assistants, with significant performance and cost advantages over current technologies.

Michael LaPointe, Research Frontiers’ Director of Marketing for Architectural Windows and Displays, commented, "Our licensees have invested substantially in preparing to supply the world with SPD products. As they take the next steps, we plan to augment their commercialization and marketing programs in a synergistic way. For example, our ‘Experience the View of the Future’ North American tour beginning this month will continue to raise public awareness of the benefits of SPD technology in a variety of applications. Market research, general advertising, conference participation, and other programs are also underway."

About Research Frontiers Incorporated

Research Frontiers has licensed the following companies to use its patented suspended particle device (SPD) light-control technology in emulsions, film, or end-products:

• Dainippon Ink and Chemicals Incorporated-the world’s largest manufacturer of organic pigments
• General Electric Company (NYSE: GE);
• Glaverbel, SA of Belgium-majority-owned by Asahi Glass, one of the world’s leading automotive glass manufacturing companies;
• Global Mirror GmbH & Co. KG-the world’s largest manufacturer of commercial vehicle mirror systems;
• Hankuk Glass Industries Inc.-Asia’s largest flat glass producer (outside of Japan);
• Hitachi Chemical Co., Ltd.-majority-owned and part of Hitachi Ltd.;
• Material Sciences Corporation-the world’s second-largest producer of specialty window films (NYSE: MSC);
• Polaroid Corporation-the worldwide leader in instant imaging and a supplier of instant photographic cameras and films; digital imaging hardware, software and media; secure identification systems; and sunglasses to markets worldwide (NYSE: PRD);
• ThermoView Industries, Inc.-a leading integrator of businesses and technologies within the replacement window industry (AMEX: THV);
• Vision Ease Lens-the world’s largest producer of polycarbonate lenses which is owned by BMC Industries, Inc. (NYSE: BMC).

Research Frontiers is a technological leader in the development and licensing of suspended particle devices (SPDs)–electrically operated light-control devices using proprietary particle suspensions and films. SPD technology permits light transmission to be electrically controlled instantly, either automatically (by means of a photocell or other sensing or control device) or adjusted manually by the user. Research Frontiers’ proprietary SPD technology enables users to control the amount of light passing through windows, skylights, eyewear (including prescription and non-prescription sunglasses and sports goggles), automotive sunroofs, sunvisors and rear-view mirrors, as well as enabling brighter easier to read flat panel information displays for use in computers, television, telephones and other electronic instruments and products. Research Frontiers currently has agreements in effect covering smart windows, automotive mirrors and sunvisors, eyewear, displays and other products with major international corporations and holds or has rights in over 350 patents and patent applications on SPD technology throughout the world. Licensees of Research Frontiers who incorporate SPD technology into end products will pay Research Frontiers a royalty of 5-10% of net sales of licensed products under license agreements currently in effect. Research Frontiers’ common stock trades on the Nasdaq National Market under the symbol "REFR." Additional information about Research Frontiers can be found on the Internet at http://www.refr-spd.com.

Note: From time to time the Company may issue forward looking statements which involve risks and uncertainties. This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ and are not guaranteed.  Any forward looking statements should be considered accordingly.

For Immediate Release

For further information, please contact:

Research Frontiers Incorporated
Robert L. Saxe, President
Patricia A. Bryant, Manager of Investor Relations
516-364-1902
info@refr-spd.com

Media Relations:
Stacy Calder
Mindstorm Communications
212-320-2125
scalder@mindstormcomm.com