Date: Thu, 18 Dec 1997 03:37:59 GMT Server: BESTWWWD/2.1 MIME-version: 1.0 Content-Type: text/html Content-Length: 42029 Last-modified: Sat, 06 Dec 1997 00:59:50 GMT Accept-Ranges: bytes Spatialight Inc. Press Releases

 

Spatialight Incorporated -- Press Releases


Contact: William E. Hollis, CEO (415) 883 3693

E-Mail: spatial@spatialight.com

 

SPATIALIGHT ANNOUNCES NEW STOCK SYMBOL

Novato, Ca.ifornia - November 11, 1997 - [NASDQ/QQB:HDTV]

SpatiaLight, Inc. announced, effective November 10, 1997, the Company's stock trading symbol of SLHT has been changed to HDTV.

SpatiaLight, Inc. made this change so that its trading symbol would better fit its target market, which encompasses High Definition Television (HDTV) and other high performance video display systems.

SpatiaLight designs and manufactures miniature Spatial Light Modulators (SLMs). The SpatiaLight SLM is a miniature, pixellated, nematic liquid crystal device that replaces the cathode ray or video display tubes now used in computer display and rear projection television systems, and produces higher-definition images on larger screens than can be achieved with current designs.

The SpatiaLight SLM is also used in head mounted virtual reality displays as well as in holographic data storage, optical computing and high performance printer heads.

SpatiaLight trades on the NASDAQ Electronic/OBB Market symbol HDTV.

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SPATIALIGHT ANNOUNCES TECHNOLOGY COMMITTEE

Novato, California - November 4, 1997 - [NASDA/QBB:SLHT] SpatiaLight, Inc. Board of Directors announced the formation of a Technology Advisory Committee. The Committee members include Dr. Edward M. Granger, Dr. Robert Mehalso, and Mr. Edward Kelly.

Dr Mehalso is a worldwide consultant in the medical, telecommunications, automotive and business equipment industries. His specialty includes business/manufacturing strategy from concept through production, utilizing microtechnologies and micromanufacturing processes to miniaturize and integrate systems. He has over twenty-five years experience in academia and industry. Dr. Mehalso joined Xerox Corporation in 1977 and was founder of a hi-tech spin-off involved in the development and manufacturing of ink jet and electronic scanning systems. Dr. Mehalso received his B.S. in Ceramic Science from Penn State, an M.S. in Metallurgy, and his Ph.D. in Materials Engineering from Rensselaer Polytechnic Institute. He is actively involved in academic planning and industrial support projects at the Rensselaer Polytechnic Institute, Louisiana Technical University and Penn State University. In 1989, he was recognized by Penn State as an Alumni Fellow, a life-long designation given to a select group of alumni who are outstanding leaders in their fields. Dr. Mehalso serves on the boards of several academic and financial institutions and small entrepreneurial companies.

Dr. Granger spent 35 years with Eastman Kodak in many areas of corporate research, and he was a professor at Rochester Institute of Technology for 15 years. Dr. Granger received his Ph.D. in Optics from the University of Rochester. He has been awarded 18 US patents associated with color. video, graphic arts, scanning and various imaging systems. He joined Light Source Computer Images, Inc. in 1991 where he has developed the ColortronSpectroradiometer and Colofshop Software. In addition, he has applied his optics and research knowledge in vision models to develop a new linear appearance color space called ATD that has great commercial promise to simplify color reproduction. Dr. Granger is also a consultant to the Company involved in helping SpatiaLight optimize the optical design for customer production projection systems. Dr. Granger serves on the Advisory Board of Carnegie Mellon Inuversity Graphics Department and the boards of several small start-up companies.

Mr. Edward J. Kelly is a retired manufacturing and equipment expert who was employed by Eastmam Kodak for 38 years where he held a variety of managerial positions in engineering for the Professional Photography Division. Mr. Kelly served as President and CEO of Sayett Group, Inc. prior to 1994. Mr. Kelly holds a degree in electrical engineering from Tufts University and a MBA from the University of Rochester Graduate School of Business.

The announcement was made by Mr. William E. Hollis, who was recently named as Chairman of the Board of Directors and CEO of SpatiaLight, Inc. Hollis stated, "We are fortunate to have such talented individuals as technical advisors to the Company. As we get ready to set up high volume production, manufacturing and product engineering knowledge will be a major contributing factor to the long-term success of SpatiaLight."

SpatiaLight, Inc. owns, designs, develops, and manufactures high-content information display system components for the monitor/projection/computing and display industry in general. SpatiaLight trades on the NASDQ Electronic/OBB Market symbol SLHT.

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SPATIALIGHT SHAREHOLDERS APPROVE PROPOSALS

Novato, California - June 26, 1997 - [NASDQ/OBB:SLHT] Spatialight, Inc. held its 1997 Annual Shareholders meeting at the Novato Oaks Best Western Hotel. Mr.Lawrence Matteson, Chairman of the Board and Professor of the Simon Executive MBA program, University of Rochester, chaired the meeting.

All Company shareholder proposals were approved including election of the Board of Director nominees Michael H. Burney, William E. Hollis, L. John Loomis and Lawrence J. Matteson. Shareholders approved an increase of 1,000,000 shares to the Employee Stock Option Plan and the appointment of Deloitte & Touche as auditors for the 1997 fiscal year.

In addition, William E. Hollis, President & CEO of Spatialight, announced that the Company had reached a settlement to the shareholder lawsuit.

At a Board of Directors meeting subsequent to the Shareholders meeting, the Board elected Mr. William E. Hollis to serve as Chairman and CEO, succeeding Mr. Matteson as Chairman. As noted, Mr. Matteson will continue as a consultant to the Company and a member of the Board.

Spatialight, Inc. owns, designs, develops and manufactures high-content information display system components for the monitor/projection/computing and display industry in general. Spatialight trades on the NASDQ Electronic/OBB Market symbol SLHT.

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SPATIALIGHT ANNOUNCES LCD MANUFACTURING PLAN

Novato, California - June 20, 1997 - [NASDQ/OBB:SLHT] Spatialight, Inc. announced that it has signed a letter of intent with Ilixco, Inc. whereby Ilixco will manufacture the company's Reflective Spatial Light Modulator device.

Ilixco, of Menlo Park, California, was formed to commercialize the latest liquid crystal technology and innovations of its Chief Technology Officer, Mr. James Fergason. Mr. Fergason holds more than 40 patents related to liquid crystal technology and was awarded a lifetime achievement award by SID (Society of Information Display) at the May 1997 conference held in Boston. Ilixco and Spatialight, Inc. will jointly develop the high volume manufacturing process for the new 1024 X 768 display that the company expects to have available for quantity delivery later in 1997.

William E. Hollis, President and CEO of Spatialight, stated, "Our partnership with Ilixco represents a major step forward in the commercialization of our reflective LCD technology. Ilixco has extensive experience with ISO 9000 certified JIT assembly processes. We will jointly develop high volume assembly equipment and processes designed to achieve the highest quality output at cost levels required for marketplace competitiveness."

Spatialight, Inc. owns, designs, develops and manufactures high-content information display system components for the monitor/projection/computing and display industry in general. The Company's Spatial Light Modulator was a recipient of the Photonics 1997 Circle of Excellence Award. Spatialight trades on the NASDQ Electronic/OBB Market symbol SLHT.

This press release contains forward-looking statements concerning the Company's current business outlook and plans for future product introduction. These statements are subject to risks and uncertainties, such as delays and difficulties in new technology or product development, supplier capacity constraints, and other factors that might cause actual results to differ materially from those projected. Additional information concerning factors that could cause actual results to differ from those projected in forward-looking statements is contained in the company's most recent 10Q and 10K reports filed with the SEC.

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SPATIALIGHT ANNOUNCES RECEIPT OF PHOTONICS AWARD

Novato, California - May 28, 1997 - [NASDQ/OBB:SLHT] Spatialight, Inc. announced that its Reflective Spatial Light Modulator device received the 1997 Photonics Circle of Excellence Technology Award. The award recognizes innovative products that have been brought to the marketplace during the past year. Twenty-five winning products were selected for recognition from hundreds of entries submitted by photonics companies worldwide. Photonics Spectra's Editorial Advisory Board at an awards ceremony in conjunction with the CLEO '97 Conference held in Baltimore recognized the winners. The company's distributor, Meadowlark Optics of Longmont, Colorado, submitted the Spatialight, Inc. device

William E. Hollis, President & CEO of Spatialight, stated, "The Photonics award represents the second industry award received by our product in 1997. This represents several years of dedicated efforts by Meadowlark and Spatialight engineers. In particular, Dean Irwin, Spatialight's Vice President of Engineering, and Bob Dillon, Meadowlark's manufacturing engineer, deserve much of the credit for bringing this technology to the market."

Meadowlark Optics is a private company located in Longmont, Colorado and is a worldwide leader in the design and manufacturing of liquid crystal and precision optics. Tom Baur, President of Meadowlark, commented as follows: "It is with a great deal of pride that Meadowlark accepts this Circle of Excellence Award. This is our fifth Photonics award in five submissions."

CLEO '97 is one of the laser/optics industry's largest conferences and exhibitions. It is sponsored by PHOTONICS SPECTRAâ Magazine.

Spatialight, Inc. owns, designs, develops and manufactures high-content information display system components for the monitor/projection/ computing and display industry in general. Spatialight trades on the NASDQ Electronic/OBB Market symbol SLHT.

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SPATIALIGHT ANNOUNCES INVESTMENT BANKING RELATIONSHIP

Novato, California-April 4, 1997-{NASD/OTC Bulletin Board: SLHT} Spatialight, Inc., today announced today that it has engaged the services of WOOD, WARREN & CO., an investment banking firm specializing in mid-size companines.

Wood, Warren & Co. specializes in private placements of equity and debt, mergers and acquisitions and corporate finance advisory services. The firms founding principals include J. Roger Wood and W. Clayton Stephens. Mr. Wood has spent 23 years in investment banking and corporate finance. He was formerly Managing Director of Lehman Brothers in charge of its West Coast investment banking activities, and prior to that was in charge of Kidder, Peabody's West Coast corporate finance activities. Mr. Wood was also a Vice President with Dean Witter Reynolds Corporate in New York City.

Mr. W. Clayton Stephens is Executive President of Wood, Warren & Co. and was previously Treasurer and held other senior executive positions with Wheelabrator Frye, Inc. (a Fortune 500 company). Mr. Stephens founded and is President of Warren Capital Corporation, an affiliate of Wood, Warren, and providing mid-sized companies with short-term and asset based financing.

Spatialight CEO, William E. Hollis commented, "We are delighted to be associated with Mr. Wood and Mr. Stephens. Wood, Warren has the capability to bring professional financial strategy and support to assist Spatialight's capital fund raising efforts."

Spatialight designs, develops and manufactures high-content information display system components for the monitor/projection/computing and display industry in general. Spatialight trades under the NASD/OTC Bulletin Board symbol SLHT.

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SPATIALIGHT, INC. REPORTS IMPROVED 1996 RESULTS

Novato, California -- April 3, 1997 - [NASD/OTC Bulletin Board: SLHT] Spatialight, Inc. today announced fiscal year 1996 losses of $1.18 million or $ loss per share, versus $4.65 million or $0.73 loss per share in 1995. Included in the 1995 results was a provision of $1.9 million to write-off all remaining investments and goodwill payments associated with Intervision Systems, Inc. and Spatialight of California, Inc. The dramatic reduction in yearly losses reflects the impact of previous reductions in the former Group staff operations that were eliminated upon closing the New York office and transfer of reduced activities to California in January 1996. In addition, expenses were very tightly controlled during 1996. Revenue from sales of prototype displays for full year 1996 totaled $176,000, versus $95,857 in 1995.

William E. Hollis, Spatialight President & CEO, commented, "We are now clearly focused on future liquid crystal display opportunities. We are very confident of the reflective display technology and its potential for application based on recent progress."

Continuing, Hollis stated, "Our technology received a major endorsement when our display was recognized as the Laser Focus 1997 Accessory of the Year. We have completed a number of significant events recently including arrangements for high volume wafer supply, CRADA research agreement with Naval Research Labs, and the recruitment of L. John Loomis as Chief Operating Officer of the Company. We are very excited about the future, and we look forward to reporting further progress to our shareholders in 1997."

The Company announced there would be several Board of Directors changes proposed in the 1997 proxy statement to be mailed to shareholders. Messrs. Edward J. Kelly and Thomas D. Stahl will not stand for re-election to the Board of Directors. Mr. Lawrence Matteson will remain on the Board and will be replaced by Mr. William Hollis as Chairman of the Board and CEO. The Company will also recommend to shareholders that Mr. Loomis be elected to the Board and become President and COO.

Hollis remarked, "I am extremely pleased to have Mr. Matteson remain on the Board of Directors. His leadership and experience were invaluable in guiding the Company during the difficult 1995 decisions that were required to re-focus the corporate strategy. He is a good friend and a sounding board for me personally. The Company also wishes to thank Mr. Edward Kelly and Mr. Thomas Stahl for their contributions to the Spatialight Board."

Spatialight designs, develops, and manufactures high-content display system components for the monitor/projection/computing/display industry in general. Spatialight now trades under the NASD/OTC Bulletin Board, symbol SLHT.

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SPATIALIGHT, INC. REPORTS STOCK MOVED TO BULLETIN BOARD BY NASD

Novato, California -- April 2, 1997 - [NASDAQ/SmCap: SLHT] Spatialight, Inc. announced today that NASD has removed the Company's common stock from trading on the NASDAQ Small Cap system. Effective today, the stock can be traded via the NASD Electronic Bulletin Board system.

William E. Hollis, Spatialight President & CEO, commented, "The NASD standards committee determined that the Company did not meet the minimum guideline for total assets and secondly, at the time of the NASD hearing, our stock price was below the $1.00 per share guideline."

Further, Hollis stated, "We are continuing to make progress with our technology development, which will determine our ultimate value in the marketplace. We expect to satisfy the NASD requirements within the next two quarters. We appreciate the support that our shareholders have shown in the past and most recently."

Spatialight designs, develops and manufactures high-content information display system components for the monitor/projection/computing and display industry in general. Spatialight, Inc. will trade under the NASDAQ Electronic Bulletin Board system under the symbol SLHT.

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SPATIALIGHT ANNOUNCES NEW CHIEF OPERATING OFFICER

Novato, California - February 26, 1997 - [NASDQ/SmCap:SLHT] Spatialight, Inc. announced that L. John Loomis has been appointed to the new position of Senior Executive Vice President and Chief Operating Officer of the Company.

William E. Hollis, President & CEO of Spatialight, stated, "We are extremely pleased to be able to recruit an executive with 25 years of technical and management experience in computer hardware and software industries associated with Silicon Valley. Mr. Loomis has the unusual combination of working with noth start-up operations as well as corporate organizations." Most recently, Mr. Loomis held the position of Director, Creative & Software Development for Compaq Computer's Presario personal computer. Prior to Compaq, Mr. Loomis was President and COO for Motion Works Corporation, a multimedia software development company specializing in CD-ROMs.

At Spatialight, Mr. Loomis' responsibilities will include design engineering, manufacturing and working with customers to develop new product applications based on the company's miniature reflective liquid crystal display technology. Hollis continued, "John will also be working closely with me to assist in raising additional capital through strategic partners and the traditional investment community."

Spatialight, Inc. owns, designs, develops, and manufactures high-content information display system components for the monitor/projection/computing and display industries in general. Spatialight trades under the NASDQ SmallCap Market symbol SLHT.

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SPATIALIGHT ANNOUNCES RECEIPT OF LASER FOCUS AWARD

Novato, California - February 19, 1997 - [NASDQ/SmCap: SLHT] Spatialight, Inc. announced that its Reflective Spatial Light Modulator device received the Laser Focus World Commercial Technology Achievement Award as the Accessory Device of the Year for 1997. The award was presented to the company's distributor, Meadowlark Optics, during the Photonics West Exhibition held in San Jose, California.

William E. Hollis, President & CEO of Spatialight, stated, "We are extremely honored that Laser Focus selected our product to receive this prestigious recognition. This represents several years of dedicated efforts by Meadowlark and Spatialight engineers. In particular, Dean Irwin, Spatialight's Vice President of Engineering, and Bob Dillon, Meadowlark's manufacturing engineer, deserve much of the credit for bringing this technology to the market."

Meadowlark Optics is a private company located in Longmont, Colorado and is a worldwide leader in the design and manufacturing of liquid crystal and precision optics. Tom Baur, President of Meadowlark, commented as follows: "It is with a great deal of pride that Meadowlark accepts this Technology Achievement Award. This is our seventh technology award in the optics industry in as many years."

Photonics West is one of the display industry's largest conferences and exhibitions. It is co-sponsored by SPIE, IS&T and Laser Focus World.

Spatialight, Inc. owns, designs, develops and manufactures high-content information display system components for the monitor/projection/ computing and display industry in general. Spatialight trades under the NASDQ SmallCap Market symbol SLHT.

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SPATIALIGHT ANNOUNCES RESEARCH AGREEMENT

Novato, California - February 11, 1997 - [NASDQ/SmCap:SLHT] Spatialight, Inc. announced today that it has signed a Cooperative Research and Development Agreement (CRADA) with the Department of Naval Research Laboratory (NRL).

William E. Hollis, President & CEO of Spatialight, stated, "We are extremely pleased with our opportunity to work with the world-renowned NRL staff and its liquid crystal materials team. Spatialight's display technology has been selected by NRL as the best device suited for their new liquid crystal material, which is currently under development in their laboratories. Work efforts will start immediately and will continue through 1997."

Dean Irwin, VP of Engineering for Spatialight, comented, "Results from these efforts could lead to improved performance in our displays and greatly reduced display system prices in the future."

Spatialight, Inc. owns, designs, develops and manufactures high-content information display system components for the computing, optical and multimedia industries. Spatialight trades under the NASDAQ SmallCap Market symbol SLHT.

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SPATIALIGHT ANNOUNCES HIGH VOLUME WAFER SUPPLY

Novato, California - February 5, 1997 - [NASDQ/SmCap:SLHT] Spatialight, Inc. announced today that it has arranged with a silicon wafer foundry from Silicon Valley to be its supplier of high performance silicon wafers.

William E. Hollis, President & CEO of Spatialight, stated, "We are extremely pleased with our opportunity to work with our new supplier which is well known for its capability and quality assurance achievements in manufacturing silicon wafers. This represents a critical step forward in the production of high volume wafer chips, which are the foundation of our reflective displays. Spatialight is looking forward to producing flatter displays which will offer higher reflectivity in comparison to current displays. Our combined efforts will present application customers with a high volume, high quality chip supply."

Hollis continued, "The company will now pursue agressive measures to raise additional funds for marketing and engineering efforts in order to continue improving our technology beyond the initial 800 X 600 resolution."

Spatialight, Inc. owns, designs, develops and manufactures high-content information display system components for the computing, optical and multimedia industries. Spatialight trades under the NASDAQ SmallCap Market symbol SLHT.

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SPATIALIGHT ANNOUNCES 3RD QUARTER RESULTS

Novato, California - December 4, 1996 - [NASDAQ/SmCap:SLHT] Spatialight, Inc. announced today that its 3rd Quarter operations resulted in a net loss of $394,535 or $.05 per share compared to 3rd Quarter 1995's loss of $869,353 or $.14 per share loss. The improved results were primarily due to the elimination of the Company's investment in InterVision Systems, Inc. (ISI). ISI is a private company developing a voice activated headmount display. Spatialight maintains a 40% ownership in InterVision. 3rd Quarter 1996 results also include a charge of $121,000 to reflect an estimate of the amount collectible from Sayett Technology's note receivable.

Revenue for the first nine months of 1996 totaled $108,000 versus $133,687 for the same period in 1995. The Company's loss of $781,354 ($.11 per share) for the first nine months year-to-date 1996 was reduced from 1995's loss of $2,135,921 or $.34 per share. The 1996 year-to-date profit improvement is also due to the elimination of 1995 charges related to Sayett Technology, Surmotech and ISI losses; 1995 YTD also included $207,000 of losses from Spatialight's investment portfolio. In 1995 Spatialight stopped investing additional funds in ISI and wrote-off all remaining investment in Q3 1995. ISI has continued to operate from private funding sources, SBIR contracts, and product sales. ISI is currently involved in raising additional private capital.

William E. Hollis, President & CEO of Spatialight, stated, "We are extremely pleased with the continued technical progress of our display technology. Our financial results are on plan. We have recently added several members to our engineering staff, and we plan to move aggressively to bring our technology to the marketplace as soon as possible."

Separately, the Company announced that its Board of Directors approved a plan in connection with the Company's investors for an additional offering of common stock relating to the Company's planned purchase of the remaining 20% common shares of Spatialight of California (formerly known as WAH-III) from the original founder(s). The Company entered into an Amendment Agreement which re-priced the original offering to $.832 per share, and the Company issued an additional 550,000 shares to its investors.

Spatialight, Inc. owns, designs, develops and manufactures high-content information display system components for the computing, optical and multimedia industries. Spatialight trades under the NASDAQ SmallCap Market symbol SLHT.

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SPATIALIGHT ANNOUNCES DR. GRANGER ASSOCIATION

Novato, California-October 8, 1996-[NASDQ/SmCap:SLHT]-Spatialight, Inc. announced that the Company has recruited Dr. Edward M. Granger as a consultant/ advisor to the Company. Dr. Granger has broad experience in the fields of graphic arts, infrared, color science, electronics, high speed computing and image structures. He has been involved in the manufacturing of optical systems, optical testing and optical specifications.

Dr. Granger spent 25 years with Eastman Kodak Company in many areas of corporate research and also was a professor at Rochester Institute of Technology for 15 years. Dr. Granger received his Ph.D in optics from the University of Rochester and has been awarded nearly 20 US patents associated with color, video, graphic arts, scanning and various imaging systems.


William E. Hollis, Spatialight C.E.O stated, "Dr. Granger will assist Spatialight in identifying market opportunities for its Spatial Light Modulator system and will be directly involved in optimizing optical design for specific customer applications the company is developing. Dr. Granger has a worldwide reputation as a color/computer/optics expert and will be an invaluable asset to the Company. We feel very fortunate to have an individual of his caliber affiliated with Spatialight."

Spatialight, Inc. owns, designs, develops and manufactures high-content information display system components for the optical computing and multimedia industries. Spatialight trades under the NASDQ SmallCap Market symbol SLHT.

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SPATIALIGHT ANNOUNCES IMPROVED 2ND QUARTER RESULTS

Novato, California-August 14, 1996-[NASDQ/SmCap:SLHT] Spatialight, Inc. (fka Sayett Group, Inc.) announced today that its 2nd Quarter financial results improved significantly from both 2nd Quarter 1995 and 1st quarter 1996. Revenues for the quarter totaled $76,000 versus negligible revenue in the prior periods. The Company incurred a loss of $210,083 or $.03 per share in 2nd Quarter 1996 compared to a loss of $780,245 or $0.12 per share in the 2nd Quarter of 1995. Revenue for the first half of 1996 increased 54% over 1995. The Company’s loss of $386,819 ($0.06 per share) for the 1st half of 1996 was reduced from 1995’s loss of $1,266,568 or $0.20 per share .

William E. Hollis, President & CEO of Spatialight, stated, "We are extremely pleased with our quarterly results. We are now able to produce and ship display devices on a regular basis to the high tech corporate research and development marketplace. This market will provide us with short-term revenue and cash flow that will fund current operating expenses while we continue to identify high volume customer opportunities such as our development contract with Packard Bell Electronics.

Our successful fund raising efforts will allow us to move forward aggressively to improve the performance level of our display to a 1280 x 1024 resolution versus our current 704 x 512 configuration. We have begun initial discussions with wafer sub-contract manufacturer(s) with the intent to develop a partner/strategic relationship for high volume wafer supply.

Overall internal company operations have improved significantly during the past quarter. We are initializing procedures, installing new test equipment and putting certain infrastructure in place as we start to ramp-up manufacturing and engineering levels."

Spatialight, Inc. owns, designs, develops and manufactures high-content information display system components for the optical computing and multimedia industries. Spatialight trades under the NASDQ SmallCap Market symbol SLHT.

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SPATIALIGHT ANNOUNCES COMPLETION OF MAJOR FINANCING

Novato, California-July 11, 1996-[NASDQ/SmCap:SLHT] Spatialight, Inc. (fka Sayett Group, Inc.) announced todaythat it has completed the closing of a private placement agreement that will raise $2.2 million in equity financing for the Company. Provisions of the agreement provide potential for additional equity investment.

William E. Hollis, President & CEO of Spatialight, stated, "This will allow the funding for company operations to move forward and accelerate the next generation development of our miniature reflective Active Matrix Liquid Crystal Display (AMLCD). Our device is currently generating customer interest in several different applications, including our previously announced project with Packard Bell to develop an product using Spatialight’s AMLCD. Now we will be able to put needed infrastructure and technical talent in place and implement marketing/new business development plans that we have been developing in anticipation of receiving funding during 1996. We are very pleased with this action and are optimistic about our ability to capture significant market opportunities. "

Separately, the Company announced it has received formal approval from NASDAQ to change its stock listing name and symbol to Spatialight and SLHT respectively.

Spatialight, Inc. owns, designs, develops and manufactures high-content information display system components for the optical computing and multimedia industries. Spatialight trades under the NASDQ SmallCap Market symbol SLHT.

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SPATIALIGHT ANNOUNCES INTERVISION UNIT RECEIVES SBIR GRANT


Novato, California-June 6, 1996-[NASDQ/SmCap:SAYT] Spatialight, Inc. (formerly Sayett Group, Inc.) announced today that its investment business unit known as INTERVISION SYSTEMS, Inc. (ISI) has been awarded a $600,000 SBIR Phase II grant.

William E. Hollis, President & CEO of Spatialight, the 40% owner of ISI stated, "Receipt of this Navy SBIR grant is of vital importance to InterVision. This will allow the company operations to move forward and continue development and testing of Wearable and Hands-Free Information systems capable of providing wireless voice, video and data for personnel access."

Separately, Mr. Dan Glaser, President of InterVision announced the company has recently signed several distribution agreements, including an exclusive agreement for European marketing of wearable systems.

Spatialight also announced it has recently established its own Internet Web Site. Company history, product specifications, press releases and other pertinent information can be accessed on web site http://www.spatialight.com/

Spatialight, Inc. owns designs, develops and manufactures high-content information display system components for the optical computing and multimedia industries. Spatialight trades under the NASDQ SmallCap Market symbol SAYT.

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SPATIALIGHT ( SAYETT GROUP) ANNOUNCES PACKARD BELL PROJECT


Novato, California-MAY 22, 1996-[NASDQ/SmCap:SAYT] Spatialight, Inc. (formerly Sayett Group, Inc.) announced today that it has entered into a development project with Packard Bell Electronics that will utilize Spatialight’s reflective AMLCD display technology developed by their subsidiary Spatialight of California (formerly dba WAH-III).

William E. Hollis, President & CEO of Spatialight stated, "Delivery of this project will represent a major step forward for the Company’s technology. We have always been confident the computer marketplace was ideally suited to our device because of its light efficiency and potential for extremely low cost in high volumes compared to today’s technologies. We have a small but very dedicated technical staff that has spent many hours in the lab and working with our suppliers. They deserve the credit for this marketing success. We will continue to pursue other opportunities in the projection, headmount, optical computing, holographic imaging and holographic mass storage/retrieval markets."

Separately, shareholders of the Company approved the Board of Directors’ recommendation to formally change the Company’s name to Spatialight, Inc. at the annual meeting held in Novato, CA. on May 17th. In addition to Mr. Hollis, Mr. Thomas D. Stahl and Mr. Michael H. Burney were elected as new members of the Board of Directors.

Spatialight C.E.O., William E. Hollis also announced that the Company is actively working on raising additional capital to fund further development of the display technology to meet customer future needs. The Company anticipates completing the preparation of a Private Placement Memorandum in the near future.

Spatialight Group designs, develops and manufactures high-content information display system components for the optical computing and multimedia industries. Spatialight trades under the NASDQ SmallCap Market symbol SAYT.

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SAYETT GROUP REPORTS 1995 RESULTS AND BOARD OF DIRECTORS CHANGES


Novato, California-April 26, 1996-[NASDAQ/SmCap: SAYT] Sayett Group, Inc., today announced fiscal year 1995 losses of $4.65 million or $.73 loss per share, after reflecting 1995 operating results and $1.9 million of charges associated with the sale of its former subsidiaries Surmotech and Sayett Technology, Inc. Surmotech was to its general manager, Jerry Valentine and the computer projector operations were sold to members of the STI management team lead by Mr. Donald Bauch and Jeffrey Spear. Also included in the 1995 results was a provision of $1.9 million to write-off all remaining investments and goodwill payments associated with Intervision Systems, Inc. and WAH-III.

As previously announced, Sayett Group has re-located its operations to northern California and will be focusing on completing development and marketing of our reflective liquid crystal display. William E. Hollis, Sayett President and CEO commented, " We can now clearly focus on the future liquid crystal display opportunities from our California location. We are very confident of the reflective display technology and its potential for application based on recent marketing efforts. First quarter 1996 production issues have been corrected and shipment of 704 x 512 device will begin in the 2nd quarter".

Continuing, Hollis stated, " We have developed a strategic business plan for the Corporation which includes the need to raise additional equity funds to develop a 1280 x 1024 format display that customers tell us they need for the future. We will continue to sell our current 704 x 512 device in low quantities through our distribution network. At the same time, we will be pursing customer relationships with high volume applications in the display and monitor markets where the high efficiency and projected low cost of our display should meet marketplace needs. We are very excited about the future and we look forward to reporting our progress to our shareholders".

Separately, the company proxy statement for 1996 announced a major change in the Board of Directors. In addition to Mr. Hollis, shareholders will be asked to approve a slate that includes the addition of two West Coast based individuals . The West Coast nominees are Mr. Michael Burney, 43, former Vice President and Treasurer of Packard Bell Electronics and Mr. Thomas Stahl, 47, Executive Vice President and General Manager of Teleview Research, Inc. of San Jose, CA.

Mr. Stahl was Director of Marketing at OIS Imaging Systems and holds several patents and licensees related to display technology that will be of assistance to Spatialight marketing plans. Mr. Burney also is the holder of two U.S. patents associated with holographic technology and is C.E.O. of Chronomotion Imaging Applications, Inc., which is a new company formed by Mr. Burney to pursue holographic technology.

C.E.O Hollis remarked, "I am extremely pleased to have people of Mr. Burney and Mr. Stahl’s caliber join me as new members of the Board of Directors. This action by the Sayett Board clearly indicates the new direction of the company and the combined efforts of the new Board, our employees and our suppliers will be focused on acheiving our goals in the liquid crystal display market. The Company also wishes to thank Mr. William Pakan and Mr. Raymond Bauch for their invaluable contributions to the previous Sayett Board and company operations."

Sayett also plans to make a proposal at the May 17, 1996 shareholders meeting to change the company’s name to Spatialight, Inc.

Sayett Group designs, develops and manufactures high-content information display system components for the optical computing and multimedia industries. Sayett trades under the NASDQ Small Cap Market symbol SAYT.

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SAYETT GROUP ANNOUNCES FACILITY EXPANSION


Novato, California-April 2, 1996-[NASDQ/SmCap:SAYT] Sayett Group, Inc. (dba Spatialight, Inc.) announced today that its WAH-III subsidiary and Sayett offices will be relocating to a larger facility to better accommodate company operations and provide adequate lab and office space.

William E. Hollis, President & CEO of Sayett Group stated, "We look forward to satisfying growing customer interest in our liquid crystal display, and as a result we have outgrown our existing facilities. Even though we will be using subcontractors for most manufacturing operations, it is vital that we have adequate lab space for development efforts, quality control testing, and evaluation of displays."

The company will remain in Novato, Marin County, CA. Company representatives noted lower operating costs of the area and accessibility to Silicon Valley suppliers and customers. The new address for Sayett Group and WAH-III will be #8 Commercial Blvd. Suite C, Novato, CA. 94949.

Sayett Group designs, develops and manufactures high-content information display system components for the optical computing and multimedia industries. Sayett trades under the NASDQ SmallCap Market the symbol SAYT.

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