Los Alamos, NM February 27, 2002 - Manhattan Scientifics, Inc. (MHTX) announced today that its Novint Technologies unit has continued to develop sufficient sales revenue to be financially self-reliant. Novint has recently received a contract to develop a touchable virtual interior of an automobile. This is the beginning of Novint's penetration into the automotive industry, which is potentially a large market for its touchable software system. Another company is currently evaluating utilizing the technology for automobile tire design and evaluation. Manhattan Scientifics is the largest outside shareholder of Novint and licenses Novint's technology in certain fields.
This most recent contract is Novint's sixth funded contract. Novint continues to work in the oil and gas exploration industry. The e-Touch software significantly reduces the time it takes to interpret 3D data while enabling a geophysicist to feel as well as see sub-surface structures. In his February 25 speech, President George Bush said, "Technologies will also enable us to preserve our environment as we explore." Novint believes that its technology will help support this. Novint is also working on architectural layout and terrain visualization applications where users can literally reach into an environment and manipulate it as easily as we interact with everyday objects. A user can arrange pieces of furniture in a room by picking them up or move buildings around in a terrain as easily as a child plays with wooden blocks. Another of Novint's primary focus areas is in medical training. With Novint's software a surgeon can accurately and realistically experience what a medical procedure feels like before ever touching a living patient. This allows doctors to learn the feel of procedures realistically, practice a procedure many times with no additional cost, learn on differing body types or with various complications, and ultimately be graded with an industry gold standard.
Tom Anderson, CEO of Novint, said, "This latest contract is indicative of the movement within our organization to sustain ourselves with our own revenue and to become less reliant on capital infusions from Manhattan Scientifics and outside investors."
Manhattan Scientifics CEO Marvin Maslow said, "Novint's technology was born within the Sandia National laboratories, where more than five-years were invested to create computer images that are touchable and lifelike. After licensing the technology from Sandia, our initial cash investment into Novint was $1.5 million. They have made excellent progress toward developing a commercially successful business.
"In the meantime, our discussions with potential partners for Manhattan Scientifics' fuel cell activities are continuing. We are pleased with the progress of these talks," Maslow said. Maslow noted that in his Feb. 25 remarks President Bush said, "Fuel cells are the wave of the future. Fuel cells offer incredible opportunities."
Manhattan Scientifics, Inc. (www.mhtx.com) is located in New Mexico, New York and Montreal. It is focused on technology transfer and commercialization of disruptive technologies in the nano medicine space. The company is presently developing commercial medical prosthetics applications for its ultra-fine grain metals and plans to commercialize the cancer research work and nano medical applications developed by Senior Scientific LLC, a unit of the Company.
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements.