FLT Flight Safety Technologies,

Flight Safety Technologies, Inc (AMEX: FLT) announced that it reached a settlement in the litigation pending in the U.S. District Court for the District of Massachusetts entitled Analogic Corporation v. Flight Safety Technologies Inc, et al, No. 06- 11288 (JLT). Under the terms of the settlement, Analogic (NASDAQ: ALOG) assigned its license rights in the SICM MANPADS Countermeasure technology against certain shoulder-fired anti-aircraft missiles to FLT, but retained certain related manufacturing rights or, alternatively, certain royalty rights which range from 10% to 5% of gross revenue from the sale of related products depending on the gross margin realized by FLT. FLT will issue 100,000 shares of common stock and pay $100,000 in cash to Sanders Design International (SDI) and SDI's legal fees associated with the lawsuit. Upon completion of a successful live fire test, FLT will issue SDI another 250,000 shares of common stock and hire three SDI employees for one year terms in exchange for ownership of all intellectual property associated with the SICM and TIICM� MANPADS countermeasure technologies. SDI also would receive a royalty of 1% of gross revenue from sales of products based on these technologies. There can be no assurance that any party to the settlement eventually will realize revenue from any such products. FLT CEO William Cotton says "We are pleased that we were able to come to such a constructive resolution with all parties. I believe this agreement positions us to move forward with the development of this important technology. The resolution of this dispute allows us to resume our leadership role in the development process, while maintaining a strong relationship with SDI and Analogic. We have been encouraged by test results of the technology and look forward to completing a live fire test of the system with the Air Force early this year." About Flight Safety Technologies, Inc. Flight Safety Technologies, Inc. is a development stage company pursuing advanced technologies aimed at enhancing safety, security and efficiency for the aviation industry. These new technologies include AWSM�, SOCRATES�, UNICORN� and TIICM�. The Aircraft Wake Safety Management (AWSM�) system is being developed to provide a total airport system solution to the need for increased airport capacity with enhanced safety. SOCRATES� is an airport based laser acoustic sensor for the detection and tracking of wake vortex turbulence. UNICORN� is an airborne radar for collision avoidance using state of the art components to achieve low cost, small size and light weight. TIICM� is an airborne passive countermeasure initiative to protect airliners against the threat of certain terrorist missile attacks. Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements identified by the use of words such as should, believes, plans, goals, expects, may, will, objectives, missions, or the negative thereof, other variations thereon or comparable terminology. Such statements are based on currently available information which management has assessed but which is dynamic and subject to rapid change due to risks and uncertainties that affect our business, including, but not limited to, the outcome of pending class action litigation alleging violations of federal securities laws, whether the government will implement WVAS at all or with the inclusion of a SOCRATES� wake vortex sensor, the impact of competitive products and pricing, limited visibility into future product demand, slower economic growth generally, difficulties inherent in the development of complex technology, new products sufficiency, availability of capital to fund operations, research and development, fluctuations in operating results, and other risks detailed from time to time in Flight Safety Technologies, Inc.'s filings with the Securities and Exchange Commission. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and should be considered forward looking statements. Forward looking statements involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated.