Amerityre Elects Directors; Announces Production of Prototype Polyurethane 'Air, No-Air' Run Flat Car Tires

HENDERSON, Nev., Nov. 21, 2003 -- Amerityre Corporation (BULLETIN BOARD: AMTY) . At the company's annual meeting of shareholders held this morning in Henderson, Nevada, shareholders elected existing directors Richard A. Steinke, Henry D. Moyle, Louis M. Haynie, Wesley G. Sprunk and Norman H. Tregenza to serve until the next annual meeting of shareholders in 2004.

During his remarks to the shareholders, Richard A. Steinke, Chairman of the Board, announced that Amerityre had produced a limited number of prototype polyurethane car tires based on its "air, no-air" run flat technology. Mr. Steinke reported that the prototype tires are significant in three ways:

First, Amerityre's "air, no-air" tire system, christened ARCUS(TM), permits the car tire to operate with or without air;

Second, the tires are made using Amerityre's proprietary urethane chemistry; and

Third, the tires are made using Amerityre's patented and proprietary manufacturing techniques that, once robotisized, will allow manufacturing costs below that of rubber tire manufacturing cost as a result of lower material, labor and capital equipment costs.

Amerityre is currently conducting its own testing and evaluation of the prototype tires and will produce additional prototypes that will be sent to an independent laboratory to determine if the tires comply with applicable US DOT standards. Amerityre estimates that this process with be completed during January 2004.

For more information on Amerityre, visit its website at www.amerityre.com .

This release may contain statements that are forward looking. Such statements are made based upon current expectations that are subject to risk and uncertainty. Amerityre does not undertake to update forward-looking statements in this news release to reflect actual results of and changes in assumptions or changes in other factors affecting such forward-looking information. The production of prototype polyurethane car tires, complying with applicable Department of Transportation testing standards, and the ultimate production of car tires using Amerityre's technologies will not necessarily result in any additional revenues to Amerityre until such time as Amerityre can commercially exploit that technology. There can be no assurance that Amerityre will be able to commercially exploit its car tire technology.