Research Frontiers Incorporated Common Stock Listing to Move from Nasdaq National Market to Nasdaq SmallCap Market

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WOODBURY, N.Y.–(BUSINESS WIRE)–Sept. 15, 2005–Research Frontiers Incorporated (Nasdaq:REFR) today announced that it has received a determination from the Nasdaq Listing Qualifications Panel to transfer the listing of the Company’s common stock from the Nasdaq National Market to the Nasdaq SmallCap Market. Effective with the open of business on Friday, September 16, 2005, Research Frontiers common stock will trade on the Nasdaq SmallCap Market under its current symbol “REFR”.
The determination followed a Nasdaq Staff Determination Letter received by Research Frontiers on August 8, 2005 indicating that Research Frontiers common stock is no longer eligible for continued listing on the Nasdaq National Market System because the market value of the Company’s listed securities was below the minimum $50 million requirement for continued listing on the NASDAQ National Market System under Nasdaq Marketplace Rule 4450(b)(1)(A).
About SPD Technology and Research Frontiers Incorporated
Research Frontiers Incorporated develops and licenses suspended particle device (SPD) technology used in VaryFast SPD- Smart light-control glass and plastic products. SPD technology, made possible by a flexible light-control film invented by Research Frontiers, allows the user to instantly and precisely control the amount of light transmitted through glass or plastic, either manually or automatically. SPD technology has numerous product applications, including: SPD-Smart windows, skylights and interior partitions for homes and buildings; automotive windows, sunroofs, sunvisors, rear-view mirrors, instrument panels and navigation systems; aircraft windows; eyewear products; and flat panel displays for electronic products.
SPD-Smart film technology was awarded a “Best of What’s New Award” from Popular Science magazine for home technology and was also named by the Society of Automotive Engineers’ Aerospace Engineering magazine as one of the top new technologies. SPD technology is covered by over 450 patents and patent applications held by Research Frontiers worldwide. Currently 33 companies are licensed to use Research Frontiers’ patented SPD light-control technology for SPD emulsions, film, and end products. Information about Research Frontiers and its licensees can be found at
Note: From time to time Research Frontiers 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-SmartTM, VaryFastTM, Powered by SPDTM, The View of the Future Everywhere You LookTM and Visit – to change your view of the world are trademarks of Research Frontiers Incorporated.
CONTACT: Research Frontiers Incorporated
Joseph M. Harary / Patricia A. Bryant

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