Sun Valley, California, December 13, 2001 – Flamemaster Corporation (NASDAQ "FAME"), reported net income of $647,024 on revenues of $4,520,019 for the year ended September 30, 2001. In the prior year earnings were $1,190,722 on revenues of $5,166,286. Per share results were $.41 basic and fully diluted in 2001 vs. $.74 basic and $.71 fully diluted in 2000. The decrease in net income in fiscal 2001 was a result of sharply lower investment income.

For the 4^th quarter, revenues increased by more than 20% to $1,268,244 from $1,055,299 in the previous year. While net income declined moderately to $167,811 from $202,146 due to a lower level of investment and interest income. Per share results for the quarter ended September 30, 2001 were $.12 basic and fully diluted vs. $.13 basic and $.12 fully diluted in the prior year.

Flamemaster Corporation is a specialty chemical 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 an extensive investment portfolio. PerfectData recently announced that it executed a letter of intent to acquire Graphco Technologies. A technology, software and systems development company providing advanced security solutions for biometric identification, secure access, surveillance, and secure law enforcement incident management. Graphco believes that it has strong potential for its products and services in the security and biometric markets, and is positioned well for being a leading provider in this industry.

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.