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SpatiaLight Makes Initial Delivery to China Electronics Corporation

Posted on: Monday, 29 September 2003, 06:00 CDT

NOVATO, Calif., Sept. 29 /PRNewswire-FirstCall/ -- SpatiaLight, Inc. announced today that it has completed its initial delivery of display units to Wuhan ZhungYuan Electronics Group Co., a wholly owned subsidiary of China Electronics Corporation (CEC), the largest electronics manufacturer in China and a Chinese state-owned enterprise.

SpatiaLight announced earlier this month that it had received a purchase order for 2000 display units and related electronics from CEC. The initial delivery to CEC included ten display units and ten sets of SpatiaLight imagEngine(TM) microdisplays. The next delivery of 100 display units is scheduled to follow. Additional deliveries under the purchase order agreement will be made periodically and according to a schedule to be determined by CEC and SpatiaLight. The purchase order is subject to customary terms and conditions pertaining to the purchase by CEC of the 2000 display units.

A display unit is comprised of three SpatiaLight imagEngine(TM) microdisplays fitted onto a light engine designed by SpatiaLight and Fuji Photo Optical Co., Ltd. and manufactured by Fuji. Utilizing more than 3.6 million pixels, SpatiaLight's display units are designed to be incorporated into High Definition televisions and rear projection monitors.

David Hakala, SpatiaLight's Chief Operating Officer, stated, "This initial delivery to CEC is another significant event for our Company. We look forward to continuing our business relationship with CEC as its High Definition television business grows."

Ted Banzhaf, Executive Vice President of SpatiaLight, commented, "We are pleased to see a second significant customer on board. We are confident in our products and the marketplace seems to be endorsing them as well. As we continue to expand our business and production capacity, we are optimistic that other television manufacturers will begin to take advantage of our solutions for High Definition television."

This delivery marks the second customer to receive delivery of SpatiaLight's proprietary microdisplay products. Earlier this year SpatiaLight entered into a purchase order agreement with Skyworth Display, China's largest television exporter and third largest television manufacturer. SpatiaLight announced earlier this month that it had completed an initial delivery of display units to Skyworth.

Since October 2001, SpatiaLight has entered into seven agreements or MOUs with eight television manufacturers in China contemplating the purchase by these prospective customers of SpatiaLight display units and/or SpatiaLight imagEngine(TM) microdisplays. SpatiaLight is currently negotiating the terms of purchase orders with certain of these manufacturers. SpatiaLight has also entered into similar agreements or MOUs with two television manufacturers in Korea, one of which contains an agreement to jointly develop a High Definition television incorporating SpatiaLight microdisplay devices.

About China Electronics Corporation

China Electronics Corporation (CEC) is China's largest state sponsored conglomerate, comprised of 26 fully funded enterprises, 30 stock companies with CEC controlling interests, 6 overseas operations and 4 publicly traded companies with CEC controlling interests. CEC has registered capital of USD $750 million, total assets in excess of USD $4.6 billion, and had combined revenues of USD $2.9 billion in 2002. The individual businesses operate in a range of industries, including integrated circuit manufacturing, software, communications and networking as well as consumer electronics. CEC has established business with more than 100 countries and regions to import and integrate the most advanced technologies from around the world. CEC was established in 1989 as a subsidiary of China's Ministry of Information Industry to manage all of the factories and companies relating to the electronics industry previously owned by the State.

About SpatiaLight, Inc.

SpatiaLight, Inc., founded in 1989, manufactures high-resolution liquid crystal on silicon (LCoS) microdisplays for use in High Definition televisions and rear projection monitors. The Company's proprietary SpatiaLight imagEngine(TM) LCoS microdisplays represent a solution for OEMs of large-screen rear projection monitors, home theater projection systems, video projectors, and other display applications. SpatiaLight is committed to developing microdisplays technologies that will become the standard for the next generation of rear projection display devices and to providing OEMs with the most cost effective, high resolution microdisplays in the industry. For more information about SpatiaLight, please see the Company web site: http://www.spatialight.com/.

Safe Harbor Statement

This news release includes forward-looking statements that reflect SpatiaLight's current expectations about its future results, performance, prospects and opportunities. SpatiaLight has tried to identify these forward- looking statements by using words and phrases such as "may,""will,""expects,""anticipates,""believes,""intends,""estimates,""plan,""should,""typical,""preliminary,""we are confident" or similar expressions. These forward-looking statements are based on information currently available to SpatiaLight and are subject to a number of risks, uncertainties and other factors that could cause SpatiaLight's actual results, performance, prospects or opportunities in the remainder of 2003 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks and uncertainties are outlined in the Company's filings with the Securities and Exchange Commission, including its most recent Form 10-Q, 10-KSB and Proxy Statement.

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