Flight Safety Technologies Commences Trading; Company Focused on Developing Advanced Systems for Improving Safety & Security for Aircraft Travel

Business Wire, Oct 7, 2002

Business/Technology Editors

MYSTIC, Conn.--(BUSINESS WIRE)--Oct. 7, 2002

Flight Safety Technologies, an innovator in the development of advanced technologies that enhance aviation safety and efficiency, announced today that the company has started trading on the OTC Bulletin Board under the symbol FLST.

Flight Safety's listing was the result of a share exchange -- made effective September 1, 2002 -- with a Nevada company formerly known as Reel Staff, Inc. The company's stock has also recently been approved to trade on the Berlin Stock Exchange under the symbol FSH. Shares are expected to start trading there on or about October 8, 2002.

"Since 1997, we have been developing state-of-the-art detection technologies focused on improving aircraft safety and efficiency. The ongoing development of our proprietary SOCRATES and UNICORN systems place Flight Safety at the cutting edge of our industry. Our ultimate goal is the full commercialization and worldwide use of both our SOCRATES wake turbulence detection technology and our UNICORN collision warning system," said Samuel Kovnat, chairman and chief executive officer of Flight Safety Technologies. "We believe the achievement of this goal will create safer skies while providing substantial returns to our shareholders."

Flight Safety's SOCRATES and UNICORN Technologies

Flight Safety also has been working with the Federal Aviation Administration (FAA), National Aeronautics and Space Administration (NASA), government agencies & officials, the Airline Pilots Association (ALPA), and major airports to develop a cost effective system to monitor "wake vortex turbulence".

A successful "proof-of-principle" test of SOCRATES at JFK International Airport was held in May of 1998. Further expanded testing followed in December of 2000 at the Langley Air Force Base in Hampton, Virginia. In the Langley tests, the company's SOCRATES wake turbulence technology detected and tracked the location of wake vortices in 19 out of 19 over-flights that were conducted using NASA's Boeing 757.

Flight Safety believes that upon completion of development, its patented wake turbulence detection technology, in consort with NASA-developed vortex-track prediction technology, will: improve the safety and efficiency of aircraft traffic, increase efficiency at airports, reduce passenger delays, and generate substantial cost savings for airports and the airline industry.

The company is also developing a low-cost collision warning system called UNICORN, for small and private aircraft. The company has recently been granted a license by the Federal Communications Commission (FCC), sponsored by the Federal Aviation Administration (FAA), for an experimental frequency assignment for the UNICORN project.

About Flight Safety Technologies

Flight Safety Technologies, Inc. trades Over the Counter under the symbol FLST (OTC:BB-FLST) and is headquartered in Mystic, Conn. For more information please visit the company's website at www.flysafetech.com, check its periodic reports to the U.S. Securities and Exchange Commission, or contact Samuel A. Kovnat, its CEO, at (860) 245-0191.

`Safe Harbor' statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements identified by the use of words such as should, believes, plans, goals, expects, may, will, objectives, missions, or the negative thereof, other variations thereon or comparable terminology. Such statements are based on currently available information which management has assessed but which is dynamic and subject to rapid change due to risks and uncertainties that affect our business, including, but not limited to, the impact of competitive products and pricing, limited visibility into future product demand, slower economic growth generally, difficulties inherent in the development of complex technology and new products sufficiency and availability of capital to fund operations, research and development, fluctuations in operating results and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be forward looking statements. Forward looking statements involve a number of risks and uncertainties which could cause actual results or events to differ materials from those presently anticipated.