Wright Investors' Service (IWSH) 8-K National Patent Development Corporation Reports Year End Operating Results

Exhibit 99

For Immediate Release

National Patent Development Corporation Reports Year End Operating Results

NEW YORK, March 31, 2008--National Patent Development Corporation (OTC Bulletin Board: NPDV.OB - News) today reported net income of $11,722,000, or $0.67 per basic and  diluted share, for the year ended December 31, 2007, compared to a net loss of $(1,207,000) or $(0.07) per basic share, for the year ended December 31, 2006.

The net income in 2007 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 all the Indevus shares received on the exchange. 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 cash and cash equivalents of $15,698,000 at December 31, 2007.  In addition, for the year ended December 31, 2007, net operating income of the Company's segments excluding corporate and other expenses increased by $1,543,000 as compared to the prior year, due, primarily, to improved operating results for Five Star Products, Inc. (Five Star).

National Patent's majority owned subsidiary, Five Star, issued a press release on March 31, 2008 announcing its results for the year ended December 31, 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

John Belknap, 646-742-1627

Tables Follow:

NATIONAL PATENT DEVELOPMENT CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS DATA

(in thousands, except per share data)

	Year Ended December 31,
	2007			2006
Sales	$	132,887		$	117,084
Cost of sales		109,220			97,605
Gross margin		23,667			19,479
Selling, general and administrative expenses		(23,983	)		(18,678	)
Operating  profit (loss)		(316	)		801
Interest expense		(1,630	)		(1,565	)
Gain on exchange of Valera for Indevus shares		17,031
Investment and other loss, net		(1,580	)		(13	)
Income (loss) before income taxes and      minority interest		13,505			(777	)
Income tax expense		( 1,269	)		( 327	)
Income (loss) before minority interest		12,236			(1,104	)
Minority interest		(514	)		(103	)
Net income (loss)	$	11,722		$	(1,207	)
Net income (loss) per share
Basic and diluted	$	0.67		$	(0.07	)
Basic weighted average shares outstanding		17,450			17,829
Diluted weighted average shares outstanding		17,463			17,829

NATIONAL PATENT DEVELOPMENT CORPORATION

CONSOLIDATED BALANCE SHEETS DATA

(in thousands)

	December 31,
	2007			2006
Assets
Current assets
Cash and cash equivalents	$	15,698		$	4,485
Accounts and other receivables, less allowance for doubtful accounts of $412 and $566		12,755			11,939
Inventories		27,720			22,535
Receivable from GP Strategies Corporation					251
Deferred tax asset		470			791
Prepaid expenses and other current assets		1,326			724
Total current assets		57,969			40,725
Marketable securities available for sale		109			343
Investment in Valera, including available for sale securities of $4,823					5,955
Property, plant and equipment, net		3,534			2,925
Other assets		3,293			3,286
Total assets	$	64,905		$	53,234
Liabilities and stockholders’ equity
Current liabilities
Current maturities of long-term debt	$	257		$	151
Short term borrowings		19,928			18,414
Accounts payable and accrued expenses		13,530			9,978
Total current liabilities		33,715			28,543
Long-term debt less current maturities		1,441			1,332
Deferred tax liability		279			279
Other liabilities					247
Minority interest		2,902			1,696
Common stock subject to exchange rights		493
Commitments and contingencies
Stockholders’ equity
Preferred stock, par value $0.01 per share authorized 10,000,000 shares;   issued none		-			-
Common stock, par value $0.01 per share authorized 30,000,000 shares;   issued 18,086,006 shares in 2007 and 17,861,670 shares in 2006		180			178
Additional paid-in capital		26,825			25,990
Retained earnings (deficit)		2,545			(9,177	)
Treasury stock, at cost (1,528,462 shares in 2007 and 100,000 shares in 2006)		(3,458	)		(188	)
Accumulated other comprehensive income (loss)		(17	)		4,334
Total stockholders’ equity		26,075			21,137
Total liabilities and stockholders’ equity	$	64,905		$	53,234

For Immediate Release

Five Star Products, Inc. Reports Year End Results

· Revenue of $123.7 million for 2007, up $15.6 million or 14.5% compared to 2006

· Adjusted EBITDA of $4,546,000 for 2007, up $2,113,000 or 87% compared to 2006

· Net income of $1,199,000 for 2007, up $914,000 or 321% compared to 2006

NEW YORK, March 31, 2008 -- 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 its revenue of $123.7 million for the year ended December 31, 2007, a 14.5% increase over the $108.1 million reported for last year. Net income of $1,199,000 for the year, $0.08 per basic share and $0.07 per diluted share, increased 321% as compared to net income of $285,000, $.02 per basic and diluted share, for the year ended December 31, 2006. The Company reported that results for the year ended December 31, 2007 include nine 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 $463,000, which affects only 2007 results, was $4,546,000, an increase of $2,113,000 or 87% compared to $2,433,000 for 2006.

Five Star announced the resignation of Leslie Flegel, the Company’s Chairman of the Board, who has left the Company to pursue other interests.  We wish Mr. Flegel great success in his new business.  Our President & CEO, John Belknap, will assume the additional duties and title of Chairman of the Board.

John Belknap commented, “The Five Star operating team turned in an outstanding performance in 2007, increasing Adjusted EBITDA to a record $4.5 million on a sales increase of $15.6 million.   The results benefited from solid organic growth and the successful integration of the Right-Way acquisition.  Right-Way validates our plan to leverage Five Star’s management organization and infrastructure with strategic acquisitions.”

Mr. Belknap also struck a cautionary tone, noting, “Our customers are facing a challenging economic environment in 2008, and Five Star is not immune to its effects.  From a cost and control perspective, our business is well positioned to cope with current market conditions and, also, to capitalize on opportunities that may arise from it.”

Bruce Sherman, Five Star Group’s CEO, commenting on 2007 said, “This was a year of growth and growth at Five Star always means finding opportunities to better serve our customers.  Our people are to be commended for consistently performing at the highest levels for our customers.  We are excited, too, by the opportunity to improve service through our updated website as well as other planned technology and infrastructure investments.”

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 3,500 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.

John Belknap, 646-742-1627

Tables Follow:

FIVE STAR PRODUCTS, INC. AND SUBSIDIARIES

Non- GAAP Reconciliation- EBITDA and Adjusted EBITDA

(in thousands)

(unaudited)

	Year ended December 31,
	2007		2006
Net income	$	1,199	$	285
Interest expense, net		1,636		1,565
Income tax expense		888		261
Depreciation and amortization		360		322
EBITDA		4,083		2,433
Stock compensation expense		463
Adjusted EBITDA	$	4,546	$	2,433

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 BALANCE SHEETS DATA

(in thousands, except share and per share data)

	December 31,			December 31,
	2007			2006
Assets
Current assets
Cash	$	3		$	3
Accounts receivable, less allowance
for doubtful accounts of $361 and $547, respectively		11,254			10,520
Inventory		26,965			21,744
Deferred income taxes		469			652
Prepaid expenses and other current assets		1,151			520
Total current assets		39,842			33,439
Property and equipment, net		833			530
Deferred income taxes		24			166
Other assets		391			362
Total Assets	$	41,090		$	34,497
Liabilities and Stockholders’ Equity
Current liabilities
Short-term borrowings	$	19,303		$	17,664
Note payable to NPDC					2,800
Accounts payable and accrued expenses
(including due to affiliates of $129 and $79, respectively)		12,211			9,313
Total current liabilities		31,514			29,777
Convertible note payable to NPDC		2,800
Interest rate collar					6
Total liabilities		34,314			29,783
Commitments
Stockholders’ equity
Common stock, authorized 30,000,000 shares,
par value $.01 per share; 19,493,098 shares issued and
16,509,577 outstanding in 2007  and 17,293,098 shares
issued and 14,309,577 outstanding in 2006		195			173
Additional paid-in capital		9,544			8,552
Accumulated deficit		(2,296	)		(3,495	)
Accumulated other comprehensive income		33			184
Treasury stock, at cost 2,983,521 shares in 2007 and 2,983,521 shares in 2006		(700	)		(700	)
Total stockholders’ equity		6,776			4,714
	$	41,090		$	34,497

FIVE STAR PRODUCTS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS DATA

(in thousands, except per share data)

	Year Ended December 31,
	2007			2006
Sales	$	123,713		$	108,088
Cost of goods sold		102,246			90,877
Gross margin		21,467			17,211
Selling, general and
administrative expenses		(17,744	)		(15,100	)
Operating income		3,723			2,111
Other income		45			62
Interest expense (including $252 and 280
to affiliates)		(1,681	)		(1,627	)
Income before income taxes		2,087			546
Income tax expense		(888	)		(261	)
Net income	$	1,199		$	285
Net income per share
Basic	$	.08		$	.02
Diluted	$	.07		$	.02
Basic weighted average shares outstanding		15,944			14,396
Diluted weighted average shares outstanding		18,327			14,699