Applied Nanotech And Southwest Nanotechnologies Partner To Optimize Single Wall Carbon Nanotubes For Flat Panel Display Screens

June 21, 2004 – AUSTIN, TX & NORMAN, OK – Austin, Texas based Applied Nanotech, Inc. ("ANI"), a subsidiary of Nano-Proprietary (OTC BB: NNPP), and SouthWest NanoTechnologies, Inc. ("SWeNT") a technology spin-off of from the University of Oklahoma and ConocoPhillips based in Norman, Oklahoma, today announced that they have entered into a strategic partnership. Through the partnership, ANI is authorized to use the high quality single wall carbon nanotubes (CNT) produced by SWeNT and is also authorized to represent SWeNT on a non-exclusive basis in Asia. This representation comes as a natural extension of the relationships that ANI has established with major manufacturers in Japan.

In addition, as a continuation of their successful Phase I SBIR, the companies will jointly apply for a Phase II SBIR grant to produce a high quality, high resolution color CNT TV using the unique and proprietary single wall carbon nanotubes developed by SouthWest NanoTechnologies and the patented CNT field emission technology developed by Applied Nanotech.

"We are very pleased to be working with ANI," said Howard G. Barnett, Jr., CEO of Southwest NanoTechnologies. "This productive alliance represents an important stride in the CNT flat panel display market. With ANI's ability to create TV applications with our single wall carbon nanotubes, we will be able to capitalize on the lagging HDTV market."

Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties concerning Nano-Proprietary's business, products, and financial results. Actual results may differ materially from the results predicted. More information about potential risk factors that could affect our business, products, and financial results is included in Nano-Proprietary's annual report on Form 10-KSB for the fiscal year ended December 31, 2003, and in reports subsequently filed by Nano-Proprietary with the Securities and Exchange Commission ("SEC"). All documents are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov or from Nano - Proprietary's web site listed below. Nano-Proprietary hereby disclaims any obligation to publicly update the information provided above, including forward-looking statements, to reflect subsequent events or circumstances.

About SouthWest NanoTechnologies, Inc.

SouthWest NanoTechnologies, Inc. (SWeNTTM) is commercializing a horizontal patented technology to supply Single-Wall Carbon Nanotubes for high-volume high value applications as well as developing enhanced functionality for its nanotubes for specialty applications. This enabling technology has application in a variety of industries and materials. The company was incorporated in April 2001 to spin off nanotube technology developed by the University of Oklahoma and ConocoPhillips. For more information, please visit http://www.swnano.com.

About Nano-Proprietary, Inc.

Nano-Proprietary, Inc. is a holding company with two operating subsidiaries. Applied Nanotech Inc. is a premier research and development organization dedicated to developing applications for nanotechnology with an extremely strong position in the field of electron emission applications from carbon film/nanotubes. Electronic Billboard Technology, Inc. (EBT) possesses technology related to electronic digitized sign technology. Nano-Proprietary's website is www.nano-proprietary.com.

Company Contact:
Doug Baker
Applied Nanotech Holdings, Inc.
248.391.0612
dbaker(at)appliednanotech.net

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