New York, NY (December 8, 1999) – Manhattan Scientifics, Inc. (OTC BB: MHTX) announced today that it has filed a Form 10-SB registration statement with the U.S. Securities and Exchange Commission (SEC). The disclosure will be publicly available on the SEC’s Web site at www.sec.gov. In connection with the filing of the registration statement, Richard A. Eisner & Company, LLP completed its audit of Manhattan Scientifics for the year ended December 31, 1998. The Form 10-SB registration includes unaudited statements for the nine months ended September 30, 1999. The Form 10-SB will be under review by the SEC and must clear comments to become effective.

On January 4, 1999, the SEC ratified amendments to NASD rules 6530 and 6540 restricting OTC Bulletin Board listing and quotation to the securities of companies that report current financial information to the SEC, insurance or banking regulation authorities. For Manhattan Scientifics to comply with the new NASD eligibility requirements, and continue to be listed on the OTC Bulletin Board, the SEC must come to a position of no further comment on the Form 10-SB filing by February 9, 2000. The new NASD eligibility rules and implementation schedule are available for public review via the OTC Bulletin Board web site at www.otcbb.com

"The completion of our audit and the filing of the Company’s Form 10-SB registration statement with the SEC represent significant public market events for our Company," stated Marvin Maslow, chief executive officer, Manhattan Scientifics, Inc. "Full reporting status is very important to us during our next phase of growth. As a reporting company, we hope to attract institutional and professional investors. This helps us in continuing to concentrate on building a financially strong company through the commercialization of our technologies."

Manhattan Scientifics owns the patent to MicroFuel Cell™ technology, which was just named a winner of INDUSTRYWEEK Magazine’s 1999 Technology and Innovations Award. The technology uses methanol to power cellular phones and other portable electronics. Further information on the Award and MicroFuel Cell technology, is featured in the magazine’s December 6 issue and can be accessed online at www.industryweek.com/tech&innovation or at the Manhattan Scientifics Web site, www.mhtx.com.

Manhattan Scientifics, Inc. is a technology incubator that seeks to acquire, develop and market life-enhancing technologies in various fields of endeavor, with an emphasis on the area of consumer and commercial electronics. These include MicroFuel Cell technology for portable electronic devices, NovArs mid-power-range fuel cell technology, holographic media for data storage and an option to license the worldwide consumer rights to an efficient nanoporous polymer water filtering technology. Its research facilities are in Los Alamos, NM, and its executive office is located in New York City. Copies of Manhattan Scientifics press releases, current quotes, stock charts and other information for investors may be found on the Web sites www.mhtx.com and www.hawkassociates.com. For further information, contact Manhattan Scientifics CEO Marvin Maslow, (917) 923-3300. The business address of Manhattan Scientifics Inc. is 641 5th Avenue, New York, N.Y. 10022; (212) 752-0505/Fax (212) 752-0077.

The foregoing press release contains forward-looking statements, including statements regarding the company's expectation of its future business. These forward looking statements are based largely on the company's expectations and are subject to a number of risks and uncertainties, such as successfully completing the research and development with respect to the MicroFuel Cell and other technologies, successfully commercializing the MicroFuel Cell and holographic storage devices for mass production, successfully protecting the company’s patents, and effective significant industry competition from various entities whose research and development, financial, sales and marketing and other capabilities far exceeds the company’s. In light of these risks and uncertainties there can be no assurances that the forward-looking statements in this press release will in fact transpire or prove to be accurate.