Paradigm Medical Third Quarter Net Income $37,000, Sales Increase 32% SALT LAKE CITY, Nov. 17 /PRNewswire-FirstCall/ -- Paradigm Medical Industries (BULLETIN BOARD: PMED, PMEDW) today reported sales and earnings for the third quarter 2003. The Company reported a profit of $37.0 thousand for the third quarter ending September 30, 2003, compared with a loss of $3.39 million in the same period last year. The Company reported third quarter 2003 revenues of $853,000 versus revenues of $645,000 during the second quarter 2003. Commenting on third quarter results, President and Chief Executive Officer Dr. Jeffrey F. Poore remarked, "I committed to shareholders back in June 2003 to move the company forward. We have done this by cutting losses and waste while focusing on sound business principles. I am pleased to report that we are on track with the initiatives I outlined in my letter to shareholders. In the course of a short six months we have taken a company from acute financial distress to one that is reporting a profitable quarter. Dr. Poore continued, "We believe that the positive net income of $37,000 for the quarter is an extremely significant event for Paradigm. Although the income was partly due to a one-time gain resulting from the settlement of outstanding liabilities and disputes, we are encouraged by the overall reduction in expenses and related losses. The loss from operations decreased from approximately $3.4 million for the quarter ended September 30, 2002 to approximately $206,000 for the quarter ended September 30, 2003 -- a reduction of 94%. We are pleased to see an increase in revenue of approximately 32% in third quarter over second quarter 2003 and believe that we have made the necessary reduction in costs to lead us toward further profitability. The company is focused on a major initiative to increase sales of several of our high margin products including the Blood Flow Analyzer, the UBM microscope, the Perimeter, and the Corneal Topographer. Although this report is only a snapshot in time, we believe it illustrates our focus, ingenuity and work ethic. We will continue to communicate new initiatives and progress that we believe will increase shareholder value. Financial Table Three Months Ended Nine Months Ended September 30, September 30, 2003 2002 2003 2002 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Sales $853,000 $1,078,000 $2,225,000 $3,894,000 Cost of Goods Sold 354,000 1,116,000 1,237,000 2,738,000 Gross Profit 499,000 (38,000) 988,000 1,156,000 Operating Income (Loss) (206,000) (3,364,000) (2,538,000) (7,294,000) Net Income (Loss) $37,000 $(3,387,000) $(2,305,000) $(7,331,000) About Paradigm: Paradigm Medical Industries, Inc., currently develops, manufactures and markets surgical and diagnostic high-tech, proprietary equipment and consumable products for the medical industry. Further information can be found at http://www.paradigm-medical.com/ or by contacting corporate headquarters at (801) 977-8970. This press release contains statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Paradigm and its business. The predictions embodied in these statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements. DATASOURCE: Paradigm Medical Industries, Inc. CONTACT: Paradigm Medical Industries, Inc., +1-801-977-8970 Web site: http://www.paradigm-medical.com/

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