Electronic Billboard Technology Announces Test In Convenience Store Chain

Austin, Texas – July 30, 2001 – Electronic Billboard Technology, Inc. (EBT), a subsidiary of SI Diamond Technology, Inc. (OTC BB: SIDT) today announced a test with a major Convenience Store in the Midwest – Oasis Market. The test is scheduled to start September 1 and will run through November.

Under the terms of the agreement, Oasis will feature an EBT E-bannerTM in three of its locations throughout the Minneapolis area. The E-banner will provide Oasis the opportunity to run video-based messaging complete with sound in the test locations and will measure the impact of this revolutionary point-of-sale technology on sales lift. EBT's marketing partner, Minneapolis-based Gabriel deGrood Bendt (formerly known as Kaleidoscope), will handle advertising sales to Oasis' in-store partners allowing them to purchase space on the technology.

"We're excited to incorporate the EBT technology into some of our Oasis Market stores," says Scott Stevens, President of Oasis Market. "Knowing 73% of purchasing decisions are made at the retail level, we think this unique vehicle will impact our sales and provide a new communications tool for many of our in-store manufacturers."

"Oasis Market opens up another retail outlet for our technology," says Marc Eller, Chairman and CEO of SI Diamond Technology. "The test in the C-store channel will add to our list of quick service restaurant, pharmacies, sporting goods stores, and retailers that are currently customers or testing with EBT. We're confident that Oasis will experience a positive shift in sales based on other retailer results we've seen."

Oasis Market, based in Minneapolis, operates more than 170 Convenience Stores in Minneapolis and the surrounding area. In addition, they operate 56 locations in the El Paso, Texas area.

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.

Company Contact:
Doug Baker
Applied Nanotech Holdings, Inc.

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