News Release


SOLIGEN'S BOARD OF DIRECTORS ANNOUNCES A SPECIAL COMMITTEE TO CONSIDER STRATEGIC ALTERNATIVES

NORTHRIDGE, CA--August 29, 2001 - Soligen Technologies, Inc. (OTC BB: SGTN), a rapid manufacturer of complex metal parts using proprietary technology, announced today that the board of directors has authorized the formation of a special committee of the board to consider and explore strategic alliances or merger alternatives available to the company. Dr. Mark Dowley, a director of the company since its inception, was named as chairman of the committee.

"Soligen is at an important crossroads in its development," said Yehoram Uziel, Chairman and Chief Executive Officer of Soligen. "Management has been pursuing strategic alliances concurrent with making progress in further penetrating important automotive and aerospace customers as they seek to reduce their product development time and improve their designs. Recent successes have made such strategic alliances a more attractive option. Under current difficult business conditions, I have asked the board to assist management in that pursuit. I am pleased that our outside board members have elected to take an active role in this important mission."

"Soligen's Board of Directors has decided to take an active role in evaluating all approaches," stated Dr. Dowley after the formation of the special committee. "Soligen has now reached the stage in its development where it can accelerate its business progress in partnership with a larger organization. Our objective is to consider all options."

Soligen also announced that the boutique investment-banking firm of D.F. Hadley & Co., Inc. (www.dfhadley.com) will assist the committee. David Hadley is a principal of the firm and a member of Soligen's board of directors.

Soligen is able to rapidly manufacture cast metal parts, bypassing the traditional need for tooling, by employing Soligen's DSPC® technology. The DSPC technology is a proprietary fabrication process for metal parts that produces ceramic molds for metal castings directly from a CAD file. Consequently, it enables postponement of design and the fabrication of expensive and time consuming casting tooling until after the parts are functionally tested, thus increasing the probability of making production tooling once and correctly on the first attempt. Additionally, Soligen rapidly produces production tooling for larger runs of metal castings from the same CAD file as the approved part. By combining three key production elements: DSPC® technology, conventional casting methods, and Computerized Numerical Control (CNC) machining practices, the Company has created the first "one stop shop" for functional metal parts that are made directly from a CAD file and that are ready for assembly. This complete service, trademarked as Parts Now®, has become a single source for rapidly manufactured metal parts.

DSPC® and Parts Now® are registered trademarks of Soligen.

Except for the historical information herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based on a number of factors, including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product demand, the impact of competitive products and pricing, changing economic conditions, both here and abroad, timing of development and release of new products by strategic suppliers and customers, the effect of the Company's accounting policies and other risk factors detailed in the Company's most recent annual report and other filings with the Securities and Exchange Commission.

In order to improve communication with shareholders, the Company has created an electronic mailing list. Any person interested in receiving, via e-mail, announcements, copies of press releases from and about Soligen, please forward your e-mail address to: investorinfo@soligen.com.


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Contact:

 

Yehoram Uziel, CEO

David Hadley

Soligen Technologies, Inc.

D.F. Hadley & Co., Inc. (www.dfhadley.com)

(818) 718-1221

(310) 727-9805 x102

yehoram@soligen.com

hadley@dfhadley.com