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Abstract:
Companies to develop a hydrogen sensor for automotive fuel cell applications.

Nano-Proprietary and KRI Collaborate On Automotive Fuel Cell Hydrogen Sensor

Austin, TX | December 29, 2004

Austin, Texas-based Nano-Proprietary, Inc. (OTC BB: NNPP), through its subsidiary, Applied Nanotech, Inc. (ANI), today announced that it has entered into a research and development agreement with KRI, Inc. (KRI) to develop a hydrogen sensor for automotive fuel cell applications. KRI, Inc. is the research and development subsidiary of Osaka Gas Co. Ltd., the second largest gas utility company in Japan.

This subcontract is the result of a joint proposal submitted by KRI and ANI to NEDO, the New Energy Industrial Technology Development Organization established by the Japanese Government in 1980. NEDO launched a new project for international joint research to promote advanced and innovative R&D in the hydrogen energy field and awarded eleven grants with eleven different themes. The proposal by KRI and ANI was one of the grants awarded. The joint project is expected to take about one year and ANI will receive an amount similar to an SBIR Phase I grant during that period for its portion of the research.

“We are pleased to participate in this project,” said Dr. Zvi Yaniv, Chief Executive Officer of Applied Nanotech, Inc. “Our selection for this project speaks volumes about our technology.”

Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties concerning Nano-Proprietary’s business, products, and financial results. Actual results may differ materially from the results predicted. More information about potential risk factors that could affect our business, products, and financial results are included in Nano-Proprietary’s annual report on Form 10-KSB for the fiscal year ended December 31, 2003, and in reports subsequently filed by Nano-Proprietary with the Securities and Exchange Commission ("SEC"). All documents are available through the SEC's Electronic Data Gathering Analysis and Retrieval System (EDGAR) at www.sec.gov or from Nano-Proprietary’s web site listed below. Nano-Proprietary hereby disclaims any obligation to publicly update the information provided above, including forward-looking statements, to reflect subsequent events or circumstances.

KRI, Inc.

KRI, Inc. is a research and development company owned by OG Capital, a 100% owned subsidiary of Osaka Gas Co., Ltd., the second largest gas utility company in Japan.

About Nano-Proprietary, Inc.

Nano-Proprietary, Inc. is a holding company consisting of two wholly-owned operating subsidiaries. Applied Nanotech Inc. is a premier research and commercialization organization dedicated to developing applications for nanotechnology with an extremely strong position in the field of electron emission applications from carbon film/nanotubes. Electronic Billboard Technology, Inc. (EBT) possesses technology related to electronic digitized sign technology. Nano-Proprietary’s website is www.nano-proprietary.com.

Media Contact:
Patti D. Hill
BlabberMouth PR
direct - 512.218.0401
cell - 512.635.7335
patti@blabbermouthPR.com

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