FOR IMMEDIATE RELEASE

Sun Valley, California: Flamemaster Corporation (NASDAQ: "FAME"), announced that it’s Board of Directors declared a quarterly cash dividend of .032 cents payable on March 15, 2001 to shareholders of record February 22, 2001.

Flamemaster Corporation is a specialty chemicals manufacturer servicing the aerospace and defense industries with high performance aircraft sealants and coatings. Flamemaster continues to hold a significant interest in PerfectData Corporation (NASDAQ: "PERF"), and a moderate stake in the Hartcourt Companies (OTC BB."HRCT").

In addition to it’s stakes in PerfectData and The Hartcourt Companies, the Company also holds stakes in Kellstrom Inds. Inc. (NASDAQ: "KELL"), Rexhall Industry (NASDAQ: "REXL"), International Airline Support Group (AMEX "YLF") and an extensive investment portfolio.

The release herein may contain or identify a forward-looking statement. These statements are based on a number of assumptions and estimates which are inherently subject to uncertainty and contingencies, many of which are beyond the control of the Company and reflect future business decisions which are subject to change.

SOURCE: Flamemaster Corporation

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For More Information Contact:
Joe Mazin
Flamemaster Corporation
11120 Sherman Way
Sun Valley, California  91352-4949
Tel: 818.982-1650
FAX: 818.765-5603
e-mail: flamemaster@cyberhotline.com

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Last modified: May 15, 2001