Exhibit 99.1

                 MATERIAL TECHNOLOGIES, INC ANNOUNCES PLANS TO
             REPURCHASE UP TO 10,000,000 SHARES OF ITS OWN STOCK IN
                                THE OPEN MARKET

Los Angeles, California, February 26, 2003 --- MATERIAL TECHNOLOGIES, INC.
[MATECH] [OTC BB: MTEY] developers of metal fatigue detection, measurement, and
monitoring technologies today announced that the company's Board of Directors
has approved a plan to repurchase up to ten million common shares of the
outstanding stock of the company in the open market.

"Management strongly believes that MTEY shares are trading well below current
and expected future values, and coupled with existing market conditions, it is
in the best interest of the company, and shareholders, to begin repurchasing
shares in the open market," stated Robert M. Bernstein, MATECH's CEO.

It is anticipated that the company will start the repurchase by Thursday,
February 27th, 2003, and will complete this buyback within the next twelve
months. The repurchases will be made from time to time in open-market
transactions, or through privately negotiated transactions, subject to the
availability of shares.

MATECH is engaged in the research and development of metal fatigue detection,
measurement, and monitoring technologies. As such, the Company has developed a
suite of devices for the non-destructive testing [NDT] of metal fatigue and a
solution for subsequent real-time monitoring of structural integrity. These
technologies can be applied in virtually any industry in which metal is a
significant structural component; i.e.: Bridges, Aerospace, Oil & Gas,
Construction, Shipping, etc.


For more information contact: The Company 310-208-5589 or Juan Ferreira of
Corporate Image Bureau 407-774-9949









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