Compositech Ltd. Reports First Quarter Results

16 May 2000

Compositech Ltd. a developer of high tech laminates for the printed circuit board industry, today reported results for the first quarter ended March 31, 2000. Because of the Company's decision to suspend manufacturing operations in December 1999 and refocus its resources on locating suitable licensees, joint venture partners or purchasers for its patented technology and equipment design, the Company did not record any sales, manufacturing or research and development expense in the first quarter of 2000. Samuel S. Gross, Compositech's Chief Financial Officer, said "Our operating cash requirement has been reduced to a level of approximately $120,000 a month. We expect further reductions as we pursue our plan of licensing our technology, joint ventures, sale of technology and merger or acquisitions. As part of this program, we are negotiating for additional required funding to satisfy existing liabilities and cover our reduced overhead until sufficient revenues are obtained from licensing programs. Discussions are progressing for potential mergers or acquisitions and related financing and we hope to have announcements on these in the near future."

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