<PAGE>
Exhibit 99.1
Thursday July 20, 3:01 pm Eastern Time
Company Press Release
SOURCE: Perceptronics, Inc.
Perceptronics Completes Sale of PGTS and Training Simulator Operation
WOODLAND HILLS, Calif., July 20 /PRNewswire/ -- Perceptronics, Inc. (OTC
Bulletin Board: PCTR - news) today reported that it had completed the previously
announced sale of its PGTS and training simulator operation to Eidetics
Corporation, a Torrance, CA based manufacturer of aircraft simulators and other
simulation systems.
The transaction included, among other things: (1) transfer to Eidetics of the
PGTS Assets; (2) payment or assumption by Eidetics of certain liabilities of the
Company associated with the PGTS Business; (3) transfer by the Company to
Eidetics of active contracts and/or proposals in the area of PGTS and training
simulator operations including; and (4) payment by Eidetics to the Company for
four years of a royalty on all Eidetics business involving the PGTS Assets
and/or transfer of the PGTS contracts and proposals.
As part of the shareholder approval process, Perceptronics filed with the SEC an
information statement describing in more detail the terms of the transaction.
Copies may be obtained from the SEC's Web site at www.sec.gov or from the
Company at no cost.
Perceptronics' business is to develop, produce and market software products and
services that allow Web site developers and owners to create online
collaborative experiences that meet the growing demand for expanded multi-user
interactivity on the Internet. A description of the Company's IC3D Technology is
found at http://ic3d.perceptronics.com.
Safe Harbor Statement:
Statements regarding the Company's expectations about growth and marketing
strategies, new and existing products, and future financial performance are
Forward Looking Statements that are subject to a number of risks and
uncertainties. These risks and uncertainties include, without limitation: (1)
technological factors affecting the development and commercial fielding of the
IC3D Framework; (2) competitive factors in the Internet industry, including the
ability of the Company to compete against larger, well-funded companies; (3)
cash flow factors affecting the Company's operations; (4) the ability of the
Company to obtain required financing, that would affect further development and
marketing of the IC3D Framework; and (5) competitive factors and contracting
contingencies in the defense simulation industry and in particular in the
international defense business. These and other risks and uncertainties are
discussed in greater detail from time to time in the Company's SEC filings and
reports.
SOURCE: Perceptronics, Inc.
