SI Diamond And Oxford Instruments Announce The Introduction Of The World's First Product Utilizing Carbon Cold Cathodes

Austin, Texas – March 27, 2001 – SI Diamond Technology, Inc. (OTC BB: SIDT) through its subsidiary, Field Emission Picture Element Technology, Inc. (FEPET) announced today that the first handheld X-ray fluorescence (XRF) spectrometer utilizing electron emission from carbon cold cathodes was introduced by Oxford Instruments, PLC (London Stock Exchange: OXIG) at the PITTCON meeting in New Orleans. The Horizon 600 Hand Held XRF Spectrometer is used for alloy sorting, materials identification and is also suitable for inorganic analysis applications. Oxford Instruments anticipates first user shipments this summer and SI Diamond's subsidiary FEPET, Inc. will supply the carbon cold cathodes (see SIDT press release of 11/20/00, "SI Diamond Announces A New Electron Emission Product And A Purchase/Royalty Agreement).

Bradley Boyer, President of Oxford Instruments X-Ray Technology, comments, "We had a strong response to the Horizon 600 at PITTCON, and are looking forward to solving a long standing problem for the fluorescence spectrometer industry."

"Our strategy of diversification with respect to new applications of our carbon cold cathodes is starting to show results," said Dr. Zvi Yaniv, President and Chief Operating Officer of SI Diamond Technology, Inc.

In separate matter, FEPET has been selected by the Department of the Air Force for a Small Business Innovation Research (SBIR) Phase I grant to study the use of carbon cold cathodes as a source for an electron spray chemical and biological warfare agent decontamination unit. This is the second SBIR grant that SI Diamond Technology, Inc. has received in 2001.

An interview recorded today with Marc Eller, the Chairman and CEO of SI Diamond Technology, Inc, discussing general business strategy, can be heard at the WALLSTREETREPORTER.COM: http://www.wallstreetreporter.com.

Safe Harbor Statement

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, and is subject to the safe harbor created by those sections. The Company's actual results could differ materially from those projected in the forward-looking information. Future results may be impacted by risk factors listed from time to time in SIDT's SEC reports. SI Diamond Technology, Inc. disclaims any intent or obligation to update forward-looking information.

SI Diamond Technology is a holding company consisting of three operating subsidiaries. The wholly owned Field Emission Picture Element Technology, Inc. (FEPET) subsidiary is developing products for applications utilizing SIDT's proprietary field emission technology. The wholly owned Electronic Billboard Technology, Inc. (EBT) subsidiary is geared toward the commercialization of electronic digitized sign technology. Sign Builders of America, Inc. (SBOA), a wholly owned subsidiary of EBT is a manufacturer of high quality signage. SI Diamond Technology's website is www.sidiamond.com.

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Applied Nanotech Holdings, Inc.
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