PixTech to Appeal Potential Nasdaq Delisting; Company Requests Hearing; Strategic Partnering Discussions

Business Wire, Dec 24, 2001

Business Editors/High-Tech Writers

SANTA CLARA, Calif. & ROUSSET, France--(BUSINESS WIRE)--Dec. 24, 2001

PixTech, Inc. (Nasdaq:PIXT)(EASDAQ: PIXT) today announced it received a Nasdaq Staff Determination on December 19, 2001 indicating that as of September 30, 2001 the company did not comply with the minimum $4,000,000 net tangible assets or the minimum $10,000,000 stockholders' equity requirements set forth in Marketplace Rule 4450(a)(3), and that its securities are, therefore, subject to delisting from the Nasdaq National Market.

PixTech has requested a hearing before the Nasdaq Listing Qualifications Panel to review the Staff Determination. There can be no assurance the Panel will grant the company's request for continued listing. A hearing date has not yet been determined.

PixTech is currently in discussions with possible strategic partners regarding investments to fund the future operations of the company. PixTech has engaged an investment bank to assist with these strategic discussions.

About PixTech, Inc.

PixTech, Inc. is an advanced flat-panel display company dedicated to commercializing its high-quality field emission display ("FED") technology. PixTech operates a flat-panel display pilot manufacturing and a research and development facility in Montpellier, France, and has offices in Santa Clara, Calif., and Rousset, France. To manufacture PixTech's FED products, the company works with a contract manufacturer, AU Optronics. In addition to various design wins for the 5.2-inch monochrome display in both the medical and automotive industries, PixTech recently announced the completion of the first phase of the 7-inch Color Display FED and is currently focused on volume production and penetration of new markets for its color displays. More information is available from the company's web site at http://www.pixtech.com.

Statements that are not historical facts, including statements about possible future relationships or investments, are forward-looking statements that involve risks and uncertainties, including those detailed in PixTech's annual report on Form 10-K for the year ended December 31, 2000 and any subsequent filings with the Securities and Exchange Commission.