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To: DOC who wrote (29913)	7/30/1998 12:19:00 PM
From: firstman	Respond to of 34592

PJTV NEWS PR Newswire, Thursday, July 30, 1998 at 12:10 NEW YORK, July 30 -- /PRNewswire/ -- Manhattan Scientifics, Inc. (BB: MHTX) announced that an institutional investment company specializing in small-cap emerging situations, acquired the controlling interest in Manhattan Scientifics, Inc. through its purchase of approximately 43 million shares of Manhattan Scientifics common stock from Projectavision, Inc. (NASDAQ:PJTV). The sale represents a transfer of approximately 80% of Projectavision's MHTX shares. The institutional investment company also made a commitment to invest $1.0 million equity capital to Manhattan Scientifics, Inc. Terms of the sales have not been disclosed. Marvin Maslow, chief executive officer of Manhattan Scientifics and chairman of Projectavision, was enthusiastic about the transfer, calling it "doubly blessed" in that it benefits both Manhattan Scientifics and Projectavision. "This transaction gives Projectavision and Manhattan Scientifics, Inc. additional working capital and will give Manhattan Scientifics the opportunity to team up with an investment company with an exceptional track record of growing successful enterprises," Maslow explained. Maslow went on to describe how, in making a decision to purchase the large block of Manhattan Scientifics shares, the management of the investor group gave high marks to the company's scientific team and to the progress underway at its Los Alamos, New Mexico laboratory in the development of micro fuel cell technology for portable electronics and holographic media for data storage. In addition, Maslow said that the investor's policy of working closely with key managers of any company in which it invests dovetails with his direct hands-on management approach and he anticipates working closely with the investor in the coming weeks as Manhattan Scientifics seeks to recruit a chief operating officer. Describing the recruitment, Maslow said, "The selection process is the final stages. We anticipate announcing the addition of a senior operating manager with an outstanding background in technology that emphasizes fast-track research to commercialization." Manhattan Scientifics, Inc. with research headquarters in Los Alamos, New Mexico, and business offices in New York City , is a technology incubator currently developing patented technologies that address two critical issues in the advancement of consumer and commercial electronics: portable power and holographic media for data storage. The foregoing press release contains forward-looking statements, including statements regarding the company's expectation of its future business. These forward-looking statements are based largely on the company's expectations and are subject to a number of risks and uncertainties, certain of which are beyond the company's control. Actual results could differ materially from these forward looking statements as a result of a variety of factors including successfully completing the research and development with respect to the micro fuel cell, successfully commercializing the micro fuel cell for mass production, successfully protecting the company's patents, and effective significant industry competition from various entities whose research and development, financial, sales and marketing and other capabilities far exceeds the company's. In light of these risks and uncertainties there can be no assurances that the forward-looking statements in this press release will in fact transpire or prove to be accurate. SOURCE Projectavision, Inc. -0- 07/30/98 /CONTACT: Marvin Maslow, CEO of Manhattan Scientifics, Inc., 212-971-3000; Media - Alex Stanton of Stanton-Crenshaw, 212-780-1900, or alex@stantoncrenshaw.com; or Institutional Investor Relations - Frank Hawkins of Hawk Associates, 305-852-2383, Fhawk@hawkassociates.com, or hawkassociates.com Companies or Securities discussed in this article: Symbol Name NASDAQ:PJTV Projectavision Inc BB:MHTX