Street Glow, Inc. Signs a Letter of Intent to Sell a Percentage of Ownership WAYNE, NJ -- 6/21/2004 – Street Glow, Inc. has signed a letter of intent to sell a portion of ownership to a Chinese investment group called Street Glow (Hong Kong), Ltd. This group includes in its members the ownership of Street Glow’s long-time Chinese vendor which manufactures virtually all of the StreetGlow® brand of Auto-Neon® and performance lighting products. The sale to Street Glow (Hong Kong), Ltd. is expected to close the middle of the third quarter of 2004. “This is a strategic alliance between two partners who have a historic customer/vendor relationship. By having a percentage of the company owned by a group which includes our primary vendor, Street Glow is able to solidify the supply chain for our existing product offerings and create free-flowing inventory of new products,” said Street Glow’s CEO and Founder, Jack Panzarella. Street Glow, Inc. initiated the sale because it was seeking a means to increase fill rates and create a real-time inventory process for efficient inventory management. The new partnership will link manufacturing and inventory so that Hong Kong has real-time access to Street Glow’s sales and inventory data. “This is a key component to eliminating shipping delays on products coming from China, while delivering our customers a much more streamlined order and delivery process. The only change our customers will notice is the speed in which their orders are fulfilled,” commented Panzarella. He added that this will expand to an enhanced “speed to market” for new product offerings. As they sometimes do, the sale will mean some internal restructuring. “Street Glow operates best in a less stratified organizational structure. This plays well into the business culture of our new partner. The sale will allow us to examine certain roles and remove some of the redundant positions created by virtue of the partnership. In addition, Lou Merz has stepped down as president. John Bailey, Street Glow’s CFO since 1998, will assume COO duties and responsibilities,” stated Panzarella. “We will not be naming a new president.” “Though we are disappointed to see Lou Merz move on, we understand his desire to pursue other interests. It was important that everyone on the management team recognize the immediate and long-term benefits of this sale, and be willing to work with a new management model,” stated John Bailey, Street Glow’s new COO/CFO. “The marketing and distribution strengths of Street Glow, coupled with the wealth and knowledge that our new partner possesses, will make a dynamic and synergistic association,” stated Panzarella. “The partnership provides Street Glow full access to the infrastructure of our primary vendor including engineering, tooling, assembly/packing and financing.” Panzarella will remain CEO and focus his efforts on business development and new product opportunities. He will also enhance his focus on strategic marketing. Bailey’s role will include operations, finance, human resources and sales. Both Jack and John will be interfacing with the Hong Kong management on a regular basis. “It’s a back to basics approach to the business,” noted Bailey. “Street Glow’s recapitalization enables the company to further its growth in its traditional markets and position the company to examine other opportunities. This includes the possibility of accretive acquisitions in the automotive aftermarket and mobile electronics segments. The StreetGlow brand yields tremendous buying influence and we intend to leverage that in the expansion of our market.” Panzarella concluded, “Street Glow is dedicated to designing the very best products, and now we are positioned to support our customers by delivering those products to meet their individual supplying needs. We are truly excited about this opportunity and believe this will prove to be a very rewarding relationship.” About StreetGlow StreetGlow® defined a new category in the automotive aftermarket with the introduction of Auto-Neon® and has since inspired a new generation of enthusiasts with its extensive line of performance lighting products. Their cutting-edge line of StreetGlow and OPTX® by StreetGlow branded products continues to drive new automotive lighting trends and showcase the popularity of this emergent category. Named to the prestigious Inc. 500 list of America's fastest growing private companies for four consecutive years, StreetGlow, Inc. is the number one choice in Auto-Neon® and performance lighting products worldwide. For more information, visit www.streetglow.com or www.optxbystreetglow.com. Press Contact Kimberly Lancaster, Caster Communications, Inc. Klancaster@castercomm.com or 401.792.7080