FRISBY TECHNOLOGIES, INC. (NASDAQ: FRIZ) COMPLETES ACQUISITION OF STEELE AND ASSOCIATES, INC., MAKER OF SteeleVest® BRAND COOLING PRODUCTS

February 22, 1999

On February 22, 1999 Frisby Technologies, Inc. ("Frisby"), a developer of innovative thermal management solutions, completed its acquisition of Steele and Associates, Inc. ("Steele"). Steele designs and markets SteeleVest® brand cooling products, which are used for a variety of military, industrial and medical purposes. Conway, Del Genio, Gries & Co., LLC served as advisors to Frisby.

Frisby is actively seeking additional acquisition opportunities in the thermal management industry, for further information, please contact Robert A. Del Genio of Conway, Del Genio, Gries & Co., LLC, a firm providing specialized corporate finance advisory services focused on mergers, acquisitions and restructurings. Mr. Del Genio’s telephone number is (212) 813-1300.