PARADIGM SECURES $20 MILLION EQUITY FINANCING COMMITMENT

Contacts:
         
Stanley Wunderlich
Consulting for Strategic Growth, Ltd.
Public Relations
Corporate Development Consultants
Tele: 800-625-2236
Fax: 516-625-4523
Email: cfsg@iname.com   
   
Kay L. Boyd
Director of Shareholder Relations
Paradigm Medical Industries, Inc.
San Diego Office
Tel: 800-426-0493
Fax: 858-550-8067
Website: www.paradigm-medical.com

Salt Lake City, Utah -- December 5, 2000 -- Paradigm Medical Industries, Inc. (Nasdaq:PMED) announced today that it has secured an equity financing commitment from a private investment fund in the form of an equity line facility. According to the terms of the facility, Paradigm would have the right, but not the obligation, to obtain as much as $20 million through the issuance of its common stock to the fund in a series of draw downs over a three year period.

The actual amount of the funds that Paradigm will be able to draw down is subject to the terms of the facility and factors in the trading market for Paradigm common stock, including the trading volume and the price of Paradigm shares. The shares that Paradigm may issue through draw downs will be registered under a registration statement that was filed with the Securities and Exchange Commission (SEC) on November 29, 2000. Paradigm will be able to draw down on the facility once its registration statement is declared effective by the SEC.
   
Paradigm Chairman and Chief Executive Officer, Thomas F. Motter, commented: The availability of this equity line will assure Paradigm of long term financial viability and, in the short term, will allow Paradigm to expand the manufacturing and sales of its Photon laser surgery system for cataract removal in Europe. This kind of financing option is very attractive to Paradigm since it gives it complete flexibility over timing and a substantial degree of control over pricing."

This press release does not constitute an offer to sell or the solicitation to buy nor shall there be any sale of the securities in any state under which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.

Paradigm Medical Industries, Inc. develops, manufactures and markets diagnostic and surgical proprietary equipment and consumable products in medicine. The Companys corporate offices are located at 2355 South 1070 West, Salt Lake City, Utah 84119, call (801) 977-8970 or visit us at our web site at www.paradigm-medical.com.

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This press release contains forward-looking statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with the respect to Paradigm and its business. The predictions embodied in these statements will involve risks and uncertainties and, accordingly, Paradigms actual results may differ significantly from the results discussed or implied in such forward-looking statements.