Nocopi Reports Results for 1998 / Fourth Quarter Loss

Cut by 60% WEST CONSHOHOCKEN, Pa. (PROTEXT) - Nocopi Technologies, Inc. (OTC Bulletin Board: NNUP) today announced that revenues for the year ended December 31, 1998, were $2.4 million vs. $3 million for the previous year. The announcement was made by Jack H. Halperin, the Company's interim Chairman of the Board. Mr. Halperin replaced Richard A. Check who resigned in early 1999. The loss per shares was $0.02 compared to a loss of $0.05 per share in 1997. The Company has approximately 33.5 million shares outstanding. The figures include the Company's proportionate share of the loss incurred by its European affiliate, Euro- Nocopi, S.A. For the three-month period ended December 31, 1998, revenues were $468,000 versus $581,000 in 1997, resulting in a loss of $117,000 versus a loss of $300,000 in 1997. "We are disappointed with the 1998 results," said Mr. Halperin. "We are considering various strategic and business alternatives. Those alternatives include (i) a potential investment in the Company by a potential strategic partner and (ii) an offer received by the Company for a combination with a start-up company in an unrelated business, which the Company is presently evaluating. There is no assurance that any transaction will be consummated." Nocopi Technologies, Inc., based in West Conshohocken, PA, is a publicly traded company. The Company's technologies provide document security and authentication that enables the detection of product counterfeiting and diversion. Forward-Looking Information The foregoing contains forward-looking information within the meaning of The Private Securities Litigation Act of 1995. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or implied) will not be realized. Comparable results of operations follow: 1998 1997 Three months ended December 31: Revenues $468,000 $581,500 Net loss ($117,100) ($298,900) Net loss per common share ($.00) ($.01) Average common shares outstanding 33,587,332 26,527,330 Year ended December 31: Revenues $2,423,900 $3,046,000 Net loss ($548,800) ($847,000) Net loss per common share ($.02) ($.05) Average common shares outstanding 33,587,332 17,192,323 ots Original Text Service: Nocopi Technologies, Inc. Internet: http://www.newsaktuell.de Contact: Rudolph A. Lutterschmidt, Chief Financial Officer of Nocopi Technologies, 610-834-9600 Web site: http://www.nocopi.com Subscribers please note that material bearing the slug "PROTEXT" is not part of CTK's news service and is not to be published under the "CTK" slug. Protext is a commercial service providing distribution of press releases from clients, who are identified in the text of Protext reports and who bear full responsibility for their contents. PROTEXT