MYSTIC, CT (August 23, 2006) - Flight Safety Technologies, Inc. (AMEX:FLT). As it previously reported, Flight Safety Technologies, Inc. learned in December 2003 that the United States Securities and Exchange Commission staff was conducting an informal investigation that appeared to be looking into certain analyst reports about the company, and its press releases. The SEC staff did not assert that the company had acted improperly or illegally and the company voluntarily cooperated fully with the staff's informal investigation. The company believed that it acted properly and legally with respect to these analyst reports and press releases.

On August 22, 2006, Flight Safety Technologies, Inc. received notification from the United States Securities and Exchange Commission that the SEC has terminated its informal investigation of the company with no enforcement action recommended.

Flight Safety Technologies, Inc is a development stage company pursuing advanced technologies aimed at enhancing safety, security and efficiency for the aviation industry.

The Company is currently pursuing three technologies called SOCRATES®, UNICORN™ and TIICM™:

l      SOCRATES® is an airport based laser acoustic sensor for the detection and tracking of wake vortex turbulence.

l      UNICORN™ is an airborne radar for collision avoidance using state of the art components to achieve low cost, small size and light weight.

l      TIICM™ is an airborne passive countermeasure system to protect airliners against the threat of 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 an informal inquiry by the SEC that appears to be in connection with certain analysts reports about us and our press releases, the outcome of pending class action litigation alleging violations of federal securities laws, pending litigation challenging our rights to TIICM™, 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 may be 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.

Samuel A. Kovnat
Flight Safety Technologies, Inc.
(860) 245-0191
ir@flysafetech.com