To: SSP who wrote (90958 ) 8/29/2001 6:17:19 PM From: david simns Respond to of 150070 Photonics Corporation to Spinoff REpipeline.com DALLAS, Aug 29, 2001 (BUSINESS WIRE) -- Photonics Corporation (OTCBB: PHOX chart, msgs) has filed a SB-2 registration statement with the Security and Exchange Commission to distribute 10% of its wholly owned subsidiary, REpipeline.com, Inc., a Delaware corporation, to its current shareholders. Spinning off REpipeline.com, Inc. as a separate public company will increase value to the shareholders and allow REpipeline more corporate finance options. The company is exploring options on maximizing shareholder value. They are in discussions with several companies regarding a merger or the purchase of REpipeline's technology and assets. In addition, Photonics has entered into an agreement with Capital Lake, S.L. in Texas, to sell restricted common stock. Morgan Spalding, Inc. , a Richardson, Texas based NASD firm is serving as the escrow agent and liaison with Capital Lake, S.L. These future funds will aid in further acquisitions and working capital. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, including statements that include the words "believes," "expects," "anticipates," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Photonics Corp. and REpipeline to differ materially from those expressed or implied by such forward-looking statements. Such factors include, among others, the risk factors contained in the Company's Annual Reports and other filings with the Securities and Exchange Commission. Photonics Corp. and REpipeline, will remain dependent upon future financing for its growth. Contact: Photonics Corporation, Dallas Chip Langston, 972/726-7473, ext. 226 repipeline.com