EXHIBIT 99.1

News about Refac
Contact:	Raymond A. Cardonne
	201-585-0600
Fax:	201-585-2020
E-mail:	cardonne@refac.com
Web site:	www.refac.com

REFAC REPORTS FOURTH QUARTER AND YEAR END RESULTS

Edgewater, New Jersey, March 30, 2004 – Refac (AMEX: REF) today announced results for the fourth quarter and the year ended December 31, 2003.

For the fourth quarter, the Company had a net loss of $74,000, or ($0.01) per share, on a diluted basis, consisting of a net loss from continuing operations of $80,000, or ($0.01) per share, on revenues of $566,000 and income, net of tax, from discontinued operations of $6,000 or less than $0.01 per share. During the comparable period in 2002, the Company had consolidated net income of $1,897,000 or $0.50 per share, on a diluted basis, consisting of a net loss from continuing operations of $391,000, or ($0.10) per share, on revenues of $380,000 and income, net of tax, from discontinued operations of $2,288,000 or $0.60 per share.

For the year ended December 31, 2003, the Company had a net loss of $1,496,000 or ($0.26) per share, on a diluted basis, which consists of a net loss from continuing operations of $1,534,000, or ($0.27) per share, on revenues of $2,127,000, and income, net of tax, from discontinued operations of $38,000, or $0.01 per share. During the same period in 2002, the Company had a consolidated net loss of $1,269,000 or ($0.33) per share, on a diluted basis, which consists of net income from continuing operations of $2,511,000, or $0.66 per share, on revenues of $6,562,000, a loss, net of tax, from discontinued operations of $1,697,000, or ($0.44) per share, and a loss, net of tax, from a cumulative effect of change in accounting principle of $2,083,000 or ($0.55) per share.

Discontinued Operations - Discontinued operations include the Company’s product development and graphic design consulting businesses and its consumer electronics business, each of which was sold during the third quarter of 2002.

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Refac

Consolidated Operating Results*

	Three Months Ended December 31, (Unaudited)
	2003			2002
Total revenues	$	566,000		$	380,000
Net loss from continuing operations		(80,000	)		(391,000	)
Income from discontinued operations, net of taxes		6,000			2,288,000
Net income (loss)	$	(74,000	)	$	1,897,000
Income (loss) per diluted share from continuing operations	$	(0.01	)	$	(0.10	)
Income per diluted share from discontinued operations		—			0.60
Net income (loss) per diluted share	$	(0.01	)	$	0.50
Number of diluted weighted average shares outstanding		6,983,393			3,825,688

* The Company did not have any subsidiaries during 2003.

	Year Ended December 31,
	2003			2002
Total revenues	$	2,127,000		$	6,562,000
Net income (loss) from continuing operations		(1,534,000	)		2,511,000
Income (loss) from discontinued operations, net of taxes		38,000			(1,697,000	)
Loss from cumulative effect of change in accounting principle, net of taxes		—			(2,083,000	)
Net loss	$	(1,496,000	)	$	(1,269,000	)
Income (loss) per diluted share from continuing operations	$	(0.27	)	$	0.66
Income (loss) per diluted share from discontinued operations		0.01			(0.44	)
Loss per diluted share from cumulative effect of change in accounting principle		—			(0.55	)
Net loss per diluted share	$	(0.26	)	$	(0.33	)
Number of diluted weighted average shares outstanding		5,717,128			3,812,302

* The Company did not have any subsidiaries during 2003.