Airtrax, Inc. Completes $3 Million Private Placement of Common Stock
Thursday May 13, 8:00 am ET

HAMMONTON, NJ--(MARKET WIRE)--May 13, 2004 -- Airtrax, Inc. (OTC BB:AITX.OB - News), a U.S. based developer of omni-directional technology, including the SIDEWINDER Omni-Directional Lift Truck and the Phoenix Omni-Directional Aerial Work Platform, announced today that it has completed a private placement of $2.88 million for 3.6 million shares of its common stock, and 1.8 million warrants with an exercise price of $1.25. First Montauk Securities Corp. of Red Bank, NJ, an NASD registered broker-dealer, acted as placement agent. The Company plans to use the proceeds for working capital and marketing its omni-directional technology. The Airtrax SIDEWINDER Omni-Directional Lift Truck is scheduled for first production releases later this year. SIDEWINDER production will culminate with the Company's introduction of this technology into private sector commercial markets.

The SIDEWINDER is the world's first commercially produced omni-directional lift truck. This vehicle can travel forward, backwards, sideways or in any direction at all just by pushing the joystick in the direction you want to travel. "Most significant," states Peter Amico, Airtrax President, "is the lack of parts inherent in this vehicle's design. SIDEWINDER has no steering wheel, brake, clutch or accelerator pedals. It lacks many of the parts that other vehicles require. Because of fewer parts SIDEWINDER has extremely low maintenance requirements making it one of the most cost effective fork lift purchases in the industry."

The Company also intends to use a portion of the proceeds to finance cash requirements needed to acquire 51% interest in Filco GmbH, a German corporation.

The private placement was made only to accredited investors in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The shares of common stock issued in the private placement have not been registered under the Securities Act, or any state securities laws and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of the securities in any jurisdiction in which such offering would be unlawful.

About Airtrax, Inc. www.airtrax.com

This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. As such, final results could differ from estimates or expectations due to risks and uncertainties, including but not limited to: incomplete or preliminary information; changes in government regulations and policies; continued acceptance of the Company's products and services in the marketplace; competitive factors; technological changes; the Company's dependence upon third-party suppliers; intellectual property rights; difficulties with the integration of SMS; and other risks. For any of these factors, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, as amended.

Contact:

Contact:

Peter Amico

President

Airtrax, Inc.

Phone 609-567-7800

Fax: 609-567-7895

E-mail: pamico@airtrax.com

Source: Airtrax Inc.

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