Spire Corporation Reports 38% Rise in Sales for Third Quarter

source: Press Release 2001.11.14

Bedford, MA - November 14, 2001 - Spire Corporation (Nasdaq: SPIR), a leading supplier of solar
electric manufacturing equipment and solar electric systems, today reported a 38% increase in revenues
for the third quarter, ended September 30, 2001, compared to the same year-earlier period. This growth
was driven by a 340% increase in sales at the Company's solar systems operation.

Revenues for the third quarter were $3,889,000, an increase of 38% over the $2,826,000 reported for
the same year-earlier period. The loss from operations in the quarter declined 42% to $314,000 from
$546,000 for the year-earlier quarter. The net loss for the third quarter was $277,000 or $0.04 per share,
compared to a loss of $127,000, or $0.02 per share for the comparable 2000 quarter. In 2000, a
favorable tax refund of $299,000 or $0.04 per share was recorded. The per share results are adjusted for
a two-for-one stock split that took place December 22, 2000.

Revenues for the nine months ended September 30, 2001, were $10,074,000 compared to $10,517,000
for the same year-earlier period. The net loss for the nine months was $1,578,000 or $0.24 per share,
compared with a loss of $127,000 or $0.02 per share for the same year-earlier period.

The Company reported that the increase in revenues for the third quarter reflected across-the-board
gains in its solar equipment and systems business as well as biomedical processing services. Spire Solar
Chicago, which supplies solar electric systems to the City of Chicago and ComEd, recorded its best
sales ever, over $1.4 million for the quarter, an increase of 340% over the year-ago level. Sales of solar
electric module manufacturing equipment gained momentum, benefiting from rising shipments to the
Far East and Germany. Higher revenues from biomedical processing services helped to offset the
phase-down of the Company's optoelectronics research and development contract activities.

Roger Little, President and Chief Executive Officer of Spire, said, "The improved sales growth in the
third quarter demonstrates that demand for our products and services is strong, with solar leading the
way. In keeping with our strategic focus, we have continued to do the investment spending that is vital
to supporting the Company's future growth, both in our primary solar energy business and at Spire
Biomedical. Operationally, this quarter we nearly broke even but we needed to invest $225,000 in Spire
Biomedical's catheter development program."

"Although these actions have affected short-term profitability, we have taken steps to streamline our
cost structure and lay the groundwork for improved margins in the future. I am optimistic that the
current favorable trend will continue in the fourth quarter."

During the quarter, Spire Solar Chicago placed rooftop solar electric systems on three major Chicago
museums-the Art Institute of Chicago, the Mexican Fine Arts Center Museum, and the Chicago
Historical Society. Those installations, which rank among the largest solar projects in the Midwest, are
part of a multi-year, multi-site program of solar power installations that Spire is completing in
cooperation with the City of Chicago, Commonwealth Edison, and the Illinois Department of
Commerce and Community Affairs (DCCA). To date, the Company has installed solar electric systems
on Chicago museums, schools and commercial buildings valued at approximately $3.4 million, and
representing more than 320 kilowatts of solar generating capacity.

Mr. Little said, "Spire Biomedical Inc. continued to expand its orthopedic processing services and
extend its technological base in new directions this quarter. We are especially pleased with the progress
made in developing our patented split-tip hemodialysis catheter, which is designed to help reduce
access-related complications in the treatment of patients suffering from chronic kidney failure. We are
considering a variety of distribution options, including a strategic alliance, to maximize penetration of
the vascular access market."

"Our R&D programs are targeted at fostering new product development and maintaining our
technological edge. During the quarter, the National Institutes of Health awarded Spire Biomedical two
grants totaling $850,000 to develop improved coatings for orthopedic and dental implants, which is a
new market for Spire. We also were notified by the National Renewable Energy Laboratories (NREL)
of its intent to negotiate with the Company an R&D contract to develop a large-area, or SolarBreeder,
solar module. We are pleased that NREL, which supports the U.S. photovoltaic industry through the
Department of Energy's PVMaT program, recognizes Spire's past contributions to advancing U.S.
module manufacturing technology and will aid our effort to design new automated production lines for
large-area modules. By making bigger PV modules and driving down production costs, we will be able
to lower the high capital costs of building large utility solar arrays."

About Spire Corporation

Spire Corporation provides solar electric systems for distributed power generation and is a leading
supplier of solar electric module manufacturing equipment, turnkey production lines, and solar energy
businesses. Spire equipment has been installed in 144 factories in 42 countries worldwide. More than
90% of the photovoltaic modules in use today were manufactured in part with Spire equipment.

Spire Solar Chicago is a full service photovoltaic manufacturing facility established in cooperation with
the City of Chicago, Commonwealth Edison, the Illinois Department of Commerce and Community
Affairs, and BP Solar. Spire Solar Chicago assembles solar panels, integrates panels into PV systems,
and installs and maintains the systems at customer sites.

Spire Biomedical Inc., a wholly-owned subsidiary of Spire Corporation, is a leader in applying
biotechnology surface engineering to improve the performance of implantable medical devices.

For more information, visit the Company's web site at www.spirecorp.com.

Certain matters discussed in ths news release may be forward-looking statements subject to risks and uncertainties that could cause actual results to differ
materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risk of dependence on market
growth, competition and dependence on government agencies and other third parties for funding contract research and services, as well as other factors
described in the Company’s Form 10?KSB filed with the Securities and Exchange Commission.