FLAMEMASTER REPORTS A 26.5% REVENUE GAIN AND NET EARNINGS PER SHARE OF $.13 FOR THE QUARTER ENDED JUNE 30, 2002

Sun Valley, California, August 2, 2002, - Flamemaster Corporation (NASDAQ "FAME") today reported net income of $182,702 or $.13 per share on revenues of $1,385,388 for the quarter, compared to net of $152,275 or $.10 per share on revenues of $1,094,062 in the year earlier period. Sales from operations expanded to $1,329,107 in the quarter from $1,005,399 in the prior year.

The Company’s balance sheet is very strong with a current ratio of more than 32.7 to 1. Working capital expanded to $6,953,667 from $6,597,130 in the year earlier.

For the nine month period ended June 30, 2002, revenues were $3,940,609 compared to $3,251,775 in the year earlier period. Net income for the nine months was $513,815 or $.36 per share vs. $479,213 or $.30 per share. Operating revenue expanded to $3,711,461 vs. $2,971,175 in the nine months ended June 30, 2001, with income before income taxes rising to $872,329 from $708,122 in the previous year.

Flamemaster is a Southern California based specialty chemicals manufacturer of high performance sealants, adhesives and coatings.

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.

(Unaudited)