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<DESCRIPTION>RESEARCH FRONTIERS PRESS RELEASE DATED OCTOBER 12, 2006
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RESEARCH FRONTIERS UPDATE ON SMARTGLASS OPERATIONS

Woodbury, New York - October 12, 2006.  Three investors from
the group of accredited investors that invested $2 million in
August in Research Frontiers Incorporated (Nasdaq: REFR) have
invested an additional $700,000. The investors received
179,487 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 and improvement of its next-generation
SPD light-control film technology, and for working capital
and general corporate purposes.

Research Frontiers is the developer and licensor of SPD-Smart(tm)
light-control film technology used in windows, skylights,
sunroofs, aircraft windows and other products. The company
currently has 35 licensees, including the world's three
largest glass companies, and several of the world's
largest chemical companies.

"We are very pleased with the continued confidence in
Research Frontiers by members of this investment group
evidenced by their additional follow-on investment,"
noted Joseph M. Harary, President of Research Frontiers.
"This investment further strengthens our balance sheet,
which remains debt-free. Now that this financing is
completed, this also provides us with the opportunity
to give our shareholders an update on the progress and
activities of Research Frontiers and our licensees."

Mr. Harary recently returned from an important trip to
Japan where he met with senior executives at the
headquarters of Research Frontiers' four licensees in
that country: Asahi Glass Company, Dainippon Ink and
Chemicals, Hitachi Chemical Company, and Nippon Sheet
Glass. In this regard, he noted: "In June at our Annual
Meeting of Stockholders, two of our Japanese film licensees
publicly disclosed their capacity for SPD film production,
and their plans and timetables for dramatic increases in
that capacity. Judging from our licensees' results achieved
in meeting their stated goals, and the high level of
resources they are committing to their SPD businesses,
and other information I have received, I am confident that
our licensees' current factories and expansion plans will
meet the short, intermediate, and long-term SPD demand of
their customers. Additional information makes it abundantly
clear to me that this demand for SPD film and end-products
is already very large and growing in the relevant markets
for SPD technology, including aerospace, automotive, and
architectural glass applications. Most importantly, these
markets can generate substantial royalty revenues to
Research Frontiers in both the near and intermediate term."

"Dramatic improvements in the performance of SPD film and
end-product technology have been achieved through close,
focused, and continuous working relationships between
Research Frontiers and its licensees, and between licensees
and their customers. Some of these improvements have already
resulted in public announcements by licensees. For example,
earlier this week our licensee Isoclima announced the debut
of their CromaLite brand of SPD automotive sunroofs and
armored side glass. We anticipate that further important
public announcements by our licensees and by their customers
relating to SPD products and sales will also result from the
collaboration, production and product development work going
on now among us, our licensees, and their customers in Japan,
the United States and Europe. As is standard business practice,
especially in the aerospace and automotive industries, such
announcements will generally be made by the OEM customer, or
supplier (in this case a licensee of Research Frontiers) with
their approval."

SPD film has wide applicability in a variety of SPD-Smart(tm)
products including architectural, automotive, aircraft and
marine windows, as well as in appliances and 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 can
reduce energy consumption, 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 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; appliance glass; 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 new technologies by the Society
of Automotive Engineers' Aerospace Engineering magazine.
SPD technology is covered by approximately 450 patents and
patent applications held by Research Frontiers 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-Smart(tm), SPD-SmartGlass(tm), VaryFast(tm),Powered by SPD(tm),
The View of the Future - Everywhere You Look(tm) and
Visit SmartGlass.com - to change your view of the world(tm) are
trademarks of Research Frontiers Incorporated. CromaLite(tm)
is a trademark of Isoclima S.p.A.

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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