Wright Investors' Service (IWSH) 8-K National Patent Development Corporation Reports Fiscal 2007 Third Quarter

Exhibit 99

For Immediate Release

National Patent Development Corporation Reports Fiscal 2007 Third Quarter

and Nine Month Operating Results

NEW YORK, November 14, 2007--National Patent Development Corporation (OTC Bulletin Board: NPDV.OB - News) today reported a net loss of $(1,351,000) for the three months ended September 30, 2007 or $(0.08) per fully diluted share, compared to a net loss of $(95,000) or $(0.01) per fully diluted share, in the corresponding three month period a year ago.

For the nine months ended September 30, 2007, the Company reported net income of $13,492,000 or $0.76 per fully diluted share, compared to a loss of $(650,000) or $(0.04) per fully diluted share, in the corresponding nine month period a year ago.

The net income for the first nine months of the fiscal year is due, primarily, to a gain of $17,031,000 recognized as a result of the merger of Valera Pharmaceuticals, Inc., in which the Company had an approximately 14% interest, and Indevus Pharmaceuticals, Inc. This gain was offset by a realized loss of $1,023,000 based upon the proceeds received by the Company from the post-merger sale of 2,639,482 shares of Indevus stock, which represented the Company’s entire position at the time. The gain includes the May 2007 receipt of the first contingent payment from Indevus based upon achievement of a post-merger milestone. The Company had net proceeds from the sale of the Indevus shares of $17,598,000, and had cash and cash equivalents of $17,026,000 at September 30, 2007.  In addition, for the nine months ended September 30, 2007, net operating income of the Company's segments increased by $1,188,000 as compared to the same period in the prior year, due, primarily, to improved operating results for Five Star Products, Inc. (Five Star).

The increased net loss for the three months ended September 30, 2007 of $1,256,000 as compared to the same period last year, is principally attributable to a $710,000 loss recognized on the sale of a portion of the Indevus shares referred to above and an impairment charge of $266,000 related to the Company’s investment in Millenium Cell, Inc., partially offset by increased third quarter operating profit of $518,000 at Five Star.

National Patent's majority owned subsidiary, Five Star, issued a press release on November 14, 2007 announcing its results for the third quarter and nine months ended September 30, 2007, which is attached hereto.

About National Patent Development Corporation

National Patent Development Corporation (OTC Bulletin Board: NPDV.OB - News), is the majority owner of Five Star. National Patent also owns and operates an optical plastics business through its wholly owned subsidiary, MXL Industries, Inc. In addition, National Patent owns certain other non-core assets including real estate.

Safe Harbor Statement

This press release contains certain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995, including statements relating to, among other things, future business plans, strategies and financial position, working capital and capital expenditure needs, growth opportunities, and any statements of belief and any statements of assumptions underlying any of the foregoing. Neither the Company nor Five Star Products, Inc. have any material third party commitments with respect to growth plans. There is no assurance that specific plans can be executed or, if executed, will be successful from an operational or financial standpoint. These plans could require capital beyond the funds presently available to the Company.

These forward-looking statements reflect the current view of the management of National Patent Development Corporation with respect to future events and financial performance and are subject to certain risks, uncertainties, assumptions and changes in condition that could cause actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of National Patent Development Corporation, including, but not limited to the risks, uncertainties, assumptions and changes in condition detailed National Patents' periodic reports and registration statements filed with the Securities and Exchange Commission.

National Patent Development Corporation does not intend to, and disclaims any duty or obligation to, update or revise any forward-looking statements or industry information set forth in this press release to reflect new information, future events or otherwise.

Contact:

National Patent Development Corporation

Dean Heine, 646-742-1630

Tables Follow:

NATIONAL PATENT DEVELOPMENT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
Sales	$	35,205		$	30,125		$	105,270		$	92,491
Cost of sales		28,691			25,265			86,876			76,884
Gross margin		6,514			4,860			18,394			15,607
Selling, general and administrative   expenses		(6,076	)		(4,679	)		(17,047	)		(14,474	)
Operating  profit		438			181			1,347			1,133
Interest expense		(448	)		(391	)		(1,280	)		(1,234	)
Gain on exchange of Valera for  Indevus shares								17,031
Investment and other income (loss), net		(963	)		180			(1,732	)		(2	)
Income (loss) before income taxes and   minority interest		(973	)		(30	)		15,366			(103	)
Income tax expense		(236	)		(54	)		(1,296	)		(400	)
Income (loss) before minority interest		(1,209	)		(84	)		14,070			(503	)
Minority interest		(142	)		(11	)		(578	)		(147	)
Net income (loss)	$	(1,351	)	$	(95	)	$	13,492		$	(650	)
Net income (loss) per share
Basic	$	(0.08	)	$	(0.01	)	$	0.76		$	(0.04	)
Diluted	$	(0.08	)	$	(0.01	)	$	0.76		$	(0.04	)

NATIONAL PATENT DEVELOPMENT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

	September 30,			December 31,
	2007			2006
Assets	(unaudited)
Current assets
Cash and cash equivalents	$	17,026		$	4,485
Accounts receivable, less allowance
for doubtful accounts of  $529 and $566		17,669			11,939
Receivable from GP Strategies Corporation					251
Inventories		25,840			22,535
Prepaid expenses and other current assets		471			724
Deferred tax asset		597			791
Total current assets		61,603			40,725
Property, plant and equipment, net		3,403			2,925
Investment in Valera including available for sale securities of $4,823 at December 31, 2006					5,955
Other marketable securities available for sale		226			343
Deferred tax asset		193
Other assets		3,686			3,286
Total assets	$	69,111		$	53,234
Liabilities and stockholders’ equity
Current liabilities
Current maturities of long-term debt	$	257		$	151
Short term borrowings		19,974			18,414
Accounts payable and accrued expenses		16,112			9,978
Payable to GP Strategies Corporation	74			-
Total current liabilities		36,417			28,543
Long-term debt less current maturities		1,506			1,332
Deferred tax liability		279			279
Other liabilities	1			247
Total liabilities		38,203			30,401
Minority interest		2,960
Common stock subject to exchange rights		498			1,696
Stockholders’ equity
Common Stock		180			178
Additional paid-in capital		26,120			25,990
Retained earnings (deficit)		4,315			(9,177	)
Accumulated other comprehensive income		44			4,334
Treasury stock		(3,209	)		(188	)
Total stockholders’ equity		27,450			21,137
Total liabilities and stockholders’ equity	$	69,111		$	53,234

For Immediate Release

Five Star Products, Inc., Reports Third Quarter and Nine Month Results

Third Quarter Revenue Increases by 19%; Nine Month Revenue Increases by 15%

NEW YORK, November 14, 2007 -- Five Star Products, Inc. (OTC Bulletin Board: FSPX.OB - News), a leading distributor of paint sundry and hardware products in the Northeast and Middle-Atlantic states, today announced that its revenue in the third quarter ended September 30, 2007, was $32.9 million compared to $27.7 million in the same period last year. Net income was $316,000 or $0.02 per diluted share, compared to net income of $30,000 or $0.00 per diluted share, in the corresponding period a year ago. The Company reported revenue of $98.7 million for the first nine months of 2007, a 15.4% increase over the $85.6 million reported for the same period last year. Net income of $1,343,000 for the first nine months ($0.08 per fully diluted share) increased 229% as compared to net income of $408,000 ($.03 per fully diluted share) for the nine month period ended September 30, 2006. The Company reported that results for the first nine months of fiscal year 2007 include six months of contribution from the Right-Way Dealer Warehouse, Inc., business which was acquired on April 5, 2007.

Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), as stated before stock compensation expense of $141,000 which affects only 2007 results, was $1,242,000 for the third  quarter of 2007, an increase of 141% compared to $515,000 for the same period last year. For the nine months of 2007, Adjusted EBITDA, before stock compensation expense of $321,000 which affects only 2007 results, was $4,151,000, an increase of 88% compared to $2,202,000 for the first nine months of 2006.

Leslie Flegel, Five Star Chairman, said, “Our record third quarter sales and the resulting Adjusted EBITDA reflect integrating the strategic Right-Way acquisition we made last spring directly into Five Star’s infrastructure. We were able to combine organic growth and sales from that acquisition without a proportional increase in overall expenses, realizing substantial operating economies. Historically, sales in the fourth quarter are lower, but we expect to see gains year over year. Based on our performance to date, we anticipate a record year in 2007.

“Based on our market experience, we believe our customer base, composed primarily of independent retail operators, is not so dependent on new home building as the big box stores and is, generally, more resistant to the type of market slowdown which we are currently experiencing. In this environment, we believe there is an opportunity to leverage our distribution advantage with dealers and broaden our base to more independent paint and hardware retailers. We also see unique opportunities to grow and improve our business beyond acquisitions. Expanding Five Star’s private label program and upgrading our online ordering capabilities are two priorities that we believe will improve service to our customers. The Company’s culture and vision have changed dramatically. Energized and determined to do more, we are enjoying a great year in a volatile economy which is a testimonial to our plan and management team,” Flegel concluded.

John Belknap, Five Star President and CEO, added, "I am proud of Bruce Sherman’s and the rest of our team’s accomplishments through the first nine months, but we must remain focused on what we have yet to do. We are building a platform for growth: improving current IT systems, creating a new web site, and designing efficiencies for our planned state-of-the-art facilities, to mention a few."

About Five Star Products, Inc.

Five Star Products, Inc. (OTC Bulletin Board: FSPX.OB - News) is engaged in the wholesale distribution of paint sundry and hardware products in the Northeast and Middle-Atlantic states with particular strength in the greater New York metropolitan area. The Company distributes products to approximately 3,000 independent retail dealers, which include paint stores, independent hardware stores, lumber yards, and do-it yourself centers. The Company distributes a range of private label products sold under the "Five Star" name. Five Star operates two distribution centers, the primary one located in East Hanover, NJ and another in Newington, CT.

Safe Harbor Statement

This press release contains certain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995, including statements relating to, among other things, future business plans, strategies and financial position, working capital and capital expenditure needs, growth opportunities, and any statements of belief and any statements of assumptions underlying any of the foregoing. The Company has no material third party commitments with respect to growth plans. There is no assurance that specific plans can be executed or, if executed, will be successful from an operational or financial standpoint. These plans could require capital beyond the funds presently available to the Company.

These forward-looking statements reflect current views of the management of Five Star Products, Inc. with respect to future events and financial performance and are subject to certain risks, uncertainties, assumptions and changes in condition that could cause actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of Five Star Products including, but not limited to the risks, uncertainties, assumptions and changes in condition detailed in Five Star Products' periodic reports and registration statements filed with the Securities and Exchange Commission.

Five Star Products, Inc. does not intend to, and disclaims any duty or obligation to, update or revise any forward-looking statements or industry information set forth in this press release to reflect new to reflect new information, future events or otherwise.

Contact:

Five Star Products, Inc.

Dean Heine, 646-742-1630

Tables Follow:

FIVE STAR PRODUCTS, INC. AND SUBSIDIARIES

Non- GAAP Reconciliation- EBITDA and Adjusted EBITDA

(in thousands)

(unaudited)

	Three months ended				Nine months ended
	September 30,				September 30,
	2007		2006		2007		2006
Net income	$	316	$	30	$	1,343	$	408
Interest expense, net		451		374		1,281		1,237
Income tax expense		234		25		934		321
Depreciation and amortization		100		86		272		236
EBITDA		1,101		515		3,830		2,202
Stock compensation expense		141		0		321		0
Adjusted EBITDA	$	1,242	$	515	$	4,151	$	2,202

           

EBITDA is a widely used non-GAAP financial measure of operating performance. It is presented as supplemental information that the Company believes is useful to investors to evaluate its results because it excludes certain items that are not directly related to the Company's core operating performance. EBITDA is calculated by adding back net interest expense, income tax expense, and depreciation and amortization to net income. EBITDA should not be considered as a substitute either for net income, as an indicator of the Company's operating performance, or cash flow, as a measure of the Company's liquidity. In addition, because EBITDA may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies. Adjusted EBITDA is calculated as EBITDA prior to non-cash stock compensation expense.

FIVE STAR PRODUCTS, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands)

	September 30,			December 31,
	2007			2006
	(unaudited)
ASSETS
Current assets
Cash	$	3		$	3
Accounts receivable, net		16,432			10,520
Inventory		25,090			21,744
Deferred income taxes		623			652
Prepaid expenses and other current assets		449			520
Total current assets		42,597			33,439
Machinery and equipment, net		664			530
Deferred income taxes		193			166
Other assets		638			362
Total assets	$	44,092		$	34,497
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Short-term borrowings	$	19,339		$	17,664
Accounts payable and accrued expenses  (including due to affiliates of $70 and $79)		15,071			9,313
Note payable to National Patent Development Corporation		2,800			2,800
Total current liabilities		37,210			29,777
Interest rate collar		0			6
Total Liabilities		37,210			29,783
Stockholders' equity
Common stock		195			173
Additional paid-in capital		9,462			8,552
Accumulated deficit		(2,152	)		(3,495	)
Accumulated other comprehensive income		77			184
Treasury stock, at cost		(700	)		(700	)
Total stockholders' equity		6,882			4,714
Total liabilities and stockholders’ equity	$	44,092		$	34,497

FIVE STAR PRODUCTS, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2007			2006			2007			2006
Sales	$	32,939		$	27,666		$	98,726		$	85,556
Cost of goods sold		26,955			23,382			81,758			71,772
Gross margin		5,984			4,284			16,968			13,784
Selling, general and     administrative expenses		(4,983	)		(3,855	)		(13,410	)		(11,818	)
Operating income		1,001			429			3,558			1,966
Other income		6			42			34			48
Interest expense		(457	)		(416	)		(1,315	)		(1,285	)
Income before income taxes		550			55			2,277			729
Income tax expense		(234	)		(25	)		(934	)		(321	)
Net income	$	316		$	30		$	1,343		$	408
Net income (loss) per share
Basic	$	.02		$	.00		$	.09		$	.03
Diluted	$	.02		$	.00		$	.08		$	.03