FLAMEMASTER REPORTS NET EARNINGS RISE BY 14.2% ON REVENUE GAIN OF MORE THAN 32% FOR THE 1^ST QUARTER ENDED DECEMBER 31, 2001

Sun Valley, California: February 14, 2002 – Flamemaster Corporation (Nasdaq "FAME"), today reported net income of $125,439, or $.09 per share, an increase of 14.2%, on revenues of $1,259,833 for the 1^st quarter compared to net of $109,854 or $.07 per share on revenues of $951,643 in the year earlier period. The gain in revenues is attributable to an increase in requirements of the U.S. Military and defense contractors for the Company’s high performance aircraft sealants.

The company’s balance sheet is strong with a current ratio of 11.8 to 1. Working capital stood at a healthy $7,234,158.

Flamemaster Corporation is a Southern California based specialty chemicals manufacturer of high performance aircraft and aerospace sealants protective coatings and fire stop systems. The Company also has an extensive investment portfolio and holds stakes in several other companies.

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.