PARADIGM MEDICAL INDUSTRIES APPROVES ONE YEAR EXTENSION OF CLASS A WARRANTS

Paradigm Medical Industries, Inc., announced that its Board of Directors voted to extend the exercise date of the Company's Class A warrants and Kenneth Jerome warrants by one year. These warrants would have expired on July 10, 2001.

SALT LAKE CITY, UT -- April 30, 2001--Paradigm Medical Industries, Inc. (NASDAQ: PMED/PMEDW) announced today that its Board of Directors voted to extend the exercise date of the Company's Class A warrants and Kenneth Jerome warrants by one year. These warrants would have expired on July 10, 2001.

The exercise price of the approximately one million Class A warrants outstanding is $7.50 per share. In connection with the Company's initial public offering in 1996, Paradigm issued and sold to its underwriters (Kenneth Jerome) warrants to purchase 200,000 warrants ranging in price from $7.50-$8.125 per share. As of December 8, 2000, 10,000 of these warrants had been exercised.

Commenting on the action by the Board of Directors, Paradigm's Chairman and Chief Executive Officer, Thomas F. Motter, stated, "The exercise of our Class A warrants and the underwriter warrants will result in the Company receiving nearly $9 million in cash."

Paradigm Medical Industries, Inc., currently develops, manufactures and markets surgical and diagnostic high-tech "breakthrough" proprietary equipment and consumable products in medicine. The Company's 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 respect to Paradigm and its business. The predictions embodied in these statements will involve risk and uncertainties and accordingly, Paradigm actual results may differ significantly from the results discussed or implied in such forward-looking statements.