Southwall Announces Extension to Letter Agreement with Needham & Company

Southwall Technologies Inc. (Nasdaq:SWTX), a global developer, manufacturer and marketer of thin-film coatings for the automotive glass, electronic display and architectural markets, announced that it has entered into an extension of the letter agreement dated November 11, 2003 with Needham & Company, Inc.

The letter agreement outlines the principal elements of a proposed bank guarantee and equity financing package with Needham or its affiliates of up to $5 million. The letter agreement, which was due to expire on November 30, 2003 if definitive agreements for the financing were not entered into by that date, and was previously extended to December 12, 2003, has been further extended to December 19, 2003, while the parties work to complete negotiation of the definitive agreements.

600450 Southwall Announces Extension to Letter Agreement with Needham & Company glassonweb.com

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