News Release


SOLIGEN TECHNOLOGIES, INC. REPORTS SECOND QUARTER FISCAL 2002 RESULTS

-- Soligen's second quarter period to period loss remains constant despite a 35% decrease in revenues --

NORTHRIDGE, CA--November 7, 2001 - Soligen Technologies, Inc. (OTC BB: SGTN), a rapid manufacturer of complex metal parts using proprietary technology, today announced operating results for the three and six months ended September 30, 2001.

Revenues for the quarter ended September 30, 2001 were $1,212,000, a decrease of 35% compared to $1,851,000 in the quarter ended September 30, 2000. As a result revenues for the six months ended September 30, 2001 were $2,325,000, a decrease of 32% compared to $3,443,000 for the corresponding six-month earlier period.

Combined revenues for Parts Now and DSPC production for the quarter ended September 30, 2001 were $1,094,000, a decrease of 34% compared to $1,668,000 for the quarter ended September 30, 2000 and for the six months ended September 30, 2001 were $2,063,000, a decrease of 31% for the similar six months ended September 30, 2001. The decrease in Parts Now and DSPC production was the result of the slowdown in the automotive industry that caused orders to be either delayed or cancelled. The decrease in customers' orders began in the last quarter of the prior fiscal year and declined sharply in the first quarter ended June 30, 2001 and continued through the quarter ended September 30, 2001.

The net loss for the quarter ended September 30, 2001 was $280,000 or $0.01 per share compared to a net loss of $282,000 or $0.01 per share in the corresponding year-ago period. The net loss for the six months ended September 30, 2001 was $779,000 or $0.02 per share as compared to a net loss of $698,000 or $0.02 in the corresponding period last year.

"The last six months were a very difficult period for Soligen," said Yehoram Uziel, President and CEO. "The cutbacks in the automotive industry have halted many programs and caused personnel changes which further disrupted the order flow. Soligen has maintained its readiness so that when the "dust has settled" we will be able to benefit from this level of preparation. Even as the automotive industry severely reduced its development programs, Soligen continued to increase its penetration in the OEM and the Tier 1 companies. Our team has come together to enable the Company to live within its means by minimizing operating losses and severely restricting the use of cash," added Uziel. "I believe by taking these difficult and demanding actions we will be able to survive these tough times."

In the last 12 months Soligen has made entry into the aerospace casting business to partially alleviate the reduction in our automotive business. "The results thus far are very encouraging and I expect more programs and increased revenue from this new market place," said Uziel.

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.

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.

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.

 

Soligen Technologies Inc.
Summary of Operations


Three Months Ended
September 30, 2001
Three Months Ended
September 30, 2000
Six Months Ended
September 30, 2001
Six Months Ended
September 30, 2000
Revenues
$ 1,212,000
$ 1,851,000
$ 2,325,000
$ 3,443,000
Net loss
$ (280,000)
$ (282,000)
$ (779,000)
$ (698,000)
Net loss per basic and diluted share
$ (0.01)
$ (0.01)
$ (0.02)
$ (0.02)
Weighted average number of shares outstanding
37,112,000
36,389,000
37,106,000
36,386,000

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Contact:

Yehoram Uziel, CEO

Soligen Technologies, Inc.

(818) 718-1221

yehoram@soligen.com