New York City, N.Y., January 12, l998 - Projectavision, Inc. (Nasdaq:PJTV) announced today that it has taken its controlled subsidiary, Tamarack Storage Devices, Inc., public through a reverse merger.

As part of the transaction, Manhattan Scientifics Inc., (OTC Bulletin Board: MHTX), a Delaware corporation, formerly known as Grand Enterprises, Inc., acquired 100% ownership of Tamarack. As part of the transaction, Manhattan Scientifics, Inc. raised $1,000,000 through the sale of shares of its common stock, changed its name from Grand Enterprises, Inc. to Manhattan Scientifcs, Inc, appointed a new board of directors and moved its executive offices to New York City. The company also effected an 11 for 1 forward stock split which was effective on January 8, l998, and as a result there are currently 60 million shares outstanding. Projectavision is now the majority shareholder of Manhattan Scientifics, Inc.

Marvin Maslow, chairman of Projectavision, was appointed chairman, chief executive officer and president of Manhattan Scientifics, Inc. Mr. Maslow said, "Our Tamarack initiatives aimed at creating mass data storage products based on holographic storage technology have now moved to an important new level. Our objective in creating this new entity is to provide new capital and access to the capital markets so that we will have sufficient resources to realize the full promise of Tamarack."

"Our goal is to be the first to market with the long sought after holographic recording medium which has the potential to substantially influence the computer data storage industry."

Maslow added, "In anticipation of this effort, we have moved the Tamarack activities from Texas to Los Alamos, New Mexico to be close to the development activities at the Los Alamos National Laboratory."

Manhattan Scientifics, Inc. is a company organized to identify, acquire and commercialize emerging technologies. Among its various activities, Manhattan Scientifics, Inc. is continuing the efforts of Tamarack to design, assemble and sell mass data storage products based on holographic storage technology for the computer, communications and entertainment markets.

Projectavision, Manhattan Scientifics' parent company, is a New York based company in the business of developing and marketing technological innovations in the electronics display and information industries. Projectavision has developed patented and patent pending technologies which significantly enhance projected television and computer images.

The foregoing press release contains forward looking statements, including statements regarding, among other things, about the expectation of Manhattan Scientifics, Inc's future business. These forward looking statements are based largely on the Company's expectations and subject to a number of risks and uncertainties, certain of which are beyond the Company's control. Actual results could differ materially from these forwarding looking statements as a result of a variety of factors including, among others, identifying and commercializing as yet unidentified technologies, completing the research necessary for Tamarack to commercialize holographic storage, and intense competition in general in the data storage business. In light of these risks and uncertainties there can be no assurance that the forward looking statements contained in this press release will in fact transpire or prove to be accurate.