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<FILENAME>pressrelease082806.txt
<DESCRIPTION>RESEARCH FRONTIERS PRESS RELEASE DATED AUGUST 28, 2006
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GROUP INVESTS $2 MILLION IN RESEARCH FRONTIERS

Woodbury, New York - August 28, 2006.  A group of accredited investors,
led by the principals of a large international real estate group that
acquires, develops, and operates hotels, office buildings, warehouses,
shopping centers and casinos, have invested $2.0 million in Research
Frontiers Incorporated (Nasdaq: REFR), the developer and licensor of
SPD-Smart(tm) light-control film technology. The investors received
515,462 shares of Research Frontiers common stock. These securities
were sold pursuant to Research Frontiers' effective shelf-registration
statement filed with the SEC, and the proceeds will be used by
Research Frontiers to fund the development of its next-generation
SPD light-control film technology, and for working capital and
general corporate purposes.

"This funding will help us continue to enhance the already exceptional
performance of SPD technology, and to help our many licensees across
the world roll out SPD-Smart film and end-products and continue to
increase their production capacity," noted Joseph M. Harary,
President of Research Frontiers. "We have known the lead investors
in this offering personally for over 20 years, and appreciate their
understanding of the near-term and longer-term markets for SPD
light-control technology and the work that our licensees are doing."

SPD film has wide applicability in a variety of SPD-Smart products
including architectural, automotive, aircraft and marine windows,
as well as in instantly adjustable variable tint eyewear such as
sunglasses or ski goggles. In a window, sunroof, or other product
using VaryFast(tm) SPD-Smart(tm) technology, the user can manually
or automatically "tune" the amount of light, glare and heat coming
into a home, office, aircraft, train or other vehicle. SPD-Smart
windows, which can reduce energy consumption, also block over 99%
of harmful ultraviolet (UV) radiation to protect occupants and
substantially reduce the fading of carpets, furniture, and
artwork. Additional information about SPD-Smart windows and
other products can be found at www.SmartGlass.com.

About SPD Technology and Research Frontiers Incorporated

Research Frontiers Incorporated (Nasdaq: REFR) develops and
licenses suspended particle device (SPD) technology used in
VaryFast(tm) SPD-Smart(tm) light-control glass and plastic
products. SPD technology, made possible by a flexible light-
control film invented by Research Frontiers, allows the user
to instantly and precisely control the shading of glass or
plastic, either manually or automatically. SPD technology
has numerous product applications, including: SPD-Smart(tm)
windows, sunshades, skylights and interior partitions for
homes and buildings; automotive windows, sunroofs, sunvisors,
sunshades, and rear-view mirrors; aircraft and marine windows
and window shades; eyewear products; and flat panel displays
for electronic products.

SPD-Smart film technology was awarded a "Best of What's New Award"
from Popular Science magazine for home technology and was also
recognized as one of the top tech technologies by the Society of
Automotive Engineers' Aerospace Engineering magazine. SPD
technology is covered by approximately 450 patents and patent
applications held by RFI worldwide. Currently 35 companies are
licensed to use Research Frontiers' patented SPD light-control
technology in emulsions, film, or end products. Information
about Research Frontiers and its licensees can be found at
www.SmartGlass.com.

Note: From time to time Research Frontiers may issue forward-
looking statements which involve risks and uncertainties.
This press release contains forward looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. Actual results could differ and are not guaranteed.
Any forward-looking statements should be considered accordingly.
SPD-SmartTM, SPD-SmartGlassTM, VaryFastTM, Powered by SPDTM,
The View of the Future - Everywhere You LookTM and Visit
SmartGlass.com - to change your view of the world(tm) are
trademarks of Research Frontiers Incorporated.

Contact:
Research Frontiers Incorporated
Joseph M. Harary, President
Patricia A. Bryant, Manager of Investor Relations
516-364-1902
info@SmartGlass.com
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