New York City, NY, May 23, 2000 - Manhattan Scientifics, Inc. announced today that the Securities and Exchange Commission (SEC) has completed its review of the company's Form 10-SB and reached a position of "no further comment," a necessary step to restoring the company's listing on the Over the Counter Bulletin Board (OTC BB). The company indicated that it has already moved to restore its listing on an expedited basis.

Marvin Maslow, CEO of Manhattan Scientifics, said "I am very pleased to report that the SEC has no further comment on our Form 10-SB. Our accounting and legal teams have been working for many weeks to respond to SEC comments made in response to our filing. Now that there are no further comments, the company is able to pursue relisting on the OTC BB. We have taken steps to do so as soon as the NASD will allow."

Manhattan Scientifics was temporarily delisted from the OTC BB and placed on the Pink Sheets on February 9, 2000 because the SEC had not yet finalized its review of the company's Form 10-SB. February 9 was a deadline imposed upon certain OTC BB companies based upon the alphabetical listing of their trading symbols as based on NASD rule amendments. Manhattan Scientifics' Form 10-SB was filed on December 7, 1999, more than 60 days prior to the deadline.

Manhattan Scientifics, Inc. is developing and commercializing proprietary technologies in the advancement of consumer and commercial electronics including MicroFuel Cell technology and holographic media for data storage and Internet-based image management. The Company is also developing nanoporous polymer filtering technologies. Manhattan Scientifics' research headquarters are located in Los Alamos, NM. Executive offices are in New York City. Copies of Manhattan Scientifics press releases, current quotes, stock charts and other information for investors may be found on the websites www.mhtx.com and http://www.hawkassociates.com. For further information contact Manhattan Scientifics CEO Marvin Maslow (212) 752-0505 or Investor Relations; Frank Hawkins (305)852-2383. Manhattan Scientifics' business address is 641 Fifth Avenue, New York, N.Y. 10022.

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, certain of which are beyond the company's control. Actual results could differ materially from these forward-looking statements as a result of a variety of factors. These include but are not limited to, successfully completing the research and development with respect to the MicroFuel Cell and other technologies, successfully commercializing the fuel cells and holographic storage devices for mass production, successfully protecting the company's patents, and effective significant industry competition from various entities whose 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.