WOODBURY, NY, December 4, 2001 - Research Frontiers Incorporated (Nasdaq: REFR), the developer and licensor of fast-responding SPD light-control technology, announced today that Avery Dennison Corporation, a global leader in consumer and industrial products, has acquired a worldwide non-exclusive license to explore opportunities to manufacture display products using Research Frontiers’ suspended particle device (SPD) light-control film in conjunction with Avery Dennison’s proprietary technologies.

In a flat panel display, SPD "light valves" can offer superior performance and can be used in display environments that are impractical or not accessible by other technologies such as LCDs. This is made possible by a thin film inside the display which uses SPD light-control technology invented by Research Frontiers. SPD technology is licensed to a growing number of companies in various industries and is covered by approximately 365 patents and patent applications held by Research Frontiers worldwide.

SPD-Smart^TM displays may be used in products such as laptop computers, cell phones, and handheld devices such as PDAs - Personal Digital Assistants. In advertising, promotion, and retail sales environments, SPDs offer display advantages, bringing large, thin, flexible yet changeable displays to stores, store windows, point-of-purchase displays, billboards, truck sidings, road signs, and other signage applications. Compared to other display technologies, SPD displays should offer higher contrast and brightness, a wider angle of view, lower production costs, a less complex fabrication procedure, the ability to function over a wider temperature range, and lower light loss and a corresponding reduction in backlighting (and therefore power) requirements.

Michael LaPointe, Research Frontiers Director of Architectural Windows and Diplays noted, "We welcome Avery Dennison to the new world of SPD displays. They are a forward-thinking, dynamic company and I am confident that their worldwide capabilities in product development and manufacturing, as well as their strong market presence, will enable them to develop a variety of innovative, high-quality display products."

About SPD Technology and Research Frontiers Incorporated

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 allows you to instantly and precisely control how clear or dark glass or plastic is, and adjust its light transmission by either turning a knob or having the device automatically adjust itself by means of a photocell or other sensing or control device. This is made possible by a thin flexible film which uses SPD light-control technology invented by Research Frontiers. In an SPD display, electronic drivers will selectively "address" (open and close) tiny segments of the SPD film. SPD technology is licensed to a growing number of companies in various industries, and is covered by approximately 365 patents and patent applications held by Research Frontiers worldwide.

SPD technology has many applications, including "smart" windows for homes and buildings, skylights and interior partitions. A smart window using SPD film provides 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. In automotive vehicles, SPD-Smart^TM products can include windows, sunroofs, sunvisors, rear-view mirrors, instrument panels and navigation systems. In aircraft, replacing existing window shades with SPD film can improve passenger satisfaction and comfort, while also reducing fuel consumption, maintenance, downtime and cost of operation. 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 to make brighter, easier-to-read screens 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. In advertising, promotion, and retail sales environments, SPDs offer display advertising advantages, bringing large, thin, flexible yet changeable displays to stores, store windows, point-of-purchase displays, billboards, truck sidings, road signs, and other signage applications.

Research Frontiers has licensed the following companies to use its patented suspended particle device (SPD) light-control technology in emulsions, film, or end-products: AP Technoglass; Avery Dennison Corporation; Dainippon Ink and Chemicals Incorporated; Film Technologies International, Inc.; General Electric Company; Glaverbel, SA; Global Mirror GmbH & Co. KG (Lang-Mekra); Hankuk Glass Industries Inc.; Hitachi Chemical Co., Ltd.; InspecTech Aero Service, Inc.; N.V. Bekaert S.A.; Polaroid Corporation; ThermoView Industries, Inc.; and Vision Ease Lens. 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 and its licensees 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. SPD-Smart^TM is a trademark of Research Frontiers Incorporated.

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For Immediate Release

For further information, please contact:

Research Frontiers Incorporated
Michael R. LaPointe
Director of Marketing for Architectural Windows and Displays
516-364-1902 ext. 215
LaPointe@refr-spd.com

Media Relations:
Matt Biscuiti-Golin/Harris International
212-309-1422
mbiscuiti@golinharris.com