SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-K

                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                    FOR THE FISCAL YEAR ENDED DECEMBER 31, 2000
                         COMMISSION FILE NUMBER: 0-26380

                                  PIXTECH, INC.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

                 DELAWARE                                04-3214691
      (STATE OR OTHER JURISDICTION OF                  (IRS EMPLOYER
       INCORPORATION OR ORGANIZATION)               IDENTIFICATION NUMBER)

                  AVENUE OLIVIER PERROY, 13790 ROUSSET, FRANCE
           (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES INCLUDING ZIP CODE)

               REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:

                            011-33- (0) 4-42-29-10-00

SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:

                TITLE OF EACH CLASS           NAME OF EACH EXCHANGE
                                               ON WHICH REGISTERED
--------------------------------------------------------------------------------
                       None                           None


SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:

                          COMMON STOCK, $.01 PAR VALUE

          Indicate  by  check  mark  whether  the  registrant  (1) has filed all
reports  required  to  be  filed by Section 13 or 15(d) of the Securities Act of
1934  during  the  preceding  12  months  (or  for  such shorter period that the
registrant  was required to file such reports), and (2) has been subject to such
filing  requirements  for  the  past  90  days.

                                 YES  X    NO
                                     ---      ---

     Indicate  by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best  of  registrant's  knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form  10-K.

     The  aggregate  market  value of voting stock held by non-affiliates of the
registrant  as  of  March  13,  2001  was:  $32,768,665.

     There are 56,046,771 shares of the registrant's common stock outstanding as
of  March  13,  2001.


                       DOCUMENTS INCORPORATED BY REFERENCE

     Portions  of  the  registrant's  definitive  proxy  statement  for  the
registrant's  2001  annual  meeting  of shareholders to be held on May 16, 2001,
which  definitive proxy statement will be filed with the Securities and Exchange
Commission not later than 120 days after the end of the registrant's fiscal year
ended  December  31,  2000,  are incorporated by reference into Part III of this
form  10-K.


                                                  PixTech 2000 Annual Report * 1
<PAGE>
PART  I

ITEM  1.   BUSINESS

GENERAL

     PixTech,  Inc.  was incorporated in Delaware in November 1993 as the parent
company of PixTech S.A., a French corporation formed in June 1992. Our principal
executive  offices  are located at Avenue Olivier Perroy, 13790, Rousset, France
and  at 2700 Augustine Drive, Suite 255, Santa Clara, California 95054, USA. Our
main telephone number in Rousset is 33-4-4229-1000 and our main telephone number
in  Santa  Clara  is  (408)  986-8868.

     We  are dedicated to commercializing our field emission displays, a type of
flat  panel displays. We expect that field emission displays will provide higher
viewing  quality, lower manufacturing costs and more efficient power consumption
than  current  flat panel display technologies. In 1992, we exclusively licensed
key  patents from an electronics research institute, Laboratoire d'Electronique,
de  Technologie  et d'Instrumentation, and since then, have focused on advancing
field  emission  display  technology  towards high volume manufacturing and wide
market  acceptance.

     Since  our  inception,  our  strategy  has  been  to collaborate with third
parties  in  order  to  accelerate  the  development  of  field emission display
technology  and  to  optimize  financial  and  human  resources  to  achieve our
objective.  Initially,  we  applied  this  strategy  to fundamental research and
product  development  by  licensing  our  technology  to  certain  display
manufacturers,  including Futaba Corporation and Motorola, Inc. After completing
the  development  and initial commercialization of our first product, we applied
our  collaboration  strategy to our manufacturing efforts. We have established a
manufacturing  relationship  with  Unipac,  a  Taiwanese  liquid crystal display
manufacturer.  Having  this relationship has reduced investment costs for volume
manufacturing  of  field  emission  displays.  During  2000, we concentrated our
efforts  on  establishing  a  volume manufacturing process at Unipac's Taiwanese
facility.

     Our  research  and  development  team  was  instrumental  in  successfully
transferring  the  technology  from  the  pilot  facility  in Montpellier to the
production facility in Taiwan by providing experienced individuals and the basic
"know-how".  Extensive  collaboration between the two facilities was critical to
enable  the Unipac facility to produce fully qualified products. During 2000 the
assembly  activity was reduced to only research and the Montpellier organization
refocused on cathode research and development. Since the fourth quarter of 1999,
we  have  been shipping fully qualified products to our customers, 100% of which
are  manufactured  in  Taiwan.  To date, no other company has been able to reach
this  level  of  commercialization  of  field  emission  technology.

     In  1999,  we  acquired the display division from Micron Technology Inc, in
Boise,  Idaho.  This  facility  is  dedicated to research and development of FED
anodes,  spacer  technology  and  assembly.  It is also the design center of our
12.1-inch  color  display development Defense Advanced Research Projects Agency,
known  as  DARPA.  In  August 1999, Micron's development contract with DARPA was
transferred  to  PixTech. We subsequently received additional funding from DARPA
in  April  2000  and  in  January  2001.  In  1999,  we  delivered two 12.1-inch
monochrome  displays  and  in 2000, we delivered six 12.1-inch color displays to
DARPA.  The  displays  were  cooperatively  manufactured  from  our  Montpellier
(cathodes)  and  Boise  (anodes,  assembly,  and  electronics)  facilities.

          We  are  currently  focused  on:
-    increasing  production  yields  at  the  Unipac  facility;
-    expanding  our  customer  base;  and
-    development  of  our  color  products.


                                                  PixTech 2000 Annual Report * 2
<PAGE>
THE  FLAT  PANEL  DISPLAY  MARKET

     According  to  Stanford  Resources  Inc.,  a  display  market  research
organization,  the  market  for  flat  panel  displays  is expanding rapidly and
projected  to  grow  from  $22  billion  in  2000  to  $46 billion in 2005. This
represents  a  compounded  growth  rate of 16% per year. Driving forces for this
growth  include:

-    existing  applications,  such  as  laptop  computers,  handheld  computers,
     handheld  organizer  products,  and  industrial  equipment;
-    new  applications,  such  as  flat televisions, automotive applications and
     desktop  computer  terminals;  and
-    new  emerging  applications,  such  as  wireless  web  appliances.

     The  "information  age"  is  not  only  driving  computer and communication
technology,  but  also  the  human  interface  to those technologies. As viewing
quality  improves  and  costs decrease, we expect flat panel displays to capture
more  and  more  of  the total display market. Field emission technology has the
potential  to  successfully  penetrate  major  parts  of  this  market.

     Currently, cathode ray tubes have the majority of the total display market,
with  52%  of  the  total  display  market in dollar terms according to Stanford
Resources,  Inc.  Although  cathode  ray tubes offer the lowest cost per display
today,  limitation  on weight, size and power dissipation are expected to reduce
the  market position to 36% by 2005 according to Stanford Resources, Inc. Today,
active  matrix  liquid  crystal  displays  are  the technology of choice for the
applications  where  we  believe  field emission displays will have a successful
entry.  After  many  years of continuous development with hundreds of million of
dollars research and development expenses, active matrix liquid crystal displays
still  have viewing quality deficiencies compared to cathode ray tubes and field
emission  displays.

     The  following table summarizes some of the differentiating characteristics
of  cathode  ray  tube,  active matrix liquid crystal display and field emission
display  technologies  (2):

<TABLE>
<CAPTION>
   CHARACTERISTICS                   CRT*                           AMLCD**                        FED***
<S>                    <C>                                <C>                          <C>
Viewing angle          Very wide horizontal and vertical  Wide horizontal,             Very wide horizontal and
                                                          limited vertical             vertical

Video speed            High speed over full temperature   Adequate speed over limited  High speed over full
                       range                              temperature range            temperature range

Brightness range       From low to very high, easy to     From low to medium, limited  From low to very high, easy to
                       dim                                dimming capabilities         dim

Dynamic range          High                               Limited                      High

Operating temperature  Wide range                         Limited range due to liquid  Wide range and instant-on at
                                                          crystal behavior             low temperature

Power consumption      High                               Current industry standard    Comparable to current
                                                                                       industry standard

Manufacturability      Mature process                     Complex process              Early stage of manufacturing
                       offering lowest cost                                            development, fewer process
                                                                                       steps than AMLCD
<FN>

      -     Dynamic range results from a combination of contrast and peak brightness.
*     CRT  =  cathode  ray  tubes
**    AMLCD  =  active  matrix  liquid  crystal  displays
***   FED  =  field  emission  displays
____________________
(1)
     The  information  set  forth  in this table is based upon our assessment of
existing cathode ray tube and active matrix liquid crystal display products when
compared  to  field emission display products and prototypes manufactured at our
pilot  plant. We cannot assure you that field emission displays, if manufactured
in  commercial  quantities,  will  achieve such performance characteristics on a
cost-effective  basis.
</TABLE>


                                                  PixTech 2000 Annual Report * 3
<PAGE>
TECHNOLOGY

     The  cathodoluminescent  effect
The  smooth,  soft,  bright,  naturally  colored  and video-rated images we have
enjoyed  for  so  long,  and still enjoy when watching television, come from the
light  emitted  by  "phosphors"  when  stricken  by  electrons.  It  is  the
"cathodoluminescent  effect".

     Field  Emission Displays are Cathode Ray Tubes; both are cathodoluminescent
devices
Negatively  charged electrons are extracted from a source known as the "cathode"
and collected by a phosphor-coated screen known as the "anode", which is held at
a positive voltage to accelerate electrons. Electrons travel in a vacuum between
cathode  and anode plates. The phosphor coating is a cathodoluminescent material
that  emits  light  when hit by electrons. Color shades are created, using three
fundamental  colors  generated  by  three  different  phosphors. Therefore, each
picture  element  or  pixel  consists  of  three sub-elements or sub-pixels each
covered  with  one  of  the  different  phosphors.

     Field  Emission  Displays  are  Flat  Panel  Displays
While  cathode  ray  tubes  or CRTs have only three electron emitters to provide
electrons  all  over  the surface of the image, in field emission displays, each
individual  picture  has electrons provided by hundreds of tiny electron sources
built  on  a large and flat cathode plate. The cathode surface, organized into a
matrix  of  rows and columns, is held close to the receiving anode. Selection of
cathode  row  and  column  voltages  determines which pixel will be illuminated.

     PixTech  believes  that  it  has  a  robust  cathode  technology
The  manufacturing  process of the field emitters used in our displays was first
developed  in  our  prototype  line  in  Montpellier, France. Today cathodes are
manufactured in volume in the Unipac production facility in Taiwan. Our cathodes
use  the  so-called  "resistive  layer"  concept  invented  by  Laboratoire
d'Electronique  and  for  which  we  believe  we  hold a strong patent position.

     Low,  Medium  and  High  Anode  Voltage
We  originally  developed a low anode voltage technology, which we still use for
our  monochrome  FE  524 display products. In 1996, we started to develop higher
anode voltage displays when we acquired the assets of PanoCorp, a small research
and  development  company.  After  this  acquisition  we  demonstrated a 15-inch
display  featuring 5,000-volt anodes. This development was then enhanced in 1999
when  we  acquired  the  display division of Micron Technology and took over the
development  of  a  12.1-inch  color  display  for  military  applications.

STRATEGY

     Our  strategy  is  to  develop,  manufacture and market flat panel displays
using  field  emission technology as the key product attribute to distinguish us
from  our  competitors.

MARKET  ENTRY

     Our  market  entry  strategy  is  to  focus on niche applications where the
unique  performance of our field emission displays, such as wide viewing angles,
high contrast ratio and low power consumption, are highly valued by the customer
and  have  not yet been equaled by other display technologies. Applications such
as  portable  medical  devices  and industrial equipment have display costs that
represent  a  small  percentage  of the total equipment cost. In addition, these
applications  generally have small to medium volume requirements that we will be
able  to  serve  with our manufacturing partner in Taiwan. A second step will be
penetrating  consumer  monochrome  applications  with different form factors. We
expect  that  2  to  8-inch  diagonal,  monochrome  field  emission displays for
industrial  usage will provide the majority of product revenues for the next two
years.


                                                  PixTech 2000 Annual Report * 4
<PAGE>
INCREASE  MARKET  PENETRATION

     To  increase  market  penetration,  product  revenues and profitability, we
intend  to  launch  color  products  with  larger  volumes, and capture consumer
oriented  market  segments.  We  have  targeted  the various applications in the
automobile  market  sector,  which  are  currently  using  a  variety of display
technologies.  This  market  is  expected  to  grow  very  fast  with  major car
manufacturers adopting an aggressive strategy to incorporate flat panel displays
in  their  applications.  Field  emission  displays'  wide operating temperature
range,  wide  viewing  angle  and  environmental friendly technology will play a
major  role  in  penetrating  this  large  market  segment.  We  are  currently
participating  with  a large automotive manufacturer and several other companies
in  a  European supported development program to develop a specific 7-inch color
field  emission  display for an automotive application. If successful during the
development  phase, we will have a system integrator and automotive manufacturer
with  high  volume  needs.

RESEARCH  AND  DEVELOPMENT  EFFORT

     The  development  of  field  emission  display  manufacturing processes and
products  requires  a  significant  ongoing  effort.  Since  inception,  we have
leveraged  the  development  activities  of  Laboratoire  d'Electronique  de
Technologie et d'Instrumentation, where we have obtained an exclusive license of
many  key  patents.  With  increased  development  efforts  and  a  shift of our
priorities  to  volume  manufacturing,  our  relationship  with  Laboratoire
d'Electronique  de  Technologie  et  d'Instrumentation  remains  vital.

     Our  Montpellier  team  will  concentrate  on  cathode development, process
architecture, process flow and product development. Our Boise team will focus on
its  strengths:  anode  development,  sealing  and  spacer  technology, and will
concentrate  on  the  back-end  part  of  the  color  and  large display process
development  programs.

OUR  LICENSING  PROGRAM

     Between  1993 and 1995, we entered into a bilateral cooperation and license
agreements  with  Futaba,  Texas  Instruments,  Raytheon and Motorola to advance
field  emission  displays  technology.  These  agreements gave us a royalty-free
license to any field emission displays technology held by these companies at the
term  of  the  agreements,  with  certain  rights to sublicense. In addition, we
received  milestone  revenues  during  the  cooperation  phase.  Although  the
cooperation  phases  of  these  agreements  have  all  ended,  we  were  granted
royalty-free  licenses  to  all  field  emission display technology held by each
party  at the end of each cooperation period, with certain rights to sublicense.
We  are  also entitled to royalties on future sales by any of these licensees of
any  field  emission  display products based on our technology. These agreements
provided  each  of  these  companies,  other  than  Texas  Instruments,  which
cooperation  agreement did not reach its three-year term, with a license subject
to  certain  limitations, to all field emission displays technology owned by its
Laboratoire  d'Electronique  de  Technologie  et d'Instrumentation and the other
parties.

MICRON

     In  May  1999,  we  purchased  certain  assets  and  liabilities  of Micron
Technology's  display  division  in  Boise, Idaho. At the same time, we hired 44
Micron  employees  who  have continued to work in the Boise facility. Since that
time,  additional  development personnel from Santa Clara have been relocated to
Boise,  and  the  integrated  team  will continue to focus on color products and
large  displays.

     In connection with our acquisition, Micron granted us a ten-year, worldwide
royalty-free  license  to  Micron's  field  emission display-related patents and
patent applications. In addition, we now lease the Micron facility that had been
used  by  Micron's  display  division.


                                                  PixTech 2000 Annual Report * 5
<PAGE>
MANUFACTURING

     Our  present  strategy  is  to  outsource volume manufacturing. In 1997, we
entered  into a contract manufacturing agreement with Unipac, a Taiwanese liquid
crystal  display  manufacturer  and  an  affiliate  of  United  Microeclectonics
Corporation,  Taiwan's  second largest semiconductor manufacturer. We determined
that  the  fastest  way  to  volume  manufacturing  with  the  lowest  equipment
investment  costs  was  to enter into this relationship, which allowed us to use
existing  clean  room  facilities,  existing  infrastructures  and  some  of the
equipment  commonly  used  in  liquid  crystal  displays  and the field emission
displays process. Under this agreement, we will purchase displays from Unipac on
a  cost  plus  basis  after  the field emission display process is installed and
certain  production  criteria  are  met. During the start-up phase, PixTech will
bear  all  costs  associated  with  this activity. After the production phase is
reached,  Unipac  has  the  responsibility  to  take  care  of  volume expansion
investments  to  meet  PixTech's  demand  of  field  emission  display products.

     In  1998, we installed all of the field emission display specific equipment
at  the  Unipac facility and started to transfer the process from the pilot line
in  Montpellier.  This task was more complicated than originally expected due to
key  equipment  being  different  and  they  each  required  specific  process
calibration  programs.  During  1999 and 2000, we needed to change key pieces of
equipment.  After  completion  of this activity, the quality of the manufactured
displays  improved  to  a  level  comparable  to  the  quality  of  the products
manufactured  in  our  pilot  line  in  Montpellier.

     In  2001,  we  will concentrate on yield improvements, cycle time reduction
and  increased production line loading. At the present time, we do not expect to
meet  our  manufacturing  cost objectives on a per unit base before end of 2001.
Presently,  we  intend  to produce our 7-inch color product at Unipac as soon as
the  development  is  completed  and  the  market demand supports this activity.

LARGE  DISPLAY  DEVELOPMENT  ACTIVITY

     In  1998, we were able to demonstrate the world's first 15-inch color field
emission display under a program to understand the technology requirements for a
large  field  emission  display.  Since that time, we have started a development
program  with  a  major  Japanese cathode ray tube manufacturer with the goal to
develop  a  17.0-inch  extended  graphic  adapter  (XGA) display for the desktop
computing  market.

     After  the  transfer  of  the  DARPA  contract  from  Micron to PixTech, we
developed  a  12.1-inch monochrome display and continued with the color displays
delivering  six  units  in  the year 2000.  We believe that the requirements for
future  desktop  computing,  including full motion video, wide viewing angle and
fast  response for computer games, can be met with field emission technology. We
also  believe that the emerging market of wireless web applications requires the
same  kind  of  display  performance  characteristics.

PRODUCTS

     Our  current  available  product  is  a  5.2-inch  monochrome display. This
display has 320 lines and 240 columns, 1/4 video graphic adapter (VGA) format, a
pixel  pitch  of  0.33 millimeters, and a viewing angle or more than 160 degrees
both horizontally and vertically. Its brightness varies over a range from 120 to
240  candelas  per  square meter (cd/m2). Its power consumption is approximately
2.4  watts,  depending  on the content of the image, and its weight is less than
200  grams.

     We expect to sell the first samples of our full color 7-inch display, which
is  currently  under  development, during the later half of 2001 to customers in
the  automotive  industry.  In  addition,  we intend to expand our product range
within  the  2  to  8-inch  display  market  segment.


                                                  PixTech 2000 Annual Report * 6
<PAGE>
MARKETING  AND  SALES

     Target  Segments     We  are  currently  marketing  our 5.2-inch monochrome
displays  directly  to  original  equipment manufacturers in the instrumentation
medical  and  military  market  segments  where the benefits of our products are
highly  valued.  We  have  not  targeted high volume consumer application market
segments  yet,  which  are  large  but extremely price competitive. Furthermore,
these  market  segments  require  volume  commitments  beyond  our  present
capabilities.

     Pricing          We  believe  that  field  emission  displays  will provide
significant  quality  and  operational  advantages  compared with competing flat
panel  displays.  Therefore,  we believe that we can achieve premium pricing for
the  near future. This allows us to reach more economical production levels at a
time  we  have  to  compete  on  both  pricing  and  features.

     Distribution and Sales      We intend to  achieve  sales coverage through a
     combination  of:

-    direct  sales  and  marketing  force  which  will  address  major  original
     equipment  manufacturing  customers  in  the  United  States  and  Europe;
-    a  network of sales representatives to expand coverage mainly in the United
     States;  and
-    a network of distributors to address specific areas of the worldwide market
     and  to  offer  technical  and  commercial  customer  support.

     We have granted exclusive distribution rights to Sumitomo in Japan to cover
the  Japanese  market.

     Customers       To date, we  have sold samples of our displays to more than
one  hundred  customers,  mostly based in the United States and in Europe. Since
early  1998,  we  shipped  a  large  percentage  of our products to Zoll Medical
Corporation,  an  U.S.  medical equipment manufacturer, which markets a portable
defibrillator  incorporating our field emission displays. In 1996, we received a
purchase  order to deliver 50,000 displays to Zoll Medical over a 5 year period.
Zoll  Medical  uses  the  displays  as  a  key  differentiator against competing
products  using  liquid  crystal  display  screens,  emphasizing some of the key
characteristics  of  field  emission  displays, including brightness and viewing
angle.  We  are negotiating with potential new customers, and we believe that we
can  book  new  orders.

     Our  marketing  strategy  for  our  color  and  large  screen products will
initially  differ  from  the  above  described  strategy.  We  believe  that the
uniqueness  of  the  field  emission  display  requires  close  cooperation with
potential  customers  at  the development phase. Therefore, our initial products
aimed  for volume manufacturing will be developed with a leading customer in the
target  market  such  as  major  cathode  ray tube manufacturer in Japan for the
17-inch  XGA  product and with Audi in Germany for the initial 7-inch automotive
product.  We  have  not  yet selected a potential partner for the emerging 10 to
12-inch  web  application  market.

COMPETITION

     The flat panel display market is intensely competitive in all product sizes
and applications. It is currently dominated by liquid crystal technology. Liquid
crystal  display  manufacturers,  such  as  Sharp, NEC and Hitachi, have greater
brand  and  name  recognition  than  we  have  and  they have substantially more
financial,  technological  and  marketing resources. Substantial investments are
still  being  made  by  these  companies  to  improve  liquid  crystal  display
technologies.  Liquid  crystal  displays manufacturers have focused on enhancing
their manufacturing processes, built more manufacturing facilities and developed
new  equipment  for  larger size substrates, ultimately increasing their display
outputs  resulting  in  an  overall increase in flat panel display manufacturing
capacities.  This,  coupled  with the entrance of new competitors and other flat
panel  display  technologies,  can  cause  an 'over-supply' situation leading to
reductions  in  the average selling price of flat panel displays. To effectively
compete,  we  may  be  required  to continuously increase the performance of our
products  and  reduce  prices.  In the event of price reductions, our ability to
maintain  gross  margins  would  depend on our ability to effectively reduce our
cost  of  sales.


                                                  PixTech 2000 Annual Report * 7
<PAGE>
There  are  a  number  of  domestic  and  international companies developing and
marketing  display  devices  using  alternative technologies. These technologies
include:

-    Passive  matrix  liquid  crystal  displays;
-    Active  matrix  liquid  crystal  displays;
-    Vacuum  fluorescent  displays;
-    Electro  luminescent  panels;
-    Plasma  panels;  and
-    Organic  electro  luminescent.

     Our  cooperation  phase  with  Futaba  concluded  in  January  1997 and our
cooperation  phase  with  Motorola ended in June 1998. However, Futaba continues
development  and  investments in field emission display technology and we expect
to  face  competition  from  them  in the future. In addition, some of the basic
field  emission display technology is now in the public domain and, as a result,
we  have  a  number  of additional potential direct competitors developing field
emission  displays.

     We  are  aware of several other companies developing field emission display
technologies  similar  to  ours,  including  but  not  limited  to:

-    Sony;
-    Fujitsu;
-    Samsung;
-    Candescent;
-    FED  Corporation;  and
-    SI  Diamond  Technology  Incorporated.

     Many  of  these  companies have made, and may continue to make, significant
advancements  to  their  field  emission  display  technologies.

PATENTS  AND  TRADE  SECRETS

     Laboratoire  d'Electronique  de  Technologie et d'Instrumentation developed
our fundamental technology and licensed the technology to us in 1992. Under this
license  agreement,  which  has a term of twenty years, Commissariat   l'Energie
Atomique granted us an exclusive, worldwide, royalty-bearing license, with right
to  sublicense  all  of  field  emission  display  technologies  developed  by
Commissariat   l'Energie  Atomique,  including  Laboratoire  d'Electronique,  de
Technologie  et  d'Instrumentation.

     Taking  into account our own patent portfolio and license agreements signed
with  Commissariat   l'Energie  Atomique,  Motorola,  Texas Instruments, Futaba,
Raytheon,  Coloray and Micron Technology, we hold or have licensed 1,339 patents
and pending patent applications as of December 31, 2000. This represents a total
of  827  original patents and pending patent applications, of which 420 are U.S.
patents, 288 are U.S. pending patent applications and 119 are foreign patents or
pending patent applications. As further development continues, we expect to file
additional  patent  applications  as  appropriate.


                                                  PixTech 2000 Annual Report * 8
<PAGE>
EMPLOYEES

     As  of  December 31, 2000, we had approximately 210 employees worldwide, of
whom  47  were  in  research  and  development,  131  in process development and
production,  5  in  marketing  and  sales,  and  25 in administrative positions.

     In  addition,  as  of  December  31,  2000,  Laboratoire  d'Electronique de
Technologie  et d'Instrumentation had 10 full-time employees working exclusively
for  our  research  and  development  program. Unipac had 80 full-time employees
working  exclusively on the start-up of our field emission display manufacturing
process  while relying on other manufacturing employees to perform a significant
portion  of  the  manufacture  of  field  emission  displays.

     We  believe that our future success will depend, in part, on our ability to
attract and retain highly skilled technical, marketing and management personnel.
Management  believes  that  its  employee  relations  are  good.

ITEM  1A.   BUSINESS  EXECUTIVE  OFFICERS  OF  THE  REGISTRANT

     As  of  December  31,  2000,  our  executive officers were as follows:

<TABLE>
<CAPTION>
NAME                    AGE                POSITION HELD WITH US
----------------------  ---                ---------------------
<S>                     <C>  <C>
Jean-Luc Grand-Clement   61  Chairman of the Board of Directors
Dieter Mezger            57  President, Chief Executive Officer and Director
Marie Boem               50  Chief Financial Officer
James J. Cathey          36  Vice President, Marketing and Business Development
Donald E. Crim           58  Vice President, Manufacturing, Taiwan
Michel Garcia            51  Vice President, Chief Technology Officer
Jean-Jacques Louart      53  Vice President, Operations
</TABLE>

     Each  officer's term of office extends until the first meeting of the Board
of  Directors  following  the  next  annual  meeting of stockholders and until a
successor  is  elected  and  qualified.

     Jean-Luc  Grand-Clement, a founder of PixTech, has been our Chairman of the
Board  of  Directors  since  our  inception  in 1992.  Mr. Grand-Clement was our
President  through  March  1998  and our Chief Executive Officer through January
1999.  Prior  to founding PixTech, Mr. Grand-Clement co-founded European Silicon
Structures,  a  European  applications  specific integrated circuit supplier for
cell based and full custom semiconductor products, and served as Chief Executive
Officer  and  then  as  Chairman  of  the Board of Directors of European Silicon
Structures from its founding in 1985 until 1991. From 1967 to 1978 and from 1982
to  1985,  Mr.  Grand-Cl  ment  held various positions with Motorola, Inc., most
recently  as  Vice-President  and  Assistant  General  Manager  of  the Motorola
European  Semiconductor Group from 1983 to 1985. From 1978 to 1982, Mr. Grand-Cl
ment  was  the  Managing  Director of Eurotechnique, a metal-oxide semiconductor
design  and  fabrication  joint  venture  between  National  Semiconductor  and
Saint-Gobain.  Mr. Grand-Clement graduated from Ecole Nationale Sup rieure des T
l  communications  in  Paris.

     Dieter  Mezger  joined  PixTech  in March 1998 as President and was elected
Chief  Executive  Officer  in  January  1999.  Between 1996 and 1998, Mr. Mezger
worked  as  a  marketing  consultant  in  California. Between 1990 and 1996, Mr.
Mezger  was President of Compass Design Automation, a wholly owned subsidiary of
VLSI  Technology,  Inc.  which  develops  and  markets  computer assisted design
software  tools  for  integrated circuits designs. From 1984 to 1990, Mr. Mezger
established  VLSI's European presence in Munich, building the European marketing
and sales organizations, design centers, research and development operations, as
well  as its finance and human resources departments.  Mr. Mezger simultaneously
built  VLSI's  wireless  and  Global System for mobile communication businesses.
Prior  to  joining  VLSI,  Mr.  Mezger  career included fifteen years with Texas
Instruments,  where  he  rose  to  the position of Manager, Sales and Marketing,
Europe.  He  holds  a  BS  in  engineering  from  the  University  of Stuttgart.


                                                  PixTech 2000 Annual Report * 9
<PAGE>
     Marie Boem was appointed Chief Financial Officer in February 2000. Prior to
joining  PixTech,  Mrs.  Boem  served  as  Director of Finance of Compass Design
Automation,  a  wholly  owned subsidiary of VLSI Technology, Inc. which develops
and  markets computer assisted design software tools for IC designs from 1991 to
1998.  She  has also held the positions of International and European Controller
for  Compass.  Mrs. Boem joined Compass from VLSI Technology, Inc. where she was
the  Financial  Controller  for  the  Western  Europe  organization  and for the
European  Research  and  Development  Center from 1987 to 1991. Prior to joining
VLSI, Mrs. Boem was Finance Controller with National Semiconductor, from 1984 to
1987. Mrs. Boem holds a Master of Professional Accountancy and a Bachelor Degree
in  Business  Administration  from  Toulouse  University.

     James  J.  Cathey  has  been  our  Vice  President,  Marketing and Business
Development  since  May  1999.  Mr.  Cathey  served  as Vice President Sales and
Marketing  for  the  Display  Division  of Micron Technology, Inc., from 1994 to
1999.  From  1991  to 1994 Mr. Cathey was Vice President Sales and Marketing for
G2,  Inc., a software development company. From 1989 to 1991 he was key accounts
manager  for  Micron Technology's Memory applications group.  Mr. Cathey holds a
BA  in  Marketing  from  Boise  State  University.

     Donald  E.  Crim  has  been our Vice President, Manufacturing, Taiwan since
April  1999. From June 1988 to December 1995, Mr. Crim was senior vice president
wafer  fabrication  and technology at Silicon Systems, Inc. Over that period, he
grew  the  manufacturing activities to support sales growth from $100 million to
$400  million.  His responsibilities included overseeing all semiconductor wafer
manufacturing,  technology  development  and  wafer foundry services. Additional
responsibilities  included  establishing  outside  foundry  suppliers in Taiwan,
Japan,  Korea,  Singapore  and  USA. Since June 1998 and in 1996, Mr. Crim was a
consultant  for  several  companies.  His  customers  included  IBM,  Dallas
Semiconductor,  Tower  Semiconductor  and  others.

     Michel  Garcia,  a  founder  of  PixTech,  is  our  Vice  President,  Chief
Technology Officer since July 2000. From August 1995 to June 2000, he had served
as  our  Vice  President, Industrial Partners. From inception to August 1995, he
had  served  as  Vice-President  of  Equipment Engineering.  In 1986, Mr. Garcia
founded  Microsolve,  a  semiconductor  processing  equipment  company, which he
managed  for  five years.  From 1981 to 1985, he served as operations manager at
Eurotechnique;  from  1979  to  1981,  he  served  as  fab  process  manager  at
Eurotechnique,  and  from  1977  to  1979  he  served  as  a process engineer at
Motorola.  In  1970,  Mr.  Garcia  graduated  from  Ecole  Nationale  Sup rieure
d'Electronique  et  de Radio lectricit  de Grenoble, and he received a degree of
Doctor  of  Microelectronics  from  Grenoble  University.

     Jean-Jacques  Louart  joined  PixTech  in  May  1997  as  Vice-President of
Operations. Mr. Louart served as Quality Director of LX Management, a consultant
agency,  from  1995  to  1997.  From  1993  to 1995, he was president of SIP, an
equipment  engineering  company.  Prior  to that, Mr. Louart spent 18 years with
IBM,  holding  process  and  manufacturing  management  positions.  Mr.  Louart
graduated  from  Ecole  de  l'Air and holds a management degree from CPA, Paris.

ITEM  2.   PROPERTIES

     Montpellier,  France:  We  rent  a  facility including a clean room, office
area,  and engineering laboratories in Montpellier, France, having 31,100 square
feet  (2,900 square meters) of space.  The Montpellier lease terminates in 2003,
with  an option to renew. The lease is renewable for several additional one-year
terms.

     Boise,  Idaho:  We lease a total of approximately 73,000 square feet (6,500
square  meters) of space in Boise, Idaho, including a clean room, devoted to our
research  and  development  activities,  under  a  three-year  lease from Micron
expiring  in May 2002. The lease is renewable for an additional three-year term.

     Santa  Clara,  California:  We  lease a total of approximately 2,570 square
feet  (250 square meters) of space in Santa Clara, California for our management
and  sales  offices  under  a  lease  that  terminates  in  July  2001.

     Rousset,  France:  Our  corporate  offices  are located in an approximately
11,000 square foot (1,000 square meters) facility located in Rousset, France. We
own  the facility and occupy approximately 5,500 square feet (500 square meters)
of  floor  space.  A  third  party rents the rest of the area under a lease that
terminates  in  June  2002.


                                                 PixTech 2000 Annual Report * 10
<PAGE>
ITEM  3.   LEGAL  PROCEEDINGS

     We  have  received  correspondence  from  Futaba  Corporation and its legal
counsel  beginning  in  February 1998 alleging that (i) we are infringing one or
more patents owned by Futaba relating to the construction and manufacture of our
displays  that are not expressly included under the license agreement between us
and  Futaba,  (ii)  our  use  of  terms  such  as  "alliance"  and "partners" in
describing  the  nature of our contractual relationships with Motorola, Raytheon
and  Futaba  in  reports  filed  with  the  SEC is misleading; and (iii) certain
provisions  in  our agreement with Unipac constitute an impermissible sublicense
of  Futaba  technology.  Futaba  has  also  claimed  that we improperly supplied
certain  Futaba proprietary information to Unipac, and that Unipac has, in turn,
disclosed such information to a third party vendor. On December 19, 2000 PixTech
and  Futaba executed a settlement agreement resolving all of theses allegations.

ITEM  4.   SUBMISSION  OF  MATTERS  TO  A  VOTE  OF  SECURITY  HOLDERS

     Not  applicable.


                                                 PixTech 2000 Annual Report * 11
<PAGE>
PART  II

ITEM  5.   MARKET  FOR  THE  REGISTRANT'S  COMMON  STOCK AND RELATED STOCKHOLDER
MATTERS

     Our  common stock commenced trading on July 18, 1995 on the Nasdaq National
Market  and  has  been  listed on the European Association of Securities Dealers
Automated  Quotation  system  since February 12, 1997 under the symbol ''PIXT''.

     The  foregoing  bid  quotations reflect inter-dealer prices, without retail
mark-ups,  mark-downs or commissions, and may not represent actual transactions.
As  of  December  31, 2000, there were approximately 82 holders of record of our
common  stock.

     The  following table sets the high and low sales price for our common stock
for  each  calendar  quarter  in the two year period ended December 31, 2000, as
reported  by  Nasdaq.

STOCK  PRICES  ($)

                    YEAR ENDED      YEAR ENDED
                  DEC. 31, 1999     DEC. 31, 2000
                -----------------  -----------------
                  High      Low      High      Low
First Quarter    3 5/16   1  1/2   11 5/8    1  3/4
Second Quarter   2 5/8    1 11/32   5 1/8    1  7/8
Third Quarter    2 1/4    1 15/32   4 5/7    1  8/15
Fourth Quarter   2 5/8    1  1/2    2 3/4    0 15/16


     We  have  never paid or declared any cash dividends on our common stock. We
currently  intend to retain any future earnings for our business and, therefore,
do  not  anticipate  paying  cash  dividends  in  the foreseeable future. Future
dividends,  if  any,  will  depend  on,  among  other  things,  our  results  of
operations,  capital  requirements, restrictions in loan agreements and on other
factors  as  our  board  of directors, in its discretion, may consider relevant.

     In  December  2000,  we  sold  431,034 shares of our common stock under the
equity  private  line  agreement with Kingsbridge Capital Ltd., resulting in net
proceeds  of  $485,000.  This  sale  to Kingsbridge was exempt from registration
under  the  Securities  Act  by  virtue  of  the  section  4(2)  of  the  act.

     In  January  2001, 18,766 shares of series E preferred stock were converted
into  362,734  shares  of  common  stock.  As of March 15, 2001, there are 3,329
shares  of  series  E  preferred  stock  outstanding.


                                                 PixTech 2000 Annual Report * 12
<PAGE>
ITEM  6.   SELECTED  FINANCIAL  DATA

     The  selected  financial  data  set forth below as of December 31, 2000 and
1999,  and for each of the three years in the period ended December 31, 2000 are
derived  from  PixTech's consolidated financial statements included elsewhere in
this report, which have been audited by Ernst & Young, independent auditors. The
selected  financial  data set forth below as of December 31, 1998, 1997 and 1996
and  for  the  years  ended  December 31, 1997 and 1996 are derived from audited
consolidated  financial statements not included in this report. This data should
be  read  in  conjunction  with  PixTech's consolidated financial statements and
related  notes  thereto, and ''Management's Discussion and Analysis of Financial
Condition  and  Results  of  Operations''  under  Item  7  of  this  report.

<TABLE>
<CAPTION>
                                                                       FISCAL YEAR
                                                 -----------------------------------------------------
                                                   1996       1997       1998       1999       2000
                                                 ---------  ---------  ---------  ---------  ---------
<S>                                              <C>        <C>        <C>        <C>        <C>
                                                             (IN THOUSANDS, EXCEPT PER SHARE)
OPERATIONS
Total revenues  . . . . . . . . . . . . . . . .  $  7,644   $  3,819   $  3,652   $  5,392   $  6,340
Loss from operations  . . . . . . . . . . . . .   (12,041)   (15,774)   (19,686)   (26,487)   (27,415)
Net loss  . . . . . . . . . . . . . . . . . . .   (11,719)   (14,664)   (17,863)   (28,427)   (25,678)
Net loss per share  . . . . . . . . . . . . . .     (1,44)     (1,12)     (1,23)     (1,26)     (0,51)
Shares used in computing net loss per share  ..     8,137     13,140     14,548     22,948     50,662

BALANCE SHEET
Working deficit / capital . . . . . . . . . . .      (859)     9,290        145    (17,740)    (8,259)
Total assets. . . . . . . . . . . . . . . . . .    29,565     41,648     47,394     51,169     39,716
Total assets, less current assets  .. . . . . .    19,701     24,058     32,592     32,313     19,495
Total long term debt  (1) . . . . . . . . . . .     4,709     13,428     22,389     21,302      9,398
Long term liabilities, less current portion . .     6,743     14,568     19,480     11,019      8,712
Stockholders' equity  . . . . . . . . . . . . .    12,099     18,780     13,257     19,884     20,204
<FN>
      (1)  including  capital  leases  and  current  portion
</TABLE>


ITEM  7.   MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF  FINANCIAL  CONDITION AND
RESULTS  OF  OPERATIONS

OVERVIEW

     PixTech  was  founded  in  June  1992  to  develop  and commercialize field
emission  displays.  Since  inception,  we have been a development stage company
and  our  operating  activities related primarily to raising capital, conducting
research  and  development  activities,  concluding  cooperation  and  license
agreements  with  certain  displays  manufacturers, including Motorola, Inc. and
Futaba  Corporation,  and  establishing manufacturing capabilities for our field
emission  displays.

     Pursuant  to  a  contract manufacturing agreement signed with Unipac in May
1997,  and after the adaptation of Unipac's plant, including addition of certain
equipment  and  the  transfer  of  our manufacturing processes, we are producing
fully  qualified  displays  at Unipac. While current shipments of field emission
displays  are  still below our expectations, we expect to increase significantly
the  production volumes throughout the year 2001.  However, we do not anticipate
generating  positive  gross  margins  on our sales of products in the year 2001.

     In  March  1999,  we  acquired  certain  assets  of Micron Technology, Inc.
relating  to  field  emission  displays  including  equipment and other tangible
assets, certain contract rights and cash.  The accompanying financial statements
reflect  the  acquisition of assets for a cost of $17,932,000 and the assumption
of  certain  liabilities  in  the  amount  of $2,958,000 in consideration of the
issuance  of  7,133,562 shares of common stock and a warrant to purchase 310,000
shares  of  common  stock.

     Our  revenues  from  2000  resulted  mainly  from  the  DARPA  contract.


                                                 PixTech 2000 Annual Report * 13
<PAGE>
     Under  a license agreement with the French Atomic Energy Commission, we are
obligated  to  make  royalty payments on our product sales and to pass-through a
portion  of  royalties  on sales of royalty-bearing products by our sublicenses.
Under  an  amendment  to  the  Laboratoire  d'Electronique,  de  Technologie  et
d'Instrumentation  license  agreement  signed  in  1997,  the  royalty rates and
minimum  payments  payable  to  French Atomic Energy Commission were temporarily
increased  for  a  period  of  three  years.

Royalty  amounts  accrued  under  this  agreement  were:


Year                 Royalty Amount
--------            ---------------
1996 . . . . . . .  $        45,000
1997 . . . . . . .  $       109,000
1998 . . . . . . .  $       308,000
1999 . . . . . . .  $       364,000
2000 . . . . . . .  $       279,000
      (See notes to consolidated financial statements-note 16-related party
                                 transactions).

     All  of  our  expenses  to date, except royalties and pass-through expenses
payable  to French Atomic Energy Commission and tax expenses directly associated
with  revenues  from  cooperation  and license agreements, have been recorded as
operating  expenses,  since  we  have not shipped enough products to determine a
meaningful  cost  of  products  sold  category.

     We  have  incurred  cumulative  losses  of $108.2 million from inception to
December  31,  2000. We have recorded operating losses every quarter since 1996,
and  we  expect to incur additional operating losses. The magnitude and duration
of  our  future  losses will depend on a number of factors within and outside of
our  control,  including  the  rate at which we can successfully manufacture and
commercialize  our  field emission displays, if at all, and the related costs of
such  efforts.  Successful commercialization of our displays will in turn depend
on  a  number  of  factors,  including  the successful development of sufficient
market  demand  for  our  products.

RESULTS  OF  OPERATIONS

     Cooperation  and  License  Revenues:  We  recognized  revenues  under  our
cooperation  and  license  agreements  of $1.2 million in 1998; we recognized no
cooperation  and  license  agreement  revenues in 1999 and 2000. The significant
decrease in cooperation and license revenues in 1999 and 2000 over 1998 reflects
the  achievement  at  the end of 1996 of most of our contractual milestones. The
cooperation  phase  of  these agreements, which had generated milestone revenues
for us, expired in June 1998. In the future, we may derive royalty revenues only
under  existing  cooperation and license agreements. These royalty revenues will
be  based  on  licensees'  sales,  if  any,  of  royalty-bearing  products.

     We  may  grant  royalty-bearing  licenses  to  third  parties  to the field
emission  display technology cross-licensed to us from our licensees, subject to
certain  restrictions.  Royalties payable to us under these third-party licenses
would  be  shared  with  the  existing  licensees.

     In  1997,  we  entered  into  a cooperation agreement with a major Japanese
cathode  ray  tube manufacturer to demonstrate a 15-inch field emission display.
Revenues  generated  under  this  agreement  in  1997  and 1998 were included in
cooperation and license revenues. In February 1999, we entered into a subsequent
cooperation  agreement with our cathode ray tube partner. We will not record any
significant  revenues  under  this  agreement.

     Product Sales: We recognized product sales of $445,000 in 1998, $484,000 in
1999  and  $331,000  in 2000. In 1998, these product sales primarily represented
the  shipment  of a few high-priced field emission display displays and cathodes
to  customers  for evaluation and product development purposes. In 1999, product
revenues  remained relatively constant compared to 1998, and primarily reflected
the  shipment  of  displays to our first volume customer, Zoll Medical. In 2000,
our product revenues reflected our shipments to Zoll Medical in lower volume, as
well  as  shipments  to  new  customers.


                                                 PixTech 2000 Annual Report * 14
<PAGE>
     Other  Revenues:  Other  revenues  consisted  of  funding  under  European
development  contracts,  our  DARPA  contract  and other miscellaneous revenues.
Other  revenues were $1.9 million in 1998, $4.9 million in 1999 and $6.0 million
in  2000.  Of  these  revenues,  $1.2  million  in 1998 related to a development
contract  granted  in  December  1994  from  the  French Ministry of Industry to
support  manufacturing  of field emission displays. There were no revenues under
this  contract  in  1999  and  2000.  We successfully completed this development
contract  in  1998  and  will  not  derive  any  additional revenue from it.  We
received  $2.0 million from DARPA in 1999 and $5.9 million in 2000. In addition,
we  expect to earn development-contract related revenues in 2001, primarily from
expected  recognition  as  income  of  certain amounts which we collected before
December  31,  2000,  and previously recorded as deferred revenues (see notes to
consolidated  financial  statements-note  12-other  and  deferred  revenues).

     Research  and  Development  Expenses-Acquisition  of  Intellectual Property
Rights:  Since  inception,  we  have expensed$5.0 million for the acquisition of
intellectual  property  rights  from  our  licensees and other third parties. In
2000,  we  expensed  $57,000 in connection with a license agreement with Coloray
Display  Corporation,  a  California corporation, providing us with a worldwide,
non-exclusive  royalty-free  license  on  certain  technologies related to field
emission  displays.

     Other  Research  and  Development Expenses: These expenses include salaries
and  associated  expenses  for  in-house  research  and  development  activities
conducted  both  in our pilot plant and our research and development facility in
Boise,  Idaho,  the  cost  of  staffing  and  operating  our pilot manufacturing
facility  and  the  cost  of supporting the transfer and adaptation of our field
emission  display  technology  to Unipac, as well as obligations to Commissariat
l'Energie  Atomique  under  the  Laboratoire  d'Electronique,  de Technologie et
d'Instrumentation  research  agreement,  and  miscellaneous  contract consulting
fees.  As  part  of  the  acquisition of Micron's display assets in May 1999, we
hired  44  employees  to  continue  research  and  development work in the Boise
facility,  thus  reinforcing  our  field emission display technology development
efforts.  In  addition, the development team located in Santa Clara was moved to
Boise  to  focus  our  efforts  on  the  expansion of the large display program.

     As  a  result, other research and development expenses increased from $19.2
million in 1998 and $27.2 million in 1999 to $29.5 million in 2000. The increase
primarily  reflected  the  costs  associated  with  the research and development
activities conducted in Boise following the acquisition of assets from Micron in
1999  and  the  cost  of  supporting  the  manufacturing  start-up  at  Unipac.

     Sales  and  Marketing Expenses: We incurred sales and marketing expenses of
$1.4  million  in 1998, $1.2 million in 1999 and $1.1 million in 2000. Sales and
marketing  expenses  may increase in the future, reflecting the expansion of our
sales  and  marketing  organization  both in the United States and in Europe, in
order  to  achieve  a  successful  commercialization  phase  for  our  products.

     General  and  Administrative  Expenses: General and administrative expenses
amounted  to $2.7 million in 2000, a decrease of 6.9% from the expenses incurred
in  1999,  which  amounted  to  $2.9  million. This decrease was mainly due to a
reduction  in  consulting expenses. General and administrative expenses amounted
to  $2.5  million  in  1998.

     Interest  Income  (Expense),  Net:  Interest income consists of interest on
available and restricted cash.  Interest expense consists of interest payable on
long-term  obligations.  Net  interest expense was $692,000 in 2000, compared to
$864,000  in  1999  and  $708,000  in 1998, reflecting the decrease in long-term
liabilities in connection with the conversion into shares of our common stock of
the  entire Sumitomo debt (see notes to consolidated financial statements - note
7  -  long  term  debt).

     Currency  Fluctuations:  Although a significant portion of our revenues are
denominated in U.S. dollars, a substantial portion of our operating expenses are
denominated  in  Euros.  Gains  and  losses on the conversion to U.S. dollars of
assets  and  liabilities  denominated in Euros may contribute to fluctuations in
our  results  of  operations,  which  are  reported in U.S. dollars. Most of our
capital  lease  obligations  are  expressed  in  Taiwanese dollars.  Since 1998,
fluctuations  of the Taiwanese dollar versus the Euro caused significant foreign
exchange  gains or losses. We incurred net foreign exchange gains of $372,000 in
1998,  a  net  foreign  exchange  loss  of  $1,076,000 in 1999 and a net foreign
exchange gain of $857,000 in 2000. We cannot predict the effect of exchange rate
fluctuations  on  future  operating results. To date, we have not yet undertaken
hedging  transactions  to  cover  our  currency  exposure.


                                                 PixTech 2000 Annual Report * 15
<PAGE>
     Income  tax:  We have recognized French income tax benefits of $7.8 million
since  our  inception,  including  $758,000  in  1998 and $43,000 in 1999. These
income  tax  benefits  represent  tax  credits  for  research  and  development
activities  we  conducted  in France and the benefit of net operating loss carry
forward,  net of valuation allowance. As of December 31, 2000, we provided for a
valuation  allowance  of  $1.5  million against a net deferred tax asset of $1.5
million. We will collect the tax credits for research and development in cash if
we  are  not  able  to  credit them against future income tax liabilities within
three  fiscal  years.  We  collected  $2.8 million in 1998 for our 1993 and 1994
income  tax  benefits, $2.8 million in 1999 for our 1995 income tax benefits and
$1.1  million  in  2000  for  our  1996  income  tax  benefits.

     In  the  future,  we  may  not record significant additional tax credit for
research  and  development  activities  in  France,  as  the benefit is based on
increases in eligible research and development expenses in a given year over the
two  previous  fiscal  years.

     As of December 31, 2000, our net operating losses carried forward in France
were  approximately  $56.6  million,  of which $4.7 million will expire in 2001,
$8.5  million  in  2002,  $12.3 million in 2003, $13.3 million in 2004 and $17.1
million  in  2005,  if  they  are  not  utilized.

QUARTERLY  RESULTS  OF  OPERATIONS

     The  following  table  presents  certain  unaudited  quarterly  financial
information for each quarter in 1999 and 2000. In the opinion of our management,
this information has been prepared on the same basis as the audited consolidated
financial  statements  appearing  elsewhere  in  this  report  and  includes all
adjustments  (consisting  only  of  normal  recurring  adjustments)necessary  to
present  fairly  the unaudited quarterly results set forth herein. Our quarterly
results  are  subject  to  fluctuations  and thus, the operating results for any
quarter  are  not  necessarily  indicative  for  any  future  period.

<TABLE>
<CAPTION>
    (AMOUNTS IN THOUSANDS)                                       THREE MONTHS ENDED
                                    ------------------------------------------------------------------------------
                                    MAR. 31,  JUNE 30,  SEPT. 30, DEC. 31,  MAR. 31,  JUNE 30,  SEPT.30,  DEC.31,
                                    --------  --------  --------  --------  --------  --------  --------  --------
                                      1999      1999      1999      1999      2000      2000      2000      2000
                                    --------  --------  --------  --------  --------  --------  --------  --------
<S>                                 <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>
Revenues:
 Cooperation and license
   revenues  . . . . . . . . .      $     -   $     -   $     -   $     -   $     -   $     -   $     -   $     -
 Product sales . . . . . . . .          161       178        71        74        86       131         -       114
 Other revenues  . . . . . . .        2,000       314       877     1,717     1,904     2,009       854     1,242
                                    --------  --------  --------  --------  --------  --------  --------  --------
                                      2,161       492       948     1,791     1,990     2,140       854     1,356
Cost of revenues:
 License fees and royalties. .          (87)      (85)      (82)     (107)      (88)      (94)      (73)      (55)
                                    --------  --------  --------  --------  --------  --------  --------  --------
Gross margin:                         2,074       407       866     1,684     1,902     2,046       781     1,301
 Operating expenses:
 Research and development. . .        5,587     6,616     7,210     7,843     7,851     7,920     7,013     6,787
 Sales and marketing . . . . .          351       329       338       261       313       258       269       265
 General and administrative. .          730       772       787       694       813       684       645       626
                                    --------  --------  --------  --------  --------  --------  --------  --------
   Total operating expenses           6,668     7,717     8,335     8,798     8,977     8,862     7,928     7,678
                                    --------  --------  --------  --------  --------  --------  --------  --------
Loss from operations . . . . .       (4,594)   (7,310)   (7,469)   (7,114)   (7,075)   (6,816)   (7,147)   (6,377)
Interest income (expense), net         (266)      (98)     (244)     (256)       29       140       288       235
Foreign exchange gain (loss) .         (516)     (621)      112       (51)      359       (27)       (5)      530
Other revenues (expenses). . .            -         -         -         -         -        17        57       114
                                    --------  --------  --------  --------  --------  --------  --------  --------

Loss before income tax benefit       (5,376)   (8,029)   (7,601)   (7,421)   (6,687)   (6,686)   (6,807)   (5,498)
Income tax benefit . . . . . .            -         -         -         -         -         -         -         -
                                    --------  --------  --------  --------  --------  --------  --------  --------
Net income (loss)  . . . . . .      $(5,376)  $(8,029)  $(7,601)  $(7,421)  $(6,687)  $(6,686)  $(6,807)  $(5,498)
                                    ========  ========  ========  ========  ========  ========  ========  ========
</TABLE>


                                                 PixTech 2000 Annual Report * 16
<PAGE>
LIQUIDITY  AND  CAPITAL  RESOURCES

     From  inception  through  December  31, 2000, we have used $65.2 million in
cash  to  fund  our  operations  and  $23.9  million in capital expenditures and
investments.  Through  December  31,  2000,  we  have  funded our operations and
capital expenditures primarily from sales of $112.3 million of equity securities
and  $21.7  million of proceeds from borrowings and sale-leaseback transactions.

     In  2000,  we  used  $15.3  million in cash and generated $4.4 million from
investing  activities to fund our operations. In March 2000, restricted cash was
reclassified  as  cash  available in the amount of $5.6 million. Restricted cash
was  related  to  the security interest corresponding to the guaranty granted to
Unipac  in  relation  to  the  purchase  and  funding  by Unipac of volume field
emission  displays production equipment. In March 2000, pursuant to an agreement
with  Unipac dated December 17, 1999, the guaranty to Unipac was reduced by $5.0
million in consideration of a payment in cash of same amount to Unipac. Pursuant
to  the terms of this agreement, this $5.0 million payment will be considered as
a  prepayment  against  our  future  payments to Unipac concerning the equipment
leased  by  Unipac  to us.  Consequently, the amount of the security interest to
the  banks  was  reduced by the same amount (see notes to consolidated financial
statements  -  note  6  -  short-term  and  long-term  restricted  cash).

     As  of  December  31,  2000, we had commitments for capital expenditures of
approximately $356. Capital expenditures were $1.8 million in 1998, $1.2 million
in  1999  and  $1.8  million  in  2000.  Capital expenditures exclude the assets
acquired  from Micron in 1999 because those assets were acquired in exchange for
our  common  stock.  Capital  expenditures  also  exclude  assets acquired under
capital  lease  obligations.

     Implementing  volume  production  at  Unipac's manufacturing plant required
significant  capital  expenditures.  Under  the  foundry  agreement with Unipac,
Unipac  acquired and funded $14.9 million of capital expenditures for equipment.
Unipac leases a portion of that equipment to us, which amounted to $10.6 million
as  of  December  31,  2000.

     Restricted  cash amounted to $7.5 million in 1999 and $1.2 million in 2000.
Restricted  cash  is  related to the security interest that we granted to Unipac
pursuant  to  the foundry agreement, in connection with the purchase and funding
by  Unipac  of  volume  field  emission  displays production equipment. Both the
amounts  of  this  bank  guaranty and the corresponding security interest to the
banks  are  expected  to  continue  decreasing  in  the  future.

     We had existing contracts with French authorities providing for the payment
of grants totaling approximately $4.0 million, which were fully paid to us as of
December  31,  1998.  In 1997 and January 1999, we entered into two research and
development  agreements  with  French  authorities.  Under  these agreements, we
expect  to benefit from zero-interest loans totaling approximately $3.0 million,
of  which we received $2.0 million during 1999, $722,000 in 2000 and of which we
expect  to  receive  $199,000  in  2001.

     In November 1998, we entered into a research and development agreement with
French  authorities.  Under  this  agreement,  we expect to benefit from a grant
totaling  approximately  $857,000,  of  which  we  collected  $248,000  in 1999,
$351,000  in  2000  and  expect  to  collect  $214,000  in  2001.

     In  January 2000, we entered into an agreement with Audi and other partners
to  jointly  design,  develop,  test  and  deliver a 7-inch color field emission
display  for  automotive  applications.  This  agreement is part of the European
Commission  Information  Society  Technology  program.  Under  the  terms of the
agreement,  PixTech  will  receive  funding  from  the  European  Commission  of
approximately  $1.7  million  to design and develop the field emission displays.
Audi  will  perform the testing and evaluation. The development program began in
January  2000.  PixTech expects to deliver qualified field emission displays for
testing  in  2001. These field emission displays will be 7-inch diagonally, full
color, have a 16:9 aspect ratio with 480 x 234 resolution and will be true video
rate capable. Upon successful completion of testing, these displays will be used
for  navigation,  entertainment,  and  as  a  multi-functional display in the A8
automobile  with other models to follow. Partners of the 3 million Euro European
Commission  IST  funded  project  include  PixTech,  Audi,  XSYS,  Laboratoire
d'Electronique,  and  SAES  Getters.  PixTech  will  be  responsible  for  the
development and manufacturing of the field emission displays. Audi, a subsidiary
of Volkswagen will be responsible for testing and evaluation. XSYS, a subsidiary
of  Harman  International,  will  be  responsible  for  systems  integration.


                                                 PixTech 2000 Annual Report * 17
<PAGE>
Laboratoire d'Electronique de Technologie et d'Instrumentation, the research arm
of  Commissariat   l'Energie Atomique, will be responsible for special tasks and
SAES Getter, a world leader in getters, will optimize getter materials for field
emission  displays.

     Since  inception,  we  have  recognized  French income tax benefits of $7.8
million.  These  income  tax  benefits  represent  tax  credits for research and
development activities conducted in France, which are paid in cash if we are not
able  to  credit  them against future income tax liabilities within three fiscal
years. In 1998, we collected $2.5 million, representing research and development
tax  credits recorded in 1993 and 1994. In April 1999, we collected $2.7 million
from  research  and  development tax credits recorded in 1995. In April 2000, we
received  $1.1  million  corresponding  to  1996  tax  benefit.

     On  August 5, 1999, DARPA awarded a development contract to us amounting to
$4.7  million,  of  which  we  received $1.5 million in 1999 and $3.2 million in
2000.  On  April  3,  2000, in addition to and as a continuation of the existing
development  contract, we were awarded an additional $6.3 million funding. Under
this  funding,  we  received  $2.4  million  in  2000 and expect to collect $3.9
million  in 2001. On January 22, 2001 we were awarded an additional $3.1 million
funding,  further  supplementing  the  August  1999  and  April  2000 contracts.

     We generated $14.5 million in cash flows from financing activities in 2000,
as  compared  to  $21.0  million  in 1999. This financing consisted primarily of
sales of shares of common stock, resulting in net proceeds of $19.7 million (net
of  issuance  costs).  Cash  flow  generated  from  financing activities exclude
non-cash transactions related to (i) the issuance of 16,000 shares of our common
stock  to  Coloray  Display  Corporation  with  a value of $57,000 (See notes to
consolidated  financial  statements  -  note 11 - stockholders' equity) (ii) the
reversal  of  dividends attached to the shares of convertible preferred stock in
the  amount  of  $450,000 and the conversion into 4,195,254 shares of our common
stock  (See notes to consolidated financial statements - note 11 - stockholders'
equity)  and  (iii) issuance of 2,511,795 shares of our common stock to Sumitomo
with  a  value  of $ 6,412,000 (See notes to consolidated financial statements -
note  7  -  long  term  debt).

     On  August  9,  1999,  we entered into a private equity line agreement with
Kingsbridge  Capital  Ltd. Under the terms of the equity line agreement, we have
the  irrevocable right, subject to certain conditions, to draw up to $15 million
cash  in exchange for our common stock, in increments over a two-year period. We
began  to  draw off the equity line agreement in 1999, resulting in net proceeds
of  $824,000  in  1999  and  $4.8 million in 2000. In April 2000, pursuant to an
amendment, signed in February 2000, to the common stock purchase agreement dated
October  6,  1999  with  Unipac  Optoelectronics Corporation, we completed a $15
million equity private placement with United Microelectronics Corporation. Under
the  term  of  this  agreement, United Microelectronics Corporation received 9.3
million  shares  of  common  stock.

     Long-term  liabilities  increased  by  $727,000  in  2000, representing two
zero-interest  loans  granted  to  PixTech  by French local authorities and by a
French  public  agency,  Anvar.

     Repayment of long term liabilities were $1.1 million in 2000, of which $1.0
million  have  been  paid  to  Bank of Boston, a loan we took over following the
Micron  transaction  (see notes to consolidated financial statements - note 20 -
Micron  transaction).

     We  believe  that  cash  available  at December 31, 2000, which amounted to
$16.8  million, together with the anticipated proceeds during 2001 from research
and  development  tax  credits  and  from the various grants and loans described
above,  will  be sufficient to meet our cash requirements for the upcoming year.

     We  will  require  substantial  funds  to conduct research, development and
testing,  to  develop  and  expand commercial-scale-manufacturing systems and to
market  any  resulting  products.  Changes  in  technology  or a growth of sales
beyond  levels we currently anticipate will also require further investment. Our
capital requirements will depend on many factors, including the rate at which we
can  develop  our products, the market acceptance of our products, the levels of
promotion  and  advertising  required  to  launch  our  products  and  attain  a
competitive  position  in the marketplace and the response of competitors to our
products.  Funds  for  these purposes, whether from equity or debt financing, or
other  sources,  may  not be available when needed or on terms acceptable to us.


                                                 PixTech 2000 Annual Report * 18
<PAGE>
OUTLOOK:  ISSUES  AND  RISKS

     We  are currently focused on the following activities, which we believe are
necessary  to  the  success  of  our  business:

     -    successfully  implementing  the manufacture of field emission displays
          by  our  Taiwanese  contract  manufacturer,  Unipac;
     -    improving  our  manufacturing  processes  and  yields  at  Unipac;
     -    expanding  our  customer  base  and  product  offering;  and
     -    continuing  the  development of our field emission display technology,
          including  the development of large and color field emission displays.

     You  should carefully consider the following risks and issues, among others
that are common among development stage companies such as ours. It is especially
important  to  keep  these  risk  factors  in  mind when reading forward-looking
statements.  These  are  statements  that  relate  to future periods and include
discussions  relating  to  market  opportunities,  acquisition  opportunities,
revenues,  stock  price  and  our  ability  to  compete.  Generally,  the  words
"anticipate,"  "believe,"  "expect,"  "intend"  and similar expressions identify
such  forward-looking  statements.  Forward-looking statements involve risks and
uncertainties,  and  our actual results could differ materially from the results
discussed  in the forward-looking statements because of these and other factors.
We  do not have any obligation to disclose if forward-looking statements, or the
circumstances  they  are  based  on,  change.

WE  HAVE  A  HISTORY  OF LOSSES AND ACCUMULATED DEFICIT THAT MAY CONTINUE IN THE
FUTURE.
     We  have  a  history  of  losses  as  follows:

<TABLE>
<CAPTION>
                              Operating Net Losses   Loss to common Stockholders
                              ---------------------  ----------------------------
<S>                           <C>                    <C>
Year Ended December 31, 2000  $        27.4 million  $               25.7 million
Year Ended December 31, 1999  $        26.5 million  $               28.9 million
Year Ended December 31, 1998  $        19.7 million  $               17.9 million
Year Ended December 31, 1997  $        15.8 million  $               14.7 million
</TABLE>


     The  losses  were  due  in  part  to  limited  revenues  and  to  various
expenditures,  including  expenditures  associated  with:

     -    research  and  development  activities;
     -    pilot  production  activities;  and
     -    start-up  costs  for  volume  manufacturing  at  Unipac.

     We  expect  to  incur  operating  losses  in  the  future due primarily to:

     -    continuing  research  and development activities to develop monochrome
          and  color  field  emission  displays;
     -    manufacturing  ramp-up  costs  in  Taiwan;  and
     -    expansion  of  our  sales  and  marketing  activities.

     As a result of these losses, as of December 31, 2000, we had an accumulated
deficit  of $ 108,261 million. Our ability to achieve and maintain profitability
is  highly dependent upon the successful commercialization of our monochrome and
color  displays.  We cannot assure you that we will ever be able to successfully
commercialize  our  products  or  that  we  will  ever  achieve  profitability.


                                                 PixTech 2000 Annual Report * 19
<PAGE>
WE  WILL  NEED  ADDITIONAL  CAPITAL  IN  THE  FUTURE.

     We  have  incurred negative cash flows from operations since inception, and
have  expended,  and  will  need  to  expend,  substantial funds to complete our
planned  product  development  efforts,  including:

     -    continuous  improvement  of  our  manufacturing  processes in order to
          achieve  yields  that  will  lead  to  an acceptable cost of products;
     -    continuous  product  development  activities in order to develop color
          displays  that  meet  market  requirements  and  to develop a range of
          products  offered  for  sales;
     -    continuous  research  and  development  activities in order to develop
          displays  larger  than  12-inch  in  diagonal;  and
     -    expansion  of  our  marketing,  sales  and  distribution  activities.


     In  addition  to  the  above  requirements,  we expect that we will require
additional  capital  either in the form of debt or equity, regardless of whether
and  when  we  reach  profitability,  for  the  following  activities:


     -    working  capital;
     -    acquisition  of  manufacturing  equipment  to  expand  manufacturing
          capacity;  and
     -    further  product  development.

     Our  future  capital  requirements  and the adequacy of our available funds
depend  on  numerous  factors,  including:


     -    the  rate  of  increase  in  manufacturing  yields  by  Unipac;
     -    the  magnitude,  scope and results of our product development efforts;
     -    the  costs  of  filing,  prosecuting,  defending  and enforcing patent
          claims  and  other  intellectual  property  rights;
     -    competing  technological  and  market  developments;  and
     -    expansion  of  strategic alliances for the development, manufacturing,
          sale,  marketing  and  distribution  of  our  products.

IF WE FAIL TO CONTINUE TO MEET NASDAQ'S LISTING MAINTENANCE REQUIREMENTS, NASDAQ
MAY  DELIST  OUR  COMMON  STOCK.

     There  is  a  possibility  that our common stock could be delisted from the
Nasdaq  National  Market.  While  our  common  stock  is currently quoted on the
Nasdaq National Market, in order to remain quoted on the Nasdaq National Market,
we  must  meet  certain  requirements  with  respect  to:

     -    market  capitalization,  the market value of all outstanding shares of
          our  common  stock;
     -    public float, the number of outstanding shares of common stock held by
          those  not  affiliated  with  us;
     -    market  value  of  our  public  float;
     -    market  price  of  our  common  stock;
     -    number  of  market  makers;
     -    number  of  shareholders;  and
     -    net  tangible  assets,  total  assets  minus  total  liabilities  and
          intangible assets.

     If  the  price  of  our  common  stock were to fall significantly below our
current trading range, Nasdaq may approach us regarding our continued listing on
the  Nasdaq  National  Market.  If  Nasdaq  were  to begin delisting proceedings
against  us,  it  could reduce the level of liquidity currently available to our
stockholders.

     In  order  to continue to be listed on Nasdaq, the minimum bid price of our
common  stock  must  stay  above  $1.00.  In addition to the fluctuations of the
market  in  general and our common stock in particular, our stock price could be
impacted  from  selling  activities  of  our large corporate investors. This may
drive  the  minimum  bid price of our common stock below $1.00, thus violating a
Nasdaq  maintenance  requirement.  On  December  26, 2000, our closing price was
below  $1.00.  On  March  7, 2001, the minimum bid price on our common stock was
$1.25.


                                                 PixTech 2000 Annual Report * 20
<PAGE>
     If  our  common stock is delisted from the Nasdaq National Market, we could
apply to have the common stock quoted on the Nasdaq SmallCap Market.  The Nasdaq
SmallCap  Market  has  a  similar  set  of  criteria  for  initial and continued
quotation.  We  may not, however, meet the requirements for initial or continued
quotation  on  the  Nasdaq  SmallCap  Market.  If  we  were not able to meet the
requirements of the Nasdaq SmallCap Market, trading of our common stock could be
conducted on an electronic bulletin board established for securities that do not
meet  the  Nasdaq  SmallCap  Market  listing  requirements,  in what is commonly
referred  to  as  the  "pink  sheets."

     In  addition,  if  our  common stock were delisted from the Nasdaq National
Market,  we  may  not  have  the  right  to  obtain  funds under the equity line
agreement  and  it could be more difficult for us to obtain future financing. In
addition,  if  our  common  stock is delisted, investors' interest in our common
stock  would be reduced, which would materially and adversely affect trading in,
and  the  price  of,  our  common  stock.

BECAUSE  WE USE A SINGLE CONTRACT MANUFACTURER TO MANUFACTURE OUR FIELD EMISSION
DISPLAYS  WE  MAY  BE UNABLE TO OBTAIN AN ADEQUATE SUPPLY OF PRODUCTS AND WE MAY
HAVE  LESS  CONTROL  OVER  COST.

     Unipac,  a  liquid  crystal display manufacturer and an affiliate of United
Microelectronics  Corporation, is our only contract manufacturer. In the future,
we  expect that the products that will be manufactured at Unipac and sold to our
customers  will  represent  the  majority of our revenues. If we are not able to
implement  our manufacturing plans with Unipac as we expect, we will not be able
to ship medium to large volumes of field emission display products. Moreover, we
will have less control over the cost of the finished products, the timeliness of
their  delivery  and  their  reliability  and  quality. We are also dependent on
Unipac's overall manufacturing strategy. Changes of these strategy could require
the  set-up  of  on  other  manufacturing  site. This situation would materially
adversely  affect  our  revenues  and  cost  of  producing  products.

     Expectations  about the final timing of this manufacturing plan with Unipac
are forward-looking statements reflecting our risks and uncertainties, including
the  ease or difficulty of the transfer of the field emission display technology
to  Unipac,  and  Unipac's  overall  manufacturing  strategy.

     Our  failure  to adequately manage this contract manufacturing relationship
or  any  delays  in  the  shipment  of  our  products would adversely affect us.

OUR  MANUFACTURING  PROCESSES  ARE  STILL UNDER DEVELOPMENT AND WE STILL NEED TO
OBTAIN  COMMERCIALLY  ACCEPTABLE  YIELDS AND ACCEPTABLE COSTS OF PRODUCTS OR OUR
COSTS  TO  PRODUCE  OUR  DISPLAYS  WILL  BE  TOO  HIGH  FOR US TO BE PROFITABLE.

     In order for us to succeed, we must continue to develop and produce a range
of  products  incorporating our field emission display technology. At this time,
we  have  successfully  developed  only  one  monochrome  field emission display
product  that  has  been incorporated into a commercial end-user application and
that  is  being  targeted  at  various  markets.  We  will  need to complete the
development  of additional field emission display products to enlarge our market
opportunity, and there is no guarantee that we will succeed in these development
efforts.  If we do not develop these new products, we will need to rely on sales
of  a  single  product  to  be  successful.

     We  have  used our manufacturing facility in Montpellier, France to develop
manufacturing  processes  but  it has produced only a limited number of products
suitable  for  sale. Additionally, to date, we have not completed testing of our
manufacturing  processes  at  Unipac.  In order for us to be successful, we must
improve  our manufacturing yields in order to demonstrate the low cost potential
of  our  field emission display technology. Even if we succeed in completing the
development  and testing of our manufacturing processes, we can not be sure that
the  favorable characteristics demonstrated by our current displays manufactured
at our pilot manufacturing facility will be reproduced on a cost-effective basis
in  commercial  production.

     We have, at this time, encountered a number of delays in the development of
our  products  and processes, and it is possible that further delays will occur.
Any  significant  delays could cause us to miss certain market opportunities and
could  reduce  our  product  sales.


                                                 PixTech 2000 Annual Report * 21
<PAGE>
WE  NEED TO FURTHER ENHANCE OUR DISPLAY PERFORMANCE OF OUR COLOR DISPLAYS OR OUR
DISPLAYS  MAY  NEVER  BE  ACCEPTED  BY  A  LARGE  NUMBER OF POTENTIAL CUSTOMERS.

     We  may never improve the performance characteristics of our color displays
to  a  level that is commercially acceptable or we may fail to do so on a timely
basis.  Either  case  could  harm  our  sales  efforts.  Key elements of display
performance  are  brightness, power efficiency and stability over time (lifetime
and  reliability). We are seeking to balance brightness with power efficiency to
produce  bright  and low power-consumption displays. Display reliability depends
on  a  large  number  of  factors,  including  the manufacturing process used in
assembling  the  displays  as  well  as  the  characteristics  of the materials,
including  phosphors,  used  in  the display. In order to produce color displays
that  will provide the product life and other characteristics necessary for most
applications,  we  need  to make further advances in our manufacturing processes
and  in  the  selection  of  the  materials  we  use.

WE  MAY  NEVER BE ABLE TO FUND THE RESEARCH AND DEVELOPMENT ACTIVITIES NEEDED TO
DEVELOP  LARGE  DISPLAYS.

     We  need  to  conduct a significant research and development effort for our
current 12-inch field emission display prototype to be manufactured in volume at
an  acceptable  cost.  We may never be able to fund that effort. Even if we were
able to develop a product that could be manufactured, we would have to locate or
build  a manufacturing facility to produce our displays. Currently, Unipac has a
facility and equipment to build small displays only.  We may not be able to fund
the  amount needed in order to acquire or build a manufacturing facility for our
large  displays.  If  we are unable to develop or manufacture large displays, we
will  miss  large  market  opportunities  for  flat  panel  displays.

WE  FACE  INTENSE  COMPETITION  AND  NEED  TO  COMPETE  WITH  CURRENT AND FUTURE
COMPETING  TECHNOLOGIES THAT MAY OUTPERFORM OUR DISPLAYS THUS MAKING OUR DISPLAY
UNDESIRABLE.

     Our  competitors  may  succeed  in  developing products that outperform our
displays  or  that  are more cost effective. If our competitors develop products
that offer significant advantages over our products and we are unable to improve
our  technology,  or  develop  or  acquire  alternative  technology that is more
competitive,  we  may  not  be  able  to  sell  our  displays.

     Products utilizing liquid crystal display technology currently dominate the
market  for  flat  panel  display  products.  Certain  liquid  crystal  display
manufacturers,  such  as  Canon,  Sharp,  NEC, Hitachi, Samsung and Toshiba have
substantially  greater  name recognition and financial, technological, marketing
and  other  resources  than  us.  Currently liquid crystal displays are in short
demand  and  independent forecasts predict that this may continue over a certain
period  of  time.  However,  liquid crystal display manufacturers have made, and
continue  to  make,  substantial  investments  in increasing capacity as well as
product  performance. We believe that, over time, these investments in capacity,
combined with new competitors entering the flat panel displays market, may cause
over-supply  conditions  and  may  have  the  effect of reducing average selling
prices  of  flat panel displays. To effectively compete, we could be required to
increase the performance of our products or reduce prices. In the event of price
reductions,  we  will not be able to maintain gross margins unless we reduce our
cost  of  sales.

     There  are  a number of domestic and international companies developing and
marketing  display  devices  using  alternative  technologies  to liquid crystal
display  technology,  such  as  vacuum fluorescent displays, electro-luminescent
panels and plasma panels. Additionally, some of the basic field emission display
technology  is  in  the  public  domain  and,  as  a result, we have a number of
potential  direct  competitors  developing field emission displays or developing
fundamental  field  emission  displays  technology.  These  companies, including
Canon, Futaba, Sony, Fujitsu, Samsung and Toshiba, as well as smaller companies,
including  Candescent and Silicon Diamond Technology. Although we own the rights
to  significant  technological  advances  in  field emission display technology,
potential  competitors  may  have  developed  or  may soon develop comparable or
superior  field  emission  display  technology.  Many  of  the  developers  of
alternative flat panel display and competing field emission display technologies
have  substantially  greater  name  recognition  and  financial,  research  and
development,  manufacturing  and  marketing resources than us, and have made and
continue  to  make  substantial  investments in improving their technologies and
manufacturing  processes.


                                                 PixTech 2000 Annual Report * 22
<PAGE>
BECAUSE  POTENTIAL  CUSTOMERS MAY NOT ACCEPT OUR PRODUCTS, WE MAY NEVER SELL THE
NUMBER  OF  DISPLAYS  REQUIRED  TO  MAKE  OUR  BUSINESS  PROFITABLE.

     We  are  uncertain about the potential size and timing of our target market
opportunities.  We  anticipate  marketing  our  displays  to  original equipment
manufacturer  customers,  which  are customers that will incorporate our product
into  their final product. It is possible that demand for any particular product
by  these customers will not last or that new markets will fail to develop as we
expect,  or  at all. Our ability to have consumer products sold that incorporate
our  displays  will  depend,  in  part,  on  the  following  factors:

     -    whether  original  equipment  manufacturers  select  our  products for
          incorporation  into  their  products;
     -    the successful introduction of such products by the original equipment
          manufacturers;  and
     -    the  successful  commercialization  of  products  developed by parties
          incorporating  our  products.

     It  takes  a  long  time for any product to achieve market success, and any
success  is  never certain. The introduction of new products is often delayed by
the need to have the products selected by an original equipment manufacturer and
designed  into  the  original  equipment  manufacturer's  products.  For certain
products,  the delay attributable to a manufacturer's design cycle may be a year
or  longer.  Factors  affecting  the  length  of  these  delays  include:

     -    the  size  of  the  manufacturer;
     -    the  type  of  application;  and
     -    whether  the  displays  are being designed into new products or fitted
          into  existing  applications.

     If  volume  production  of  such  products  is  delayed for any reason, our
competitors  may introduce new technologies or refine existing technologies that
could  diminish  the  commercial  acceptance  of  our  products.

WE  HAVE  LIMITED  SALES,  MARKETING  AND  DISTRIBUTION  CAPABILITIES.

     We  have  limited internal sales, marketing and distribution experience and
capabilities.  We  are  a  development  stage  company with small product sales.
Consequently,  we  had  not  established  significant  sales,  marketing,  or
distribution  operations  within  our  company. Recently, however, we have begun
selling  our  displays  to customers. We will not be able to develop significant
revenues  from the sales of our products unless we can attract and retain highly
qualified  employees to market and oversee the distribution of our products.  If
we  are  unable  to  establish  and  maintain  significant  sales, marketing and
distribution  efforts,  either  internally  or  through  arrangements with third
parties,  we  may  not  be  able  to  generate  revenues.

WE  MAY  HAVE  DIFFICULTY PROTECTING PATENTS AND OTHER PROPRIETARY RIGHTS TO OUR
TECHNOLOGY  AND  MAY  THEREFORE  BE UNABLE TO PREVENT COMPETITORS FROM USING OUR
TECHNOLOGY.

     We  have  been granted, have filed applications for, and have been licensed
under  a  number of patents in the United States and other countries. We rely on
these patents and licenses for an advantage in our industry and any infringement
of these patents and licenses will lessen our advantage. However, rights granted
under patents may not provide us with any competitive advantage over competitors
with  similar  technology,  and  any  issued  patents  may  not  contain  claims
sufficiently  broad  to  protect  against  these  competitors.

     We  have  not  conducted  an  independent review of patents issued to other
companies.  We  cannot  be  certain that we were the first creator of inventions
covered  by pending patent applications or the first to file patent applications
on  such  inventions  because  patent  applications  in  the  United  States are
maintained  in secrecy until patents issue and the publication of discoveries in
scientific  or  patent  literature  tends  to  lag  behind actual discoveries by
several  months.  Competitors  in both the United States and other countries may
have applied for or obtained, or may in the future apply for and obtain, patents
that  will  prevent,  limit  or  interfere with our ability to make and sell our
products.


                                                 PixTech 2000 Annual Report * 23
<PAGE>
     We also rely on unpatented, proprietary technology, which is significant to
the  development  and  manufacture  of  our  displays.  Others may independently
develop  the  same  or  similar  technology  or  obtain access to our unpatented
technology.  If  we  are  unable  to  maintain  the  proprietary  nature  of our
technologies,  our  competitors  may  develop  products  using  our  technology.

     Moreover,  claims  that  our products infringe on the proprietary rights of
others  are  more  likely  to  be  asserted  after  we begin commercial sales of
products using our technology. It is possible that competitors will infringe our
patents.  Defending  and  prosecuting patent suits is costly and time consuming.
The adverse outcome of a patent suit could subject us to significant liabilities
to  other  parties.

BECAUSE  A  LARGE  PERCENTAGE  OF  OUR  NET ASSETS AND OUR COSTS IS EXPRESSED IN
EUROS,  CURRENCY  FLUCTUATIONS  MAY  CAUSE  GAINS  OR  LOSSES.

     A  large  percentage  of  our  net  assets and of our costs is expressed in
Euros, but our financial statements are stated in U.S. dollars.  In 1998, 50% of
our assets and 60% of our costs, in 1999, 37% of our assets and 69% of our costs
and  in  2000, 46% of our assets, and 67% of our losses were expressed in Euros.
Fluctuations  of  the  value  of  the  U.S.  dollar  versus  the  Euro may cause
significant gains or losses. Most of our capital lease obligations are expressed
in  Taiwanese dollars and thus fluctuations of the value of the Taiwanese dollar
versus  the  Euro  may  also cause significant foreign exchange gains or losses.

CERTAIN  ANTI-TAKEOVER  PROVISIONS  THAT  WE HAVE INSTITUTED MAY LIMIT OUR STOCK
PRICE.

     Certain provisions of our restated certificate of incorporation and by-laws
may  discourage a third party from offering to purchase our company and may also
adversely  affect  the  market  price  of  our  common  stock. These provisions,
therefore,  inhibit  actions  that  would  result  in a change in control of our
company,  including  an action that may give the holders of our common stock the
opportunity  to realize a premium over the then-prevailing market price of their
stock.

     In  addition,  under our restated certificate of incorporation we can issue
preferred  stock  with such designations, rights and preferences as our board of
directors  determines from time to time. We do not currently intend to issue any
additional  shares  of  preferred stock, but we retain the right to do so in the
future.

     Furthermore,  we  are  subject  to  Section  203  of  the  Delaware General
Corporation  Law,  which  may  discourage  takeover  attempts.

OUR  BUSINESS  MAY  SUFFER  IF  WE ARE UNABLE TO ATTRACT OR RETAIN KEY PERSONNEL

     We  are  highly  dependent  on  the principal members of our management and
staff,  the  loss  of  whose  services  might significantly delay or prevent the
achievement  of  research,  development  or  strategic  objectives.  Our success
depends  on  our  ability  to  retain  key  employees  and to attract additional
qualified  employees.  Competition for such personnel is intense, and we may not
be  able  to  retain  existing  personnel  and  to attract, assimilate or retain
additional  highly  qualified  employees  in  the  future.

ITEM  7  A.   QUANTITATIVE  AND  QUALITATIVE  DISCLOSURES  ABOUT  MARKET  RISK

     The  market  risk exposure inherent to our international operations creates
potential  for  losses arising from adverse changes in foreign currency exchange
rates.  We  are  exposed to such foreign currency exchange rate risk in two main
areas:  (i) a substantial portion of our operating expenses are and are expected
to  be  denominated  in  Euros,  (ii)  most  of  our capital lease obligation is
expressed  in Taiwanese dollars. Fluctuations of the Taiwanese dollar versus the
Euro  or the U.S. dollar may cause significant foreign exchange gains or losses.
In  addition,  gains  and  losses arising from the conversion to U.S. dollars of
assets  and  liabilities  denominated  in  Euros  or  in  Taiwanese  dollars may
contribute  to  fluctuations in our results of operations, which are reported in
U.S.  dollars. To date, we have not undertaken hedging transactions to cover our
currency exposure. We are also exposed to interest rate risks in connection with
certain  long-term  debt.  We  do  not,  however,  enter  into  market sensitive
instruments  for  trading  purposes.


                                                 PixTech 2000 Annual Report * 24
<PAGE>
ITEM  8.   FINANCIAL  STATEMENTS  AND  SUPPLEMENTARY  DATA

<TABLE>
<CAPTION>
                          INDEX TO FINANCIAL STATEMENTS

                                                                       PAGE(S)
                                                                      --------
<S>                                                                   <C>
Report of Independent Auditors  .. . . . . . . . . . . . . . . . . .        26

Consolidated Balance Sheets  . . . . . . . . . . . . . . . . . . . .        27

Consolidated Statements of Comprehensive Operations  . . . . . . . .        28

Consolidated Statements of Stockholders' Equity  . . . . . . . . . .        29

Consolidated Statements of Cash Flows  . . . . . . . . . . . . . . .        30

Notes to Consolidated Financial Statements  .. . . . . . . . . . . .   31 - 51
</TABLE>


                 Financial statement schedules have been omitted
                 since they are not required or are inapplicable


                                                 PixTech 2000 Annual Report * 25
<PAGE>
Ernst  &  Young


                           INDEPENDENT AUDITORS REPORT

The  Board  of  Directors  and  Shareholders
PixTech,  Inc.

     We  have  audited  the accompanying consolidated balance sheets of PixTech,
Inc.  (a  development  stage  company)  as of December 31, 1999 and 2000 and the
related  consolidated  statements  of operations, shareholders' equity, and cash
flows for the period from June 18, 1992 (date of inception) through December 31,
2000,  and  for  each  of the three years in the period ended December 31, 2000.
These  financial  statements are the responsibility of PixTech's management. Our
responsibility  is  to express an opinion on these financial statements based on
our  audits.

     We  conducted  our  audits  in accordance with auditing standards generally
accepted  in the United States. Those standards require that we plan and perform
the  audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence  supporting the amounts and disclosures in the financial statements. An
audit  also  includes  assessing  the accounting principles used and significant
estimates  made  by  management,  as  well  as  evaluating the overall financial
statement  presentation.  We  believe that our audits provide a reasonable basis
for  our  opinion.

     In  our  opinion,  the  consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial position of
PixTech, Inc. (a development stage company) as of December 31, 1999 and 2000 and
the  consolidated  results  of  its operations and its cash flows for the period
June  18, 1992 (date of inception) through December 31, 2000 and for each of the
three  years in the period ended December 31, 2000 in conformity with accounting
principles  generally  accepted  in  the  United  States.



                                    Ernst  &  Young  AUDIT
                                    Represented  by:  Christine  Blanc-Patin


Marseille
March  6,  2001


                                                 PixTech 2000 Annual Report * 26
<PAGE>
<TABLE>
<CAPTION>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)
--------------------------------------------------------------------------------

                                    CONSOLIDATED BALANCE SHEETS
                              (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

                                                                      DECEMBER 31,    DECEMBER 31,
                                                                          1999            2000
                                                                     --------------  --------------
<S>                                                                  <C>             <C>
                            ASSETS
  Current assets:
  Cash & cash equivalents available . . . . . . . . . . . . . . . .  $      14,663   $      16,847
  Restricted cash - short term. . . . . . . . . . . . . . . . . . .          1,667             833
  Accounts receivable:
    Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . .             57             148
    Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            709             596
  Inventories
    Raw Materials . . . . . . . . . . . . . . . . . . . . . . . . .          1,109           1,019
    Finished Goods. . . . . . . . . . . . . . . . . . . . . . . . .             --              41
  Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .            651             737
                                                                     --------------  --------------
    Total current assets. . . . . . . . . . . . . . . . . . . . . .         18,856          20,221
Restricted cash - long term . . . . . . . . . . . . . . . . . . . .          5,833             417
Property, plant and equipment, net. . . . . . . . . . . . . . . . .         24,933          19,014
Goodwill, net . . . . . . . . . . . . . . . . . . . . . . . . . . .             78               6
Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . .          1,255              --
Other assets - long term. . . . . . . . . . . . . . . . . . . . . .            214              58
                                                                     --------------  --------------
    Total assets. . . . . . . . . . . . . . . . . . . . . . . . . .  $      51,169   $      39,716
                                                                     ==============  ==============

             LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Current portion of long term debt . . . . . . . . . . . . . . . .  $       8,128   $       1,146
  Current portion of capital lease obligations. . . . . . . . . . .          2,455             157
  Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . .          7,548           7,885
  Accrued expenses. . . . . . . . . . . . . . . . . . . . . . . . .          2,135           1,612
                                                                     --------------  --------------
    Total current liabilities . . . . . . . . . . . . . . . . . . .         20,266          10,800
Deferred revenue. . . . . . . . . . . . . . . . . . . . . . . . . .            248             580
Long term debt, less current portion. . . . . . . . . . . . . . . .          3,075           2,962
Capital lease obligation, less current portion. . . . . . . . . . .          7,644           5,133
Other long term liabilities, less current portion . . . . . . . . .             52              37
                                                                     --------------  --------------
    Total liabilities . . . . . . . . . . . . . . . . . . . . . . .         31,285          19,512
                                                                     ==============  ==============

STOCKHOLDERS' EQUITY
  Convertible preferred stock Series E, $0.01 par value, authorized
shares-1,000,000; issued and outstanding shares-297,269 and 22,095
respectively. . . . . . . . . . . . . . . . . . . . . . . . . . . .              3               1
  common stock, $0.01 par value, authorized   shares-60,000,000 and
100,000,000 respectively; issued and outstanding shares-37,351,283
and 55,682,464 respectively . . . . . . . . . . . . . . . . . . . .            373             557
  Additional paid-in capital .. . . . . . . . . . . . . . . . . . .        105,081         131,983
  Cumulative translation adjustment . . . . . . . . . . . . . . . .         (2,988)         (4,076)
  Deficit accumulated during development stage .. . . . . . . . . .        (82,585)       (108,261)
                                                                     --------------  --------------
    Total stockholders' equity .. . . . . . . . . . . . . . . . . .         19,884          20,204
                                                                     --------------  --------------
    Total liabilities and stockholders' equity .. . . . . . . . . .  $      51,169   $      39,716
                                                                     ==============  ==============
</TABLE>

                             See accompanying notes.


                                                 PixTech 2000 Annual Report * 27
<PAGE>
<TABLE>
<CAPTION>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)
--------------------------------------------------------------------------------

                   CONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS
                         (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

                                                                              Period from
                                                                            June  18, 1992
                                                        Year Ended             (date of
                                                        December 31,           inception)
                                              ------------------------------- through Dec. 31,
                                                1998       1999       2000        2000
                                              ---------  ---------  ---------  ----------
<S>                                           <C>        <C>        <C>        <C>
Revenues
  Cooperation & license revenues. . . . . . . $  1,239         --         --   $  26,449
  Product sales. . . . . . . . . . . . . . .       445        484        331       3,641
  Other revenues. . . . . . . . . . . . . . .    1,968      4,908      6,009      16,823
                                              ---------  ---------  ---------  ----------
     Total revenues. . . . . . . . . . . . . .   3,652      5,392      6,340      46,913
                                              ---------  ---------  ---------  ----------
Cost of revenues
  License fees and royalties. . . . . . . . .       24       (361)      (310)     (2,187)
                                              ---------  ---------  ---------  ----------
Gross margin. . . . . . . . . . . . . . . . .    3,676      5,031      6,030      44,726
                                              ---------  ---------  ---------  ----------

Operating expenses
  Research and development:
     Acquisition of intellectual property
      rights. . . . . . . . . . . . . . . . .     (125)       (75)       (57)     (5,022)
     Other. . . . . . . . . . . . . . . . .    (19,289)   (27,181)   (29,514)   (129,223)
                                              ---------  ---------  ---------  ----------
                                               (19,414)   (27,256)   (29,571)   (134,245)
  Marketing & sales. . . . . . . . . . . . . .  (1,433)    (1,279)    (1,105)     (8,991)
  Administrative & general expenses. . . . . .  (2,515)    (2,983)    (2,769)    (18,568)
                                              ---------  ---------  ---------  ----------
                                               (23,362)   (31,518)   (33,445)   (161,804)
                                              ---------  ---------  ---------  ----------

Loss from operations. . . . . . . . . . . . .  (19,686)   (26,487)   (27,415)   (117,078)

Other income / (expense)
  Interest income. . . . . . . . . . . . . . .     828        800      1,297       4,945
  Interest expense. . . . . . . . . . . . . .   (1,536)    (1,664)      (605)     (5,016)
  Foreign exchange gains / (losses). . . . . .     372     (1,076)       857         807
  Other revenues / (expenses). . . . . . . . .      --         --        188         188
                                              ---------  ---------  ---------  ----------
                                                  (336)    (1,940)     1,737         924
Loss before income tax benefit. . . . . . . .  (20,022)   (28,427)   (25,678)   (116,154)
Income tax benefit. . . . . . . . . . . . . .    2,159         --         --       7,893
                                              ---------  ---------  ---------  ----------
Net loss. . . . . . . . . . . . . . . . . . . $(17,863)  $(28,427)  $(25,678)  $(108,261)
                                              =========  =========  =========  ==========
Dividend accrued to holders of Preferred                 ---------             ----------
Stock. . . . . . . . . . . . . . . . . . . .       (12)      (513)      (116)       (641)
                                              ---------  ---------  ---------  ----------
Net loss to holders of common stock. . . . .  $(17,875)  $(28,940)  $(25,794)  $(108,902)
                                              =========  =========  =========  ==========

  Net loss per share of common stock. . . . . $  (1.23)  $  (1.26)  $   (.51)
                                              =========  =========  =========

  Shares of common stock used in
  computing net loss per share. . . . . . . .   14,548     22,948     50,662

Net loss. . . . . . . . . . . . . . . . . .   $(17,863)  $(28,427)  $(25,678)  $(108,261)
Change in cumulative translation adjustment .      392     (1,249)    (1,087)     (4,076)
Comprehensive net loss. . . . . . . . . . .   $(17,471)  $(29,676)  $(26,765)  $(112,337)
</TABLE>

                            See accompanying notes.


                                                 PixTech 2000 Annual Report * 28
<PAGE>
<TABLE>
<CAPTION>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)
--------------------------------------------------------------------------------

                                       CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
                                            (IN THOUSANDS, EXCEPT SHARE AMOUNTS)

                                                          CONVERTIBLE
                                                         PREFERRED STOCK    COMMON STOCK
                                                       -------------------  ------------
                                                                                                                DIVIDENDS
                                                                                                               ------------
                                                                                                                ACCRUED TO
                                                                                                               ------------
                                                                                                  ADDITIONAL    HOLDERS OF
                                                                                                 ------------  ------------
                                                        SHARES                SHARES               PAID-IN      PREFERRED
                                                       ---------            ----------           ------------  ------------
                                                        ISSUED     AMOUNT     ISSUED    AMOUNT     CAPITAL        STOCK
                                                       ---------  --------  ----------  -------  ------------  ------------
<S>                                                    <C>        <C>       <C>         <C>      <C>           <C>
  BALANCE AT DECEMBER 31, 1997                                              13,762,732  $   138  $    57,067

  Common stock issued in private placements, net
of issuance costs -- $44                                                     1,236,222       12        4,493
  Issuance of Series E convertible preferred stock,
 net of issuance costs -- $822
Issuance of Series E convertible preferred stock in
December, net of issuance costs -- $822                 367,269   $     4                              7,449           (12)

  Issuance of common stock under stock option plan                               1,375                     1
  Translation adjustment
  Net loss-Year ended December 31, 1998
                                                       ---------  --------  ----------  -------  ------------  ------------
  BALANCE AT DECEMBER 31, 1998                          367,269   $     4   15,000,329      151       69,012           (12)


  Common stock issued in private placements                                    150,000        2          350
  Issuance costs and dividends accrued in relation
to Series E convertible preferred stock issued in
December 1998                                                                                            (36)         (512)
  Conversion of Series E preferred stock                (70,000)  $    (1)   1,114,220       11          (10)
  Issuance of common stock in connection with
the acquisition of certain assets of Micron Display,
net of issuance costs -- $511                                                7,133,562       71       14,134
  Issuance of warrants                                                                                   297
  Issuance of common stock following conversion
of Sumitomo  convertible loan                                                  750,000        8        1,081
  Issuance of common stock under stock option
plan                                                                           137,217        1           72
  Issuance of common stock in connection with
Equity Line   Kingsbridge, net of issuance costs --
176                                                                           624,809        6          818
  Issuance of common stock in connection with
private placement, net of issuance
Costs -- $36                                                                12,427,146      124       19,839
  Issuance of common stock in connection with
Coloray                                                                         14,000        1           50
  Translation adjustment
  Net loss-Year ended December 31, 1999
                                                       ---------  --------  ----------  -------  ------------  ------------
  BALANCE AT DECEMBER 31, 1999                         (297,269)  $     3   37,351,283  $   376  $   105,606   $      (525)


  Dividends accrued in relation to Series E
convertible Preferred Stock issued in December 98                                                                      450
  Conversion of Series E Preferred Stock               (275,174)       (3)   4,195,254       42          (38)
  Issuance of common stock following conversion
of Sumitomo convertible loan                                                 2,126,246       21        3,890
  Issuance of common stock following conversion
of Sumitomo straight loan                                                      385,549        4        2,496
  Issuance of common stock in connection with
Kingsbridge Equity Line                                                      2,003,295       20        4,785
  Issuance of common stock in connection with
Coloray                                                                         16,000       --           57

  Issuance of common stock in connection with
private placement, net of issuance costs -- $13                              9,320,359       93       14,893
  Issuance of common stock under stock option
plan   Translation adjustment                                                  284,478        3          368
  Translation adjustment
  Net loss-Year ended December 31, 2000
  BALANCE AT DECEMBER 31, 2000                          (22,095)  $     1   55,682,464  $   557  $   132,058   $       (75)
=====================================================  =========  ========  ==========  =======  ============  ============


                                                         OTHER       DEFICIT
                                                       ---------  -------------
                                                         OTHER     ACCUMULATED
                                                       ---------  -------------
                                                        COMPRE       DURING
                                                       ---------  -------------
                                                        HENSIVE    DEVELOPMENT
                                                       ---------  -------------
                                                        INCOME        STAGE        TOTAL
                                                       ---------  -------------  ---------
<S>                                                    <C>        <C>            <C>
  BALANCE AT DECEMBER 31, 1997                           (2,132)       (36,293)    18,780

  Common stock issued in private placements, net
of issuance costs -- $44                                                            4,506
  Issuance of Series E convertible preferred stock,
 net of issuance costs -- $822
Issuance of Series E convertible preferred stock in
December, net of issuance costs -- $822                                             7,440

  Issuance of common stock under stock option plan                                      1
  Translation adjustment                                    392                       392
  Net loss-Year ended December 31, 1998                                (17,863)   (17,863)
                                                       ---------  -------------  ---------
  BALANCE AT DECEMBER 31, 1998                           (1,740)       (54,156)    13,257


  Common stock issued in private placements                                           352
  Issuance costs and dividends accrued in relation
to Series E convertible preferred stock issued in
December 1998                                                                        (548)
  Conversion of Series E preferred stock
  Issuance of common stock in connection with
the acquisition of certain assets of Micron Display,
net of issuance costs -- $511                                                      14,205
  Issuance of warrants                                                                297
  Issuance of common stock following conversion
of Sumitomo  convertible loan                                                       1,088
  Issuance of common stock under stock option
plan                                                                                   73
  Issuance of common stock in connection with
Equity Line   Kingsbridge, net of issuance costs --
176                                                                                   824
  Issuance of common stock in connection with
private placement, net of issuance
Costs -- $36                                                                       19,963
  Issuance of common stock in connection with
Coloray                                                                                51
  Translation adjustment                                 (1,249)                   (1,249)
  Net loss-Year ended December 31, 1999                                (28,428)   (28,428)
                                                       ---------  -------------  ---------
  BALANCE AT DECEMBER 31, 1999                         $ (2,989)  $    (82,584)  $ 19,885


  Dividends accrued in relation to Series E
convertible Preferred Stock issued in December 98                                     450
  Conversion of Series E Preferred Stock                                                1
  Issuance of common stock following conversion
of Sumitomo convertible loan                                                        3,912
  Issuance of common stock following conversion
of Sumitomo straight loan                                                           2,500
  Issuance of common stock in connection with
Kingsbridge Equity Line                                                             4,805
  Issuance of common stock in connection with
Coloray                                                                                57

  Issuance of common stock in connection with
private placement, net of issuance costs -- $13                                    14,987
  Issuance of common stock under stock option
plan   Translation adjustment                                                         370
  Translation adjustment                                 (1,087)                   (1,087)
  Net loss-Year ended December 31, 2000                                (25,678)   (25,678)
  BALANCE AT DECEMBER 31, 2000                         $ (4,076)  $   (108,261)  $ 20,204
                                                       =========  =============  =========
</TABLE>

                             SEE ACCOMPANYING NOTES.


                                                 PixTech 2000 Annual Report * 29
<PAGE>
<TABLE>
<CAPTION>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)
--------------------------------------------------------------------------------

                                        CONSOLIDATED STATEMENTS OF CASH FLOWS
                                      (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)


                                                                                                              PERIOD  FROM
                                                                                                            JUNE  18,  1992
                                                                                                               (DATE  OF
                                                                                                                INCEPTION)
                                                                                         YEAR  ENDED             THROUGH
                                                                                        DECEMBER 31ST,          DEC. 31ST,
                                                                                 1998       1999       2000        2000
                                                                               ---------  ---------  ---------  ----------
<S>                                                                            <C>        <C>        <C>        <C>
OPERATING ACTIVITIES
  Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $(17,863)  $(28,427)  $(25,678)  $(108,261)
  Adjustments to reconcile net loss to net cash used in operating activities:
  Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . .     4,359      6,999      7,063      29,987
  Gain on disposal of fixed assets . . . . . . . . . . . . . . . . . . . . . .      (12)         -          -         (43)
  Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      680      2,854      1,165        (464)
  "In kind" transactions . . . . . . . . . . . . . . . . . . . . . . . . . . .        -          -          -       1,420
  Change in assets and liabilities
    Accounts receivable-Trade . . . . . . . . . . . . . . . . . . . . . . . .       337        398        (92)        (38)
    Accounts receivable-Other . . . . . . . . . . . . . . . . . . . . . . . .       (75)      (574)       610         356
    Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    (223)       (19)       (41)     (1,078)
    Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      996        841        (69)        204
    Accounts payable, accrued expenses and other assets and liabilities . . .     2,948      1,797      1,370      11,814
    Deferred revenue . . . . . . . . . . . . . . . . . . . . . . .  . . . . .      (490)    (1,814)       355         831
                                                                               ---------  ---------  ---------  ----------
  NET CASH USED IN OPERATING ACTIVITIES . . . . . . . . . . . . . . . . . . .    (9,343)   (17,945)   (15,317)    (65,272)
                                                                               ---------  ---------  ---------  ----------

INVESTING ACTIVITIES
  Additions to property, plant, and equipment . . . . . . . . . . . . . . . .    (1,860)    (1,235)    (1,848)    (22,403)
  Reclassification of cash equivalents as restricted cash . . . . . . . . . .       (32)     2,464      6,249      (1,399)
  Additions to patents  . . . . . . . . . . . . . . . . . . . . . . . . . . .         -          -          -        (130)
                                                                               ---------  ---------  ---------  ----------
  NET CASH USED IN INVESTING ACTIVITIES . . . . . . . . . . . . . . . . . . .    (1,892)     1,229      4,401     (23,932)

FINANCING ACTIVITIES
  Stock issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     11,906     25,105     19,724     112,333
  Proceeds from long-term borrowings . . . . . . . . . . . . . . . . . . . . .        -      2,014        727      19,028
  Proceeds from sale leaseback transactions . . . . . . . . . . . . . . . . .         -          -          -       2,731
  Payments for equipment purchases financed by accounts payable . . . . . . . .       -          -          -      (3,706)
  Repayment of long-term borrowings . . . . . . . . . . . . . . . . . . . . .      (739)    (4,038)    (1,180)     (9,033)
  Repayment of capital lease obligations . . . . . . . . . . . . . . . . . .     (1,695)    (1,987)    (4,707)    (10,696)
                                                                               ---------  ---------  ---------  ----------
  NET CASH PROVIDED BY FINANCING ACTIVITIES . . . . . . . . . . . . . . . . .     9,472     21,094     14,564     110,657

  Effect of exchange rates on cash . . . . . . . . . . . . . . . . . . . . . .     (499)       119     (1,464)     (4,606)
                                                                               ---------  ---------  ---------  ----------
  Net increase / (decrease) in cash equivalents . . . . . . . . . . . . . . . .  (2,262)     4,497      2,184      16,847

CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD . . . . . . . . . . . . . . . .    12,428     10,166     14,663           -
                                                                               ---------  ---------  ---------  ----------
CASH AND CASH EQUIVALENTS END OF PERIOD . . . . . . . . . . . . . . . . . . .  $ 10,166   $ 14,663   $ 16,847   $  16,847
                                                                               =========  =========  =========  ==========

SUPPLEMENTAL DISCLOSURES OF NON CASH ACTIVITIES:
Equipment acquired under capitalized leases . . . . . . . . . . . . . . . . .  $ 12,048   $    688   $    168   $  14,113
Equipment purchases financed by accounts payable . . . . . . . . . . . . . . .        -          -          -   $     920
Repayment of long-term borrowings by issuance of common stock . . . . . . . . .       -          -   $  6,412   $   6,412
Long term debt assumed following Micron Transaction . . . . . . . . . . . . .         -   $  2,875          -   $   2 875
Property, plant and equipment acquired by issuance of common stock . . . . . .        -   $ 13,375          -   $  13,375
Licenses acquired payable over two or three years . . . . . . . . . . . . . .         -          -          -   $   3,765
Acquisitions of intangible by issuance of warrants . . . . . . . . . . . . . .        -          -          -   $     230
Fixed assets disposed of in like-kind exchange . . . . . . . . . . . . . . . .        -          -          -   $     468
Fixed assets acquired through like-kind exchange . . . . . . . . . . . . . . .        -          -          -   $     499
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid . . . . . . . . . . . . . . .   . . . . . . . . . . . . . . . .  $    729   $    994   $    258   $   2,177
</TABLE>

                             See accompanying notes.


                                                 PixTech 2000 Annual Report * 30
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

1.   ORGANIZATION  AND  BUSINESS  ACTIVITY

     PixTech,  Inc.  was  incorporated under the laws of Delaware on October 27,
1993.  On November 30, 1993, PixTech, Inc. acquired 100% beneficial ownership of
PixTech  S.A., through a share exchange agreement. PixTech S.A. was incorporated
under  the  laws  of  France  on  June  18,  1992.  For accounting purposes, the
acquisition  has  been  treated  as  a  recapitalization of PixTech S.A. As used
herein,  ''we''  refers  to  PixTech,  Inc.  and  PixTech  S.A.

     We  are  dedicated to improving, utilizing and licensing certain background
technology  developed  by  Laboratoire  Electronique  de  Technologie  et
d'Instrumentation, a French government-owned research and development laboratory
in  the  field  of  flat  panel  displays  using  electron  emitters.

     We  have  devoted  substantially  all  our  efforts  to  raising  capital,
conducting  research  and  development  activities,  concluding  cooperation and
license  agreements  with  certain  displays  manufacturers,  and  establishing
manufacturing  capabilities  for  our  field  emission  displays.  Revenues from
principal  planned  operations  will  mainly  consist of product sales. As these
revenues have not been significant, we are still in a development stage and fall
under  the  provisions  of  FAS No. 7, ''Accounting and Reporting by Development
Stage  Enterprises''.

2.   SUMMARY  OF  THE  SIGNIFICANT  ACCOUNTING  POLICIES

     BASIS  OF  PRESENTATION

     The  accompanying  consolidated  financial  statements  were  prepared  in
accordance  with  generally accepted accounting principles in the United States.
The  preparation  of  financial statements requires management to make estimates
and  assumptions that affect the reported amounts of assets and liabilities, and
disclosure  of  contingent  assets and liabilities, at the date of the financial
statements and the reported amounts of revenue and expenses during the reporting
period.  Actual  results  could  differ  from  those  estimates.


     PRINCIPLES  OF  CONSOLIDATION

     The consolidated financial statements include the accounts of PixTech, Inc.
and  its  wholly  owned  subsidiary  PixTech  S.A.  Inter-company  accounts  and
transactions  have  been  eliminated  in  consolidation.


     FISCAL  YEAR

     We  end  our  fiscal  year  on  December  31.

     REVENUE  RECOGNITION-COOPERATION  AND  LICENSE  AGREEMENTS

     We  have  entered  into  cooperation  and  license  agreements with certain
display  manufacturers.  Under  these  contracts,  we share technology with such
members  through  cross licensing provisions. Each contract provides for certain
fees and royalties to be paid to us. We believe that each of the cooperation and
license  agreements  are long-term construction/production contracts pursuant to
SOP  81-1  and  that the criteria have been satisfied to entitle us to partially
recognize  the  revenue  under those contracts. Certain fees payable to us under
these  agreements  were  milestone-related  and were due upon the achievement of
milestones.  In  accordance  with  the  terms  of  the agreements, such fees are
irrevocable  when  paid.  We recognized this milestone-related revenue only when
each  milestone  had  been  fully  performed,  as  agreed  by the parties. Costs
incurred  under  these  contracts  were considered costs in the period incurred,
regardless  of  when  related  revenue  is  recognized.


                                                 PixTech 2000 Annual Report * 31
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

     TEXAS INSTRUMENTS: We entered into a cooperation and license agreement with
Texas  Instruments  Incorporated on June 29, 1993. This agreement was terminated
on  July 15, 1996. In 1996, we recognized cooperation and license revenues under
this  terminated  agreement  in  the  amount  of  $1,336.

     FUTABA  CORPORATION:  We  entered  into a cooperation and license agreement
with  Futaba  Corporation  ("Futaba")  on  November  27,  1993  (the  ''Futaba
agreement'').  Pursuant  to  the  Futaba  agreement,  Futaba  agreed to pay us a
license  fee  upon signing the agreement, which was recognized upon execution of
the agreement. Futaba also agreed to a technology transfer fee, payable to us in
three installments upon the achievement of certain milestones, and an additional
fee  payable  annually  upon  the  achievement  of  further  product development
milestones.  Finally,  to  the  extent that Futaba successfully incorporates the
cross-licensed  technology  into  its  own  products,  Futaba  must make royalty
payments in connection with the sale of products incorporating the technology we
licensed.  At  that  time,  we  will  recognize  royalty  revenues.

     In  order to reach certain specified milestones under the Futaba agreement,
we  performed  certain  services  in  the  field  of  technology development. In
accordance  with  the  terms  of  the  Futaba  agreement,  the milestone-related
revenues  were recognized when certain milestones were achieved. The cooperation
period with Futaba expired in January 1997 and we will not record any additional
milestone  based  revenues  in  the  future.

     RAYTHEON  COMPANY: We entered into a cooperation and license agreement with
Raytheon  Company  ("Raytheon")  on  June  1, 1994 (the ''Raytheon agreement'').
Pursuant  to  the  Raytheon  agreement,  Raytheon agreed to pay us a license fee
payable  in part upon the signing of the agreement and for a specified number of
months  thereafter.  Such  license  fee  was  recognized when due. Raytheon also
agreed  to  make  two  additional  payments  based on the achievement of certain
milestones. Raytheon also must make royalty payments in connection with the sale
of  products  incorporating  technology  we  licensed.

     In  June  1997,  the  cooperation  period  with Raytheon was extended for a
period  of  two  years but no revenue was associated with such extension. To the
extent  that  Raytheon  successfully  incorporates the cross-licensed technology
into  its own products, we will recognize royalty revenues as Raytheon sells the
products.  We  believe  that  Raytheon  Company  may have suspended its internal
program  to  develop  field  emission  displays.

     MOTOROLA,  INC.:  We  entered into a cooperation and license agreement with
Motorola,  Inc.  ("Motorola")  on  June  13,  1995 (the ''Motorola agreement'').
Pursuant to the Motorola agreement, Motorola agreed to pay us a license fee upon
signing  the  agreement,  which  was recognized upon execution of the agreement.
Motorola  also  agreed  to  a  technology  transfer  fee, payable to us upon the
occurrence  of  certain  milestones,  and  an  additional  technology update fee
payable  annually  over  a  period  of  three years. Finally, Motorola must make
royalty  payments  in connection with the sale of its own products incorporating
the  technology  we  licensed.

     In  order  to  reach certain of the specified milestones under the Motorola
agreement,  we  performed  services  in  the field of technology development. In
accordance  with  the  Motorola  agreement,  the milestone-related payments were
irrevocable  when  paid.  Cash  milestone-related  revenues were recognized when
certain  milestones  were achieved. The cooperation period with Motorola expired
in  June  1998 and we will not record any additional milestone based revenues in
the  future.  To  the  extent  that  Motorola  successfully  incorporates  the
cross-licensed  technology  into  its  own  products,  we will recognize royalty
revenues  as  Motorola  sells  the  products.


     REVENUE  RECOGNITION-PRODUCT  REVENUE

     Product  revenue  is  recognized  upon  shipment  in  the  case of standard
deliveries  and upon acceptance by the customer in the case of first delivery of
a  specified  product.


                                                 PixTech 2000 Annual Report * 32
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

     REVENUE  RECOGNITION-GRANTS

     We  recognize  revenue from unconditional grants received from governmental
agencies  in  the  period  granted.  Revenue from conditional grants received is
recognized  when  all  conditions  outlined  in  the  grant  have  been  met.

     FOREIGN  CURRENCY  TRANSLATION

     Assets  and  liabilities  of  PixTech S.A. are translated into U.S. dollars
equivalent  at  the rate of exchange in effect on the balance sheet date; income
and  expenses  are translated at the average rates of exchange prevailing during
the  period.  The related translation adjustments are reflected in stockholders'
equity.  Foreign  currency  gains  or  losses  resulting  from  transactions are
included  in  results  of  operations,  except  for transaction gains and losses
attributable to inter-company transactions. For foreign currency transactions or
cash  balances  that  hedge  foreign currency commitments, such transactions and
cash  balances  are  recorded  in the same manner as translation adjustments, as
required  by  the  Statement  of Financial Accounting Standards No 52, ''Foreign
currency  translation''  ("SFAS  52").

     NET  INCOME  (LOSS)  PER  SHARE

     On  December  31,  1997,  we  adopted  Statement  of  Financial  Accounting
Standards  No  128,  ''Earnings  per  Share",  ("SFAS  128").

     Prior  to  the  adoption  of SFAS 128, net income (loss) per share had been
calculated  in  accordance  with  the  provisions of Accounting Principles Board
Opinion  No  15,  ''Earnings  per  Share" ("APB 15"), using the weighted average
number  of  shares,  convertible preferred shares assuming conversion at date of
issuance,  and  dilutive equivalent shares from stock options and warrants using
the  treasury  stock  method. Net income (loss) per share also reflects, for all
periods  presented,  a  2  for 3 reverse stock split, which was effective at the
closing  of  our  initial  public  offering.

     Pursuant  to  SFAS 128, we were required to change the method formerly used
to  compute  earnings  per  share  and  to  restate  all prior periods. SFAS 128
replaced  the  calculation  of primary and fully diluted earnings per share with
basic  and  diluted earnings per share. Unlike primary earnings per share, basic
earnings  per  share  exclude  any  dilutive  effects  of  options, warrants and
convertible  securities.

     There is no impact of Statement 128 on the previous calculation of loss per
share  for  the  financial  years  ended December 31, 1998, 1999 or 2000. As net
losses  have  been  reported  in  these  periods,  the dilutive effects of stock
options,  preferred stock and warrants were excluded from the calculation of net
loss  per  share  under  APB  15.

     COMPREHENSIVE  INCOME

     Statement  of  Financial  Accounting  Standards  No.  130,  "Reporting
Comprehensive  Income",  requires  that  items  defined  as  other comprehensive
income,  such  as  foreign  currency  translation  adjustments,  be  separately
classified in the financial statements and that the accumulated balance of other
comprehensive  income  be  reported  separately  from  retained  earnings  and
additional  paid-in  capital  in  the  equity  section of the balance sheet. The
components  of  comprehensive income for the years ended December 31, 1998, 1999
and  2000  consist  solely  of  foreign  currency  translation  adjustments.

     CASH  AND  CASH  EQUIVALENTS

     We  consider  all  highly  liquid  investments  purchased  with an original
maturity  of  three  months  or  less  to  be  cash  equivalents.


                                                 PixTech 2000 Annual Report * 33
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

     INVESTMENTS

     We  account  for  investments  in  accordance  with  Statement of Financial
Accounting  Standards  No  115, ''Accounting for Certain Investments in Debt and
Equity  Securities''. We had no investments at December 31, 1999 or December 31,
2000,  other  than pledged cash (see note to consolidated financial statements -
note 6 - short term and long term restricted cash). There were no realized gains
or  losses  on  sales  of  investments  in  1998,  1999  or  2000.

     INVENTORIES

     Inventory  of  raw materials and spare parts is valued at the lower of cost
(first-in,  first-out basis) or market. Inventory of finished goods is valued at
product  standard  costs.

     PROPERTY,  PLANT  AND  EQUIPMENT

     Property,  plant  and  equipment  are  recorded  at  cost. Depreciation and
amortization  are  provided  on  a straight-line basis over the estimated useful
lives of the assets, generally five years for pilot production equipment and six
years  for  Unipac  volume  production  equipment,  ten  years  for  building
improvements  and  twenty  years for buildings. Equipment financed under capital
leases  are  depreciated  over  the  shorter of the estimated useful life or the
lease  term.  Amortization  expense  is  included  within  depreciation expense.

     IMPAIRMENT  OF  LONG-LIVED  ASSETS

     Long  lived assets to be held and used are reviewed for impairment whenever
events or changes in circumstances indicate that the related carrying amount may
not  be  recoverable.  When required, impairment losses on assets to be held and
used  are recognized based on the excess of the asset's carrying amount and fair
value  of  the asset and long lived assets to be disposed of are reported at the
lower  of  carrying  amount  or  fair  value  less  cost  to  sell.

     PATENTS  AND  OTHER  INTANGIBLE  ASSETS

     Patent  application and establishment costs are expensed as incurred. Other
intangible  assets include primarily goodwill. The carrying value of goodwill is
reviewed  on  an  ongoing basis to assess if facts or circumstances suggest that
our goodwill may be impaired. If this review indicates that goodwill will not be
recoverable,  based  on  the expected future cash flows to be generated by these
assets  over  their  remaining  amortization  period,  our carrying value of the
goodwill  is  reduced  by  the  estimated  shortfall  of  discounted cash flows.

     EMPLOYEE  STOCK  OPTION  PLANS

     In  1996,  we  adopted  the disclosure provisions of Statement of Financial
Accounting  Standards  No  123  ("SFAS  123"),  "Accounting  for  Stock  Based
Compensation".  As permitted by SFAS 123, we have elected to continue to account
for  our  employee  stock  option  plan  and the Employee Stock Purchase Plan in
accordance  with the provisions of the Accounting Principles Board Opinion No 25
"Accounting  for  Stock  Issued to Employees" ("APB 25"). Under APB 25, when the
exercise  price  of  our employee stock options is less than the market price of
the  underlying shares of the date of grant, compensation expense is recognized.

     ACCOUNTING  FOR  INCOME  TAXES

     We  use  the  liability  method  in accounting for income taxes. Under this
method,  deferred tax assets and liabilities are determined based on differences
between  financial  reporting  and  tax  bases of assets and liabilities and are
measured  using  the  enacted tax rates and laws that will be in effect when the
differences  are  expected  to  reverse.


                                                 PixTech 2000 Annual Report * 34
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

     PENSION  COSTS

     In  France,  legislation  requires  that lump sum retirement indemnities be
paid  to  employees  based  upon  their  years  of  services and compensation at
retirement.  The  actuarial  liability of this unfunded obligation was $76 as of
December  31, 1999 and $77 as of December 31, 2000. Pension expense incurred was
$35  in  1998,  $3  in  1999,  and  $6  in  2000.

     RECENT  PRONOUNCEMENTS

     In June 1998, the Financial Accounting Standards Board issued Statement No.
133,  Accounting  for Derivative Instruments and Hedging Activities, as amended,
which  is required to be adopted in years beginning after June 15, 2000. Because
of  our  minimal  use  of  derivatives,  management does not anticipate that the
adoption  of  the new statement will have a significant effect on earnings or on
our  financial  position.


3.   OTHER  CURRENT  ASSETS

     The  components  of  other  current  assets  are  as  follows:

<TABLE>
<CAPTION>
                                  DECEMBER 31,
                                  1999    2000
                                -------  -----
<S>                             <C>      <C>
 Value added tax refundable  .  $   507  $ 482
 Other  .. . . . . . . . . . .      144    255
                                -------  -----
                                $   651  $ 737
                                =======  =====
</TABLE>

4.   PROPERTY,  PLANT  AND  EQUIPMENT

     The  components  of  Property,  Plant  and  Equipment  are  as  follows:

<TABLE>
<CAPTION>
                                       DECEMBER 31,
                                     1999       2000
                                   ---------  ---------
<S>                                <C>        <C>
 Land . . . . . . . . . . . . . .  $    199   $    185
 Buildings and improvements  .. .     2,350      2,184
 Machinery and equipment  . . . .    38,922     37,704
 Furniture and fixtures  .. . . .     1,224        944
                                   ---------  ---------
                                     42,695     41,017
 Less accumulated depreciation  .   (17,762)   (22,003)
                                   ---------  ---------
                                   $ 24,933   $ 19,014
                                   =========  =========
</TABLE>

     In 1994, we entered into capital lease agreements for production equipment.
The  gross  and  net  book  values  of  equipment  financed under capital leases
amounted  to  $2,353  and  $342, respectively, at December 31, 1999 and $386 and
$140,  respectively,  at  December  31,  2000.

     Land  and  buildings with a net book value of $924 and $815 at December 31,
1999  and  December  31,  2000  respectively,  have  been pledged to guarantee a
$10,000  loan  received from Sumitomo Corporation in November 1997. See notes to
consolidated  financial  statements  -  note  7  -  long-term  debt.


                                                 PixTech 2000 Annual Report * 35
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

     Pursuant  to  the  Display  Foundry  Agreement  signed in 1997 with Unipac,
volume  field  emission  displays production equipment was installed at Unipac's
facility. That equipment was purchased and funded by Unipac, and a portion of it
is  leased  to  PixTech, which amounts to $11,283 and $10,618 as of December 31,
1999  and  2000,  respectively.  According  to Financial Accounting Standard 13,
"Accounting  for  Leases",  PixTech's  share of equipment was recorded as assets
under  the  caption "Property, Plant and Equipment", in the net amount of $8,607
and $6,384 as of December 31, 1999 and 2000. Depreciation of $1,936 was recorded
during 1999 and $1,742 during 2000. As of December 31, 2000, the related capital
lease  obligation  amounts  to $5,133 compared to $9,686 as of December 31, 1999
(see  notes  to consolidated financial statements - note 8 - capital leases). In
connection  with  the  Micron  Transaction  (see notes to consolidated financial
statements  -  note  20  -  Micron  transaction"),  we  acquired  the production
equipment located in Boise, Idaho, in May 1999. This acquisition was recorded in
the  amount of $13,375. The historical cost of net assets acquired in the Micron
Transaction  was  approximately  $9,098  in  excess  of  the fair value of these
assets.  The  historical  cost  of  property, plant and equipment of $22,473 was
proportionally reduced to the extent that the fair value of net assets was below
historical cost, resulting in property plant and equipment of $13,375 (see notes
to  consolidated  financial  statements  -  note  20  -  Micron  transaction).

5.   GOODWILL

     On February 20, 1996, we acquired substantially all the assets of PanoCorp,
Inc.  ("PanoCorp"), a research and development company located in California, in
a  transaction  accounted  for  as  a  purchase.  The  assets of PanoCorp, Inc.,
principally  including  fixed  assets valued at $120, were purchased for $250 in
cash plus 150,000 warrants to purchase shares of our common stock at an exercise
price  of $11.67 per share. See note to consolidated financial statements - note
11-stockholders'  equity  -  warrants.

     The fair value of the 150,000 warrants was computed using the Black-Scholes
model.  Pursuant  to APB Opinion 16, the value of such warrants was estimated at
$230  and  the  entire  transaction generated goodwill of $360. This goodwill is
being  amortized  over  5  years.

6.   SHORT-TERM  AND  LONG-TERM  RESTRICTED  CASH

     In  August  1997,  we provided Unipac Optoelectronics Corp. ("Unipac"), our
Asian  manufacturing  partner,  with  a  written  bank  guaranty in an amount of
$10,000  pursuant  to  the  display  foundry agreement (the "Foundry agreement")
signed in May 1997 between us and Unipac in order to implement volume production
of  field  emission  displays  at  Unipac's  manufacturing  line. We granted the
issuing  banks  a  security  interest  in cash and cash equivalents for the same
amount.  The  pledged cash and cash equivalents have been recorded as short-term
and  long-term restricted cash in the balance sheet. Under certain conditions of
the  Foundry  agreement,  Unipac  can sell us certain equipment. The payment for
such  equipment  will  be  secured  by  Unipac  through the exercise of the bank
guaranty. In March 2000, pursuant to an agreement dated December 17, 1999 signed
with  Unipac, the guaranty to Unipac was reduced by $5,000 in consideration of a
payment  in  cash  of  same  amount  to  Unipac.  Pursuant  to the terms of this
agreement,  this  $5,000  payment will be considered as a prepayment against our
future  payments to Unipac related to the equipment leased by Unipac to us. Both
the  amount of the guaranty to Unipac and the amount of the security interest to
the  banks  are expected to decrease to match the net amount of equipment leased
by  Unipac  to  us.


                                                 PixTech 2000 Annual Report * 36
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

7.   LONG-TERM  DEBT

       Long-term  debt  consists  of  the  following:

<TABLE>
<CAPTION>
                                                          DECEMBER 31,
                                                        1999      2000
                                                      --------  --------
<S>                                                   <C>       <C>
 Loan payable (a). . . . . . . . . . . . . . . . . .  $ 6,412   $    --
 Non interest bearing loan from ANVAR (b). . . . . .    1,868     1,986
 Loan payable (c)  . . . . . . . . . . . . . . . . .       30        --
 R&D agreement with French Local authorities (d)  ..    1,469     1,827
 Loan payable (e)  . . . . . . . . . . . . . . . . .    1,329       295
 Loan payable (f)  . . . . . . . . . . . . . . . . .       94        --
                                                      --------  --------
                                                       11,202     4,108
 Less: current portion  .. . . . . . . . . . . . . .   (8,128)   (1,146)
                                                      --------  --------
 Total long-term debt, less current portion. . . . .  $ 3,075   $ 2,962
                                                      ========  ========
</TABLE>

     (a)  In  November  1997,  Sumitomo  Corporation  ("Sumitomo")  granted us a
$10,000  loan  repayable  over  a period of three years. Of this $10,000 amount,
$5,000  represented  a  straight loan payable in four equal installments every 6
months  starting  April  7,  1999, bearing interest at prime rate plus 0.75% per
annum.  The remaining amount of $5,000 represented a convertible loan payable in
November  2000,  bearing  interest  at  prime  rate  plus  0.75%  per annum, and
partially  or  totally  convertible, at Sumitomo's option, into shares of common
stock  of  PixTech at a conversion price equal to 80% of the market price on the
conversion  date.  This  option  became  exercisable in April 1999. During 1999,
Sumitomo  converted  750,000  shares.  The  remaining  $3,912  of  principal was
converted  into  2,126,246  shares  of  our  common  stock issued in January and
February 2000. The straight loan, which had remaining principal due of $2,500 as
of  December  31, 1999, was converted into 385,549 shares of our common stock in
March  2000.

     (b)  We entered into two development contracts with a French public agency,
in  1993.  Under  these  agreements, we received non-interest-bearing loans. The
first  repayment,  for  a  total of $1.8 million has an amount outstanding as of
December  31,  2000 of $1.2 million. The second repayment, for a total amount of
$908,  of  which we had received $709 through December 31, 2000 and we expect to
receive  $199  during the first quarter of 2001. The repayments are scheduled to
be  paid  in  2002,  2003  and  2004.

     (c) In 1995, we were granted a bank loan, loan which bore interest at 6.37%
and  was repayable in 20 installments of approximately $20 over a 5 year period.
The  loan  was  repaid  in  April  2000.

     (d)  In 1997 and January 1999, we entered into two research and development
agreements with French authorities. Under these agreements, we expect to benefit
from  zero-interest  loans  totaling  approximately  $3,000, of which $1,469 was
received  in  April  1999  and  $466  in  April  2000.

     (e)  (f)  In  connection  with  the  Micron  Transaction  (see  notes  to
consolidated  financial statements - note 20 - Micron transaction), we took over
two  equipment  loans  from  Micron.
     The  first  one (e), with Bank of Boston, at an interest rate of 7.63%, was
recorded  for  $2,040 in May. The principal due as of December 31, 2000 is $295.
This  loan  is  repayable  at  the  rate  of approximately $94 per month through
February  2001.
     The second one (f), with Heller, at an interest rate of 7.47%, was recorded
for  $835.  The  loan  was  repaid  in  January  2000.


                                                 PixTech 2000 Annual Report * 37
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

     Future  minimum  payments  under  these  obligations  are  as  follows:

<TABLE>
<CAPTION>
YEAR ENDING DECEMBER 31,
<S>                       <C>
2001 . . . . . . . . . .  $1,146
2002 . . . . . . . . . .   1,125
2003 . . . . . . . . . .     184
2004 . . . . . . . . . .     270
2005 . . . . . . . . . .   1,383
                          ------
Total minimum payments    $4,108
                          ======
</TABLE>

8.   CAPITAL  LEASES

<TABLE>
<CAPTION>
                                DECEMBER 31,
                               1999     2000
                             --------  -------
<S>                          <C>       <C>
Capital lease obligations. . $10,099   $5,290
Less: current portion  . . .  (2,455)    (157)
                             --------  -------
                             $ 7,644   $5,133
                             --------  -------
</TABLE>

     In  December 1994, we completed several sale-leaseback transactions whereby
equipment  with  a  net  book  value  of  $4,219  was  financed through three to
five-year  capital  lease  obligations, effective December 1994. At December 31,
2000,  the  net book value of this equipment was $140 (see notes to consolidated
financial  statements  -  note  4  -  property,  plant  and  equipment).

     Pursuant  to  the  Display  Foundry  agreement  signed in 1997 with Unipac,
PixTech's  share  of  volume  field  emission  displays  production installed at
Unipac's  facility is leased to us. As of December 31, 2000, the related capital
lease obligation amounts to $5,133, all recorded as long-term portion (see notes
to  consolidated financial statements - note 4 - property, plant and equipment).

     Future  minimum  payments  under  capital  lease  obligations  are  as
follows:

<TABLE>
<CAPTION>
YEAR ENDING DECEMBER 31,
<S>                                                      <C>
 2001 . . . . . . . . . . . . . . . . . . . . . . . . .  $  502
 2002 . . . . . . . . . . . . . . . . . . . . . . . . .     667
 2003  .. . . . . . . . . . . . . . . . . . . . . . . .   3,604
 2004  .. . . . . . . . . . . . . . . . . . . . . . . .   1,436
 2005  .. . . . . . . . . . . . . . . . . . . . . . . .       0
                                                         -------
 Total minimum payments  .. . . . . . . . . . . . . . .   6,209
 Less amount representing interest  . . . . . . . . . .    (919)
                                                         -------
 Present value of minimum capitalized lease payments  .  $5,290
                                                         -------
</TABLE>


                                                 PixTech 2000 Annual Report * 38
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

9.   COMMITMENTS  AND  CONTINGENCIES

     Operating  leases

     We  are  obligated  under  operating  lease  agreements  for  equipment and
manufacturing  and  office  facilities.

     We  lease  our  main  office  facilities  in  Boise  and  Montpellier under
non-cancelable  operating  leases,  which  expires  respectively in May 2002 and
September  2003.  Both  leases  have  an  option  to  renew.

     Minimum  annual  rental commitments under non-cancelable leases at December
31,  2000  are  as  follows:

<TABLE>
<CAPTION>
YEAR ENDING DECEMBER 31,
<S>                       <C>
 2001  . . . . . . . . .  $  939
 2002  . . . . . . . . .     609
 2003  . . . . . . . . .     353
 2004  . . . . . . . . .       4
 2005. . . . . . . . . .       2
 Thereafter. . . . . . .       0
                          ======
 Total minimum payments   $1,907
                          ======
</TABLE>

     Rental  expense  for  all  operating  leases  consisted  of  the following:

<TABLE>
<CAPTION>
                                     1998    1999    2000
                                   ------  ------  ------
<S>                                <C>     <C>     <C>
Rent expense for operating leases  $1,188  $1,454  $1,239
                                   ======  ======  ======
</TABLE>

     License  agreement and research and development agreement with Commissariat
     l'Energie  Atomique

     See  notes  to  consolidated financial statements - note 16 - related party
     transactions

     10.  FAIR  VALUE  OF  FINANCIAL  INSTRUMENTS

     At  December  31,  1999  and  2000,  the  carrying  values  of  financial
instruments, such as cash and cash equivalents, short term investments, accounts
receivable  and  payable,  other  receivables  and  accrued  liabilities and the
current portion of long-term debt, approximated their market values based on the
short-term  maturities  of  these  instruments.

     At  December 31, 1999 and 2000, the fair values of long-term debt and other
long-term  liabilities,  with  book value of $21,354 and $4,145 were $15,043 and
$3,440,  respectively.  Fair  value  is determined based on expected future cash
flows,  discounted  at  market  interest  rates, and other appropriate valuation
methodologies.


                                                 PixTech 2000 Annual Report * 39
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

11.  STOCKHOLDERS'  EQUITY

     The  share amounts and per share dollar amounts included herein reflect the
effect  of the 2 for 3 reverse stock split which was effective on July 18, 1995.

     Common  stock

     In July 18, 1995, we sold 2,500,000 shares of common stock for net proceeds
of  $20,998  in  our  initial  public  offering  on  Nasdaq.

     In  February  7, 1997, we sold 3,333,000 shares of common stock in a public
offering  in  Europe  resulting  in  net  proceeds  of  $15,927.

     In  February 1997, we sold 463,708 and 1,111,111 shares of our common stock
to Motorola, Inc. and to United Microelectronics Corporation, the parent company
of  Unipac  Optoelectronics  Corporation,  respectively,  in  private placements
resulting  in  net  proceeds  of  $2,086  and  $5,000,  respectively.

     In March 1998, we sold 1,000,000 shares of our common stock to The Kaufmann
Fund  Inc.,  in  a private placement at a price of $4.00 per share, resulting in
net  cash  proceeds  of  $4,000 before expenses payable by us, which amounted to
$44.

     In  March  1998,  we  entered into a license agreement with Coloray Display
Corporation,  a  California  corporation  ("Coloray"),  providing  us  with  a
worldwide, non-exclusive royalty-free license on certain technologies related to
field  emission displays.  In consideration of the license and rights granted to
us,  we  paid  an  amount  of  $75 and issued 14,000 shares of our common stock,
valued  at  a  price  of  $3.57  per  share, representing a total amount of $50.

     In  December  1998, we sold 222,222 shares of our common stock in a private
placement  at  a  price  of  $2.25 per share, resulting in net proceeds of $500.

     In  January  1999,  we sold 150,000 shares of our common stock in a private
placement  at a price of $2.35 per share, resulting in net proceeds of $352.  In
consideration  of  the  Micron  Transaction (see notes to consolidated financial
statements  -  note  20  -  Micron transaction), we issued in May 1999 7,133,562
shares  of  our  common  stock,  representing  a  total amount of $14,205, and a
warrant  to  purchase 310,000 shares of our common stock at an exercise price of
approximately  $2.25  per  share.  The  fair  value  of the 310,000 warrants was
computed  using  the  Black-Scholes  model  and  was  estimated  at  $257.  In
consideration  of  the  7,133,562  shares  of  common stock and 310,000 warrants
issued  pursuant  to  the  Micron  Transaction,  we were granted certain assets,
assumed  certain  liabilities,  and  received  $4.3  million  in  cash.

     In  August  1999, we secured a $15 million equity-based line of credit with
Kingsbridge  Capital  Limited,  an institutional investor specializing in equity
lines. Under the terms of the equity line, we can draw up to $15 million cash in
exchange  for  our  common  stock,  in  increments  over  a two-year period. The
decision  to draw on any of the funds and the timing and amount of any such draw
are  at  our  sole  discretion,  subject  to certain conditions. Such conditions
include  limitations  depending on the volume and the price of our common stock.
Also the minimum amount we have to draw is $5M within the two-year period. These
shares  will  be issued at a 10% or 12% discount to the market price at the time
of  any  draw.  In  November  1999,  we  issued  624,809 shares of common stock,
representing  $  824  ($1,000  less  issuance  costs  of  $176).


                                                 PixTech 2000 Annual Report * 40
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

     In  October  1999, we completed a $20 million equity private placement with
Unipac Optoelectronics Corporation ("Unipac"). Under the terms of the agreement,
Unipac,  an  active  matrix  liquid crystal display manufacturer based in Taiwan
received  12.4  million  shares of our common stock at a purchase price of $1.61
per share. With this transaction, Unipac became our largest shareholder. The net
cash  of  this  transaction  was  $19,963  (net  of  issuance  costs  of  $36).

     In  relation  with  the  Sumitomo loan (see notes to consolidated financial
statements - note 7 - long term debt), we issued, starting July 23, 1999 750,000
shares of our common stock in 1999, representing a decrease of our obligation of
$1,088.

     In December 1999, in relation with the Coloray agreement, we paid an amount
of  $25 and issued 14,000 shares of our common stock, valued at a price of $3.57
per  share,  representing  a  total  amount  of  $50.

     In  January  and  February  2000,  we issued 2,126,246 shares of our common
stock  to  Sumitomo  Corporation  upon  the  conversion  in  full of $3,912 then
outstanding  under  a  $5,000  convertible  note  issued  in  1997  to  Sumitomo
Corporation.  This  note,  with  a  remaining  principal  balance of $3,912, was
converted  at Sumitomo Corporation's option into shares of our common stock at a
price  of  the  common  stock  at  the  conversion  date.

     In  March  2000,  we  issued  to Sumitomo Corporation 385,549 shares of our
common  stock, valued at a price of $6,48 for a total conversion price of $5,000
representing  the  entire outstanding amount of the straight loan payable in two
installments  due  in  May  and  November  2000

     In  March 2000, in connection with an agreement signed with Coloray Display
Corporation,  we  issued 16,000 shares of our common stock, valued at a price of
$3.57  per  share,  representing  a total amount of $57 in consideration for the
transfer  to  us  of the rights and obligations of Micron Technology, Inc. under
the  license  agreement  dated  as  of  April  8,  1992  between Coloray Display
Corporation  and  Micron  Technology,  Inc.

     During  the year 2000, pursuant to Kingsbridge equity-based line, we issued
2,003,925  shares of our common stock representing a total amount of $4,805 (net
of  issuance  cost  $195).  At December 31, 2000 we have drawn $6,000 out of the
$15,000  available.

     In  April  2000,  pursuant to an amendment, signed in February 2000, to the
common  stock  Purchase  Agreement  dated  October  6,  1999  with  Unipac
Optoelectronics Corporation, we completed a $15 million equity private placement
with  United  Microelectronics  Corporation.  Under  the term of this agreement,
United Microelectronics Corporation received 9,320,359 shares of common stock at
a  purchase price of $1.6094 per share. With this transaction Unipac our largest
shareholder,  combined  with  its  affiliate United Microelectronics Corporation
(UMC), owns approximately 40% percent of our shares of common stock outstanding.
The  net  cash  of  this  transaction  was  $15,000.

     There  were  55,682,464  shares of common stock outstanding at December 31,
2000.

     Preferred  Stock

     Our Board of Directors has the authority to issue up to 1,000,000 shares of
Preferred  Stock  and  to  fix  the  relative  rights thereof. In December 1998,
500,000  shares  of  Preferred Stock were reserved for the issuance of "Series E
Convertible  Preferred  Stock".


                                                 PixTech 2000 Annual Report * 41
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

     Convertible  Preferred  Stock

     In  December  1998,  we  issued  367,269  shares  of  Series  E Convertible
Preferred  Stock. The Preferred Stock was sold in a private placement at a price
of  approximately  $22.53 per share, resulting in net proceeds of $8,275, before
expenses  payable  by  PixTech,  which amounted to $822. The amount representing
Preferred  Stock  we  sold  is generally convertible into shares of common stock
starting  from  June  21,  1999  at  a  conversion  price equal to the lesser of
approximately  $1.60938  per share of common stock or the average of the closing
price  of  the  common stock over the ten trading days immediately preceding the
notice  of  conversion.  In  addition  to  the conversion feature, the Preferred
Stock  has a liquidation preference equal to the purchase price of the preferred
stock  and a cumulative dividend. The Preferred Stock will automatically convert
into common stock on December 22, 2003. The Preferred Stock is redeemable at the
option of PixTech at the issue price upon certain events.  The holders of shares
of  Series  E  Preferred  Stock are entitled to the number of votes equal to the
number  of  shares  of  common stock into which the shares of Series E Preferred
Stock  held  by  such  holder  are  convertible.

     At  December  31,  2000,  345,174  shares of Series E Convertible Preferred
Stock  had  been  converted  into  shares  of  common  stock.
     The  holders of Series E Preferred Stock are entitled to receive cumulative
dividends.  In  December  31,  2000  a  dividend of $75 was accrued and recorded
against  Stockholders'  Equity.

     In  addition,  we  agreed  to  reserve,  out of the authorized but unissued
shares,  150% of the number of shares of common stock that the Series E Stock is
convertible  into.  As  of December 31, 2000, the Series E Stock would have been
convertible  into  520,187  shares  of common stock thus requiring us to reserve
780,281  shares  of  the  remaining  authorized  but  unissued  shares.

     Stock  Options

     1993  Stock  Option  Plan

     We adopted a stock option plan on November 30, 1993, the "1993 Stock Option
Plan"  (which  was  amended  and  restated in May 1995 and in April 1997), under
which  options  to  purchase  shares  of  common stock may be granted to our key
employees  and consultants. The plan provides that the Compensation Committee of
the  Board  of Directors shall determine the option price and that no portion of
the  option  may  be exercised beyond ten years from the date of grant. Options,
which  are outstanding at December 31, 2000, become exercisable within a certain
period  of  time  or  when  specific  milestones  are  completed.


                                                 PixTech 2000 Annual Report * 42
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

     The  activity  under  the  option  plan  was  as  follows:

<TABLE>
<CAPTION>
                                                               WEIGHTED
                                                              ----------
                                                               AVERAGE
                                                              ----------
                                      SHARES      OPTIONS     OPTION PRICE
                                   -----------  ------------  ----------
                                    AVAILABLE   OUTSTANDING   PER SHARE
                                   -----------  ------------  ----------
<S>                                <C>          <C>           <C>
BALANCE AT DECEMBER 31, 1997          421,899     2,068,142
                                   -----------  ------------
Options granted                      (444,960)      444,960   $    4.626
Options exercised                           -        (1,375)       0.656
Options terminated unexercised        362,535      (362,535)       4.632
                                   -----------  ------------
BALANCE AT DECEMBER 31, 1998          339,474     2,149,192
                                   -----------  ------------
Additional shares reserved          2,500,000             -
Options granted                    (2,167,505)    2,167,505   $    1.949
Options exercised                           -      (137,217)       0.535
Options terminated unexercised        376,655      (376,655)       3.490
                                   -----------  ------------
 BALANCE AT DECEMBER 31, 1999       1,048,624     3,802,825
                                   -----------  ------------
Additional shares reserved          6,000,000
Options granted                    (2,672,150)    2,672,150   $    2.235
Options exercised                                  (284,478)       1.326
Options terminated unexercised        840,684      (840,684)       3.099
                                   -----------  ------------
 BALANCE AT DECEMBER 31, 2000       5,217,158     5,349,813
                                   -----------  ------------
</TABLE>

     Options  to purchase 1,776,081 shares and 1,663,833 shares were exercisable
at weighted-average exercise prices of $2.10 and $2.243 at December 31, 1999 and
December  31,  2000,  respectively.

     Exercise prices for options outstanding as of December 31, 2000 ranged from
$0.375  to  $9.750.  The  weighted  average  remaining contractual life of those
options  is  7.97  years.

     The  following  is additional information related to options outstanding as
of  December  31,  2000:

<TABLE>
<CAPTION>
                             OPTIONS OUTSTANDING                   OPTIONS EXERCISABLE
                             -------------------                   -------------------
                                  WEIGHTED
EXERCISE                          AVERAGE          WEIGHTED                     WEIGHTED
PRICE              NUMBER        REMAINING         AVERAGE        NUMBER        AVERAGE
RANGE            OUTSTANDING  CONTRACTUAL LIFE  EXERCISE PRICE  EXERCISABLE  EXERCISE PRICE
---------------  -----------  ----------------  --------------  -----------  --------------
<S>              <C>          <C>               <C>             <C>          <C>
0.375 - $1.625      655,365        3.54 years           0.545      643,925           0.527
1.626 - $3.000    3,866,493        8.93 years           2.033      619,083           1.971
3.001 - $6.500      795,305        6.94 years           4.465      390,375           5.341
6.501 - $9.750       32,650        7.87 years           8.364       10,450           8.345
                 -----------                                    -----------
TOTAL              5,349,813                                      1,663,833
</TABLE>

     Pro  forma information regarding net loss and loss per share is required by
SFAS  123, and has been determined as if we had accounted for our employee stock
options  under  the  fair  value  method  of  SFAS 123. The fair value for these
options  was estimated at the date of grant using a Black-Scholes option-pricing
model  with  the  following  average  assumptions:


                                                 PixTech 2000 Annual Report * 43
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                               YEARS ENDED DECEMBER 31,
                              2000      1999      1998
                            --------  --------  --------
<S>                         <C>       <C>       <C>
Expected Stock option term   4 years   4 years   4 years
Interest rate. . . . . . .        3%        3%        3%
Volatility . . . . . . . .   1.4889     0.922      0.74
Dividends. . . . . . . . .        0%        0%        0%
</TABLE>

     For  purposes  of  pro  forma  disclosures, the estimated fair value of the
options  is amortized to expense over the option's vesting period. Our pro forma
information  follows  (in  thousands  except  for  loss  per share information):

<TABLE>
<CAPTION>
                            1998       1999       2000
                          ---------  ---------  ---------
<S>                       <C>        <C>        <C>
Pro forma net loss . . .  $(18,690)  $(29,893)  $(27,586)
Pro forma loss per share  $  (1.29)  $  (1.30)  $  (0.54)
</TABLE>

     The  weighted-average  fair values of options granted during 1998, 1999 and
2000  were  $2.82,  $1.39  and  $2.22,  respectively.

     Director  Stock  Option  Plan

     In  May 1995, we adopted the 1995 Director Stock Option Plan (the "Director
Stock  Plan''),  which  provides  for the issuance of up to 50,000 shares of our
stock.  The  Director  Stock  Plan provides for an automatic grant of options to
purchase  our  stock at its fair market value to our non-employee directors upon
election  or  re-election  to  the  Board  of  Directors.

     The  activity  under  the  option  plan  was  as  follows:

<TABLE>
<CAPTION>
                                                                   WEIGHTED
                                                                ---------------
                                                                AVERAGE OPTION
                                                                ---------------
                                        SHARES      OPTIONS          PRICE
                                      ----------  ------------  ---------------
                                      AVAILABLE   OUTSTANDING      PER SHARE
                                      ----------  ------------  ---------------
<S>                                   <C>         <C>           <C>
 BALANCE AT DECEMBER 31, 1998            34,000        16,000
                                      ----------  ------------
   Options granted  .. . . . . . . .     (6,000)        6,000   $         1.843
 BALANCE AT DECEMBER 31, 1999            28,000        22,000
                                      ----------  ------------
   Options granted  .. . . . . . . .     (6,000)        6,000   $         4.760
   Options terminated unexercised  .      2,000        (2,000)  $         5.270
                                      ----------  ------------
 BALANCE AT DECEMBER 31, 2000            24,000        26,000
                                      ----------  ------------
</TABLE>

     As  of  December  31, 2000 and at the date of grant, the exercise prices of
each stock option grant under the Director Stock Plan was above our stock price.
Therefore,  no  compensation  expense  was  incurred.

     Warrants

     In  December  1994, in connection with various equipment leases, we entered
into  a  warrant agreement. Under this agreement, we granted a right to purchase
62,500 shares of common stock of PixTech at a purchase price of $2.88 per share.
No  value  was ascribed to the warrant. This warrant expired unexercised on July
18,  2000.


                                                 PixTech 2000 Annual Report * 44
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

     In  February  1996,  in order to finance partially the purchase of PanoCorp
assets, we granted 150,000 warrants to purchase shares of our common stock at an
exercise  price  of  $11.67  per  share.  See  notes  to  consolidated financial
statements  -  note  5  -  Goodwill.

     In  February 1997, in connection with the purchase of 463,708 shares of our
common  stock,  Motorola  received  warrants  to  purchase an additional 463,708
shares  of  our  common  stock  at  a  price  of  $5.50 per share, which expired
unexercised  on  December  31,  1998.

     In  May  1999,  we issued a warrant to Micron to purchase 310,000 shares of
our  common  stock  at  $2.25313  per  share.

     We are obligated to issue a warrant to purchase 35,000 shares of our common
stock  to  Needham & Company, Inc. in connection with an agreement for financial
advisory  services,  which  is  exercisable  at  a  price of $2.26 per share and
expires  on  May  10,  2004.

     We are obligated to issue a warrant to purchase 75,000 shares of our common
stock  to  Josephthal  and  Co.  in  connection  with an agreement for financial
advisory  services,  which  is  exercisable  at  a  price of $2.26 per share and
expires  on  June  17,  2004.

     In  addition,  we  have issued a warrant to Kingsbridge to purchase 100,000
shares  of our common stock at $2.30 per share that expires on February 6, 2003.

     Employee  Stock  Purchase  Plan

     In  May  1995,  we  adopted an employee stock purchase plan (the ''Purchase
Plan'')  under which employees may purchase shares of common stock at a discount
from fair market value. 100,000 shares of common stock are reserved for issuance
under  the Purchase Plan. To date, no shares have been issued under the Purchase
Plan. Rights to purchase common stock under the Purchase Plan are granted at the
discretion  of  the  Compensation  Committee, which determines the frequency and
duration of individual offerings under the Plan and the dates when the stock may
be  purchased.  Eligible  employees, which represent all full-time employees (as
defined by the Purchase Plan), participate voluntarily and may withdraw from any
offering at any time before the stock is purchased. The purchase price per share
of  common stock in an offering is 85% of the lesser of its fair market value at
the  beginning of the offering period or on the applicable exercise date and may
be  paid through payroll deductions, periodic lump sum payments or a combination
of  both.  The  Purchase  Plan  terminates  on  May  9,  2005.

     Shares  available  for  issuance

     On  January  18,  2000 the stockholders approved the increase of authorized
shares  of  common  stock  from  60,000,000  to  100,000,000  shares.


                                                 PixTech 2000 Annual Report * 45
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

12.  OTHER  AND  DEFERRED  REVENUES

     Other  revenues  and  deferred  revenues  include  the  following:


<TABLE>
<CAPTION>
                                                                        DECEMBER, 31
                                                        1998               1999              2000
                                                 -----------------  -----------------  -----------------
                                                 Other   Deferred   Other   Deferred   Other   Deferred
                                                 ------  ---------  ------  ---------  ------  ---------
<S>                                              <C>     <C>        <C>     <C>        <C>     <C>

 Grant from French Ministry of Industry (a) . .  $1,211  $       -  $    -  $       -  $    -  $       -
 Grant from French local authorities (b)  . . .     290      1,396   1,344          -       -          -
 Grant from European Union, Esprit Program (C).      96        766     962          -       -          -
 Grant from DARPA (d) . . . . . . . . . . . . .       -          -   2,092          -   5,934          -
 Grant from French Ministry of Research (e) . .       -          -       -        248       -        580
 Other  . . . . . . . . . . . . . . . . . . . .     371          -     510          -      75          -
                                                 ------  ---------  ------  ---------  ------  ---------
 TOTAL  . . . . . . . . . . . . . . . . . . . .  $1,968  $   2,162  $4,908  $     248  $6,009  $     580
                                                 ======  =========  ======  =========  ======  =========
<FN>
(a)  In  December  1994,  we  were  awarded  a grant from the French Ministry of
     Industry  to  support  manufacturing  of field emission displays. The total
     contribution  of  the  French  Ministry  of Industry amounted to $2,674. We
     recognized  as  income  $800  in  1996,  $663  in  1997,  $1,211  in  1998.

(b)  PixTech  SA  was  awarded certain incentives to establish its manufacturing
     facilities  in  Montpellier, France. These incentives are partially subject
     to  maintaining an operating facility in this location for a certain period
     of  time.  In  1999, revenue recognized in the amount of $87 was related to
     various  incentives  granted by French local authorities. In April 1995, we
     signed a grant agreement with DATAR (D l gation l'Am nagement du Territoire
     et  l'Action  R  gionale), an agency of French Home Office. The obligations
     related  to  the recognition of the associated revenue were reached in 1999
     for  $1,257.

(c)  In February 1997, we entered into a research and development agreement with
     the  European  Union.  The  total contribution of the European Union to the
     costs  we  incurred  amounts to $962. We received prepayments in 1997, 1998
     and  1999 but revenues were recognized as income in 1999, as all conditions
     stipulated  in  the  agreement  have  been met and we recognized the entire
     revenue.

(d)  In August 5, 1999, we were awarded a development contract by DARPA (Defense
     Advanced  Research  Projects  Agency).  Under the terms of the contract, we
     will  receive approximately $4,700 to develop and produce a low-power, wide
     angle  of  view, spatial color field emission display for rapid information
     update  applications.  On  April  3,  2000,  an  additional  funding,  as a
     continuation  of  the  existing  contract,  was  awarded  to  us  for  the
     development  and  demonstration of a full color, full video rate, 12.1-inch
     field  emission  display.  Under  this  additional funding, we will receive
     approximately  $6,300.  On  January 22, 2001, an additional funding of $3.1
     million for the continued development of the 12.1 inch color was awarded to
     us.  Milestone  related  revenue is recognized upon the achievement of such
     milestones  as  defined by the contract. Costs incurred under this contract
     are recognized in the period incurred as research and development expenses.

(e)  In  December  1998,  we  were  awarded  a  grant  of the French Ministry of
     Research  for  certain  research and development tasks. We received $248 in
     1999 and $378 in 2000, which were not recognized as revenues, and we expect
     to  receive  $200  in  April  2001.
</TABLE>

     On  January  25, 2000, we entered into a research and development agreement
with  Audi  and  other  partners  to jointly design, develop, test and deliver a
7-inch color field emission display, for automotive applications. This agreement
is  part  of  the  European  Commission  IST  program.  Under  the  terms of the
agreement,  PixTech  is expected to receive funding from the European Commission
of approximately $1.6 million to design and develop the field emission displays.
We  received  a  prepayment  of  $550  in  2001.


                                                 PixTech 2000 Annual Report * 46
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

13.  INCOME  TAXES

     Loss  before  income  tax  benefit  consists  of  the  following:

<TABLE>
<CAPTION>
                                              DECEMBER 31,
                                      1998       1999       2000
                                    ---------  ---------  ---------
<S>                                 <C>        <C>        <C>
 France. . . . . . . . . . . . . .  $(16,614)  $(21,003)  $(17,178)
 United States . . . . . . . . . .    (3,408)    (7,424)    (8,500)
                                    ---------  ---------  ---------
 Loss before income tax benefit  .  $(20,022)  $(28,427)  $(25,678)
                                    =========  =========  =========
</TABLE>

     The  income  tax  benefit  consists of $2,159, $0 and $0 as of December 31,
1998,  1999  and  2000,  respectively,  and  relates  to  operations  in France.

     A  reconciliation  of  income  taxes  computed at the French statutory rate
(36.67%,  40%  and 36.67% respectively) to the income tax benefit is as follows:

<TABLE>
<CAPTION>
                                                                DECEMBER 31,
                                                          1998      1999       2000
                                                        --------  ---------  --------
<S>                                                     <C>       <C>        <C>
 Income taxes computed at the French statutory rate  .  $ 7,341   $ 11,771   $ 9,414
 Lower statutory rate of United States . . . . . . . .      (91)      (569)     (141)
 Operating losses not utilized . . . . . . . . . . . .   (7,250)   (11,202)   (9,273)
 Research credits. . . . . . . . . . . . . . . . . . .    2,159          -         -
                                                        --------  ---------  --------
 Total . . . . . . . . . . . . . . . . . . . . . . . .    2,159          -         -
                                                        ========  =========  ========
</TABLE>

     No  income  tax expense was realized and no income taxes were paid in years
ended  December  31,  1998,  1999  and  2000.

     Deferred taxes reflect the net tax effects of temporary differences between
the  carrying amounts of assets and liabilities for financial reporting purposes
and  the  amounts  used  for  income tax purposes. Significant components of our
deferred  taxes  consist  of  the  following:

<TABLE>
<CAPTION>
                                                DECEMBER 31,
                                       1998       1999       2000
                                     ---------  ---------  ---------
<S>                                  <C>        <C>        <C>
 Deferred tax assets:
   Net operating loss carryforwards  $ 18,108   $ 24,032   $ 25,699
   Deferred revenue  .                     75         (3)         1
   Research credit carryforwards  .     6,448      2,849      1,478
                                     ---------  ---------  ---------
                                       24,631     26,878     27,178
 Deferred tax liabilities:
   Deferred revenue  .                   (760)        (1)        (2)
   Deferred expense  .                    (53)        (8)        --
                                     ---------  ---------  ---------
     Total deferred tax assets  . .    23,818     26,869     27,176
 Valuation allowance  .               (19,175)   (25,614)   (27,176)
                                     ---------  ---------  ---------
 Deferred tax assets  .              $  4,643   $  1,255   $      0
                                     =========  =========  =========
</TABLE>

     Net  operating  loss carryforwards can be credited against future income in
France.  Net  operating  loss carryforward of: $4,746 expires in 2001, $8,499 in
2002,  $12,322  in  2003,  $13,935  in  2004, $17,108 in 2005 and $13,469 can be
carried  forward  indefinitely.


                                                 PixTech 2000 Annual Report * 47
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

     Research  credit  carryforwards  derive from our subsidiary, PixTech SA. In
France,  research  credit  carryforwards  are calculated following certain rules
defined  by  the  tax administration. We are entitled to full payment by the tax
administration  of  these research credit carryforwards if they are not credited
against  income  tax  liabilities  within  a period of three financial years. We
collected  $2,913  in  1999  and  $1,100  in  2000.


14.  INDUSTRY  AND  GEOGRAPHIC  INFORMATION

     Our  long  lived-assets  may  be  summarized  as  follow:

<TABLE>
<CAPTION>


                         DECEMBER 31,
                   1998     1999     2000
                  -------  -------  -------
<S>               <C>      <C>      <C>
   United States  $   227  $11,570  $ 9,237
   France . . . .   7,282    4,756    2,884
   Taiwan . . . .  11,317    8,607    6,893
                  -------  -------  -------
                   18,826   24,933   19,014
</TABLE>


15.  SIGNIFICANT  CUSTOMERS  AND  VENDORS

     Historically,  we  derived  our  revenues  principally from cooperation and
license  agreements  with  certain  display  manufacturers.  Net  revenues  from
cooperation  and  license  agreements  represented  approximately 34% of our net
revenues  for the fiscal years 1998. We do not expect any significant additional
milestone  related revenues to be directly derived from existing cooperation and
license  agreements.

     In  1999  and  2000,  product  sales  primarily  reflected  the shipment of
displays  to  our  first  volume  customer,  Zoll  Medical  Inc.

     Service  fees  paid  to  our  single  manufacturer to manufacture its field
emission  displays  represent 36% and 34% of total of operation activity in 1999
and 2000, respectively. In addition, the obligations resulting from the research
and  development agreement with the Commissariat   l'Energie Atomique (see notes
to  consolidated  financial  statements  - note 16 - related party transactions)
represent  18%  of  our  operations  in  1999,  and  5%  in  2000.


16.  RELATED  PARTY  TRANSACTIONS

     Commissariat  al'Energie  Atomique  License  Agreement

     In  September  1992,  we entered into a license agreement with Commissariat
l'Energie  Atomique.  Commissariat   l'Energie  Atomique  holds  a  controlling
interest  in  Commissariat   l'Energie  Atomique  Industrie,  a  shareholder  of
PixTech. Under this agreement, Commissariat   l'Energie Atomique granted to us a
royalty  bearing,  worldwide,  exclusive  license  to  all  patents  held  by
Commissariat   l'Energie  Atomique in the field of field emission displays, with
a  right to sublicense these patents under certain conditions. The consideration
for  this  license is a payment of license fees and royalties based on our sales
and the license fees and royalties we collected. No expense was recorded in 1993
and  1994  with  respect  to  license  fees  and  royalties  due to Commissariat
l'Energie  Atomique.  In 1995, $1,000 was accrued in respect of license fees and
royalties  due  to Commissariat   l'Energie Atomique in 1996. In order for us to
maintain  an exclusive license, it was required to make minimum royalty payments
beginning in 1996. An amount of $45 payable to Commissariat   l'Energie Atomique
in  1997  was accrued in 1996. By paying the remaining amount due to Laboratoire
d'Electronique, de Technologie et d'Instrumentation, we will fulfill the minimum
royalty  obligations  to  Laboratoire  d'Electronique,  de  Technologie  et
d'Instrumentation  through  1999.


                                                 PixTech 2000 Annual Report * 48
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

     In  1997, an amendment to the Laboratoire d'Electronique, de Technologie et
d'Instrumentation  license  agreement  was  signed  between  the  Commissariat
l'Energie  Atomique  and  us  (the  "1997  Commissariat   l'Energie  Atomique
Amendment")  for a period of three years, in return for Commissariat   l'Energie
Atomique  guarantying  certain  contingent payment obligations towards Sumitomo.
See  notes  to  consolidated financial statements - note 7 - long term debt. The
royalty  rates and minimum payments from us to Commissariat   l'Energie Atomique
were  increased  for  a  period  of three years. In addition, we gave a security
interest to Commissariat   l'Energie Atomique on all its patents during the term
of  the  amendment.  An amount of $364 and $279 was accrued respectively in 1999
and  in  2000,  which  included  a  minimum royalty obligation of $357 and $279,
respectively  pursuant  to the 1997 Commissariat   l'Energie Atomique Amendment.

     Commissariat   l'Energie  Atomique  Research  and  Development  Agreement

     In  September  1992,  we  entered  into a three-year renewable research and
development  agreement  with  Commissariat   l'Energie  Atomique,  under  which
Commissariat   l'Energie  Atomique,  through  its  laboratory  "Laboratoire
d'Electronique,  de  Technologie et d'Instrumentation" performs certain research
and  development  activities  for  our  benefit.  This program is expected to be
extended  for  a  third  three-year period ending on January 1, 2002, subject to
further  extension by mutual agreement of the parties. The consideration accrued
for  the  Commissariat   l'Energie  Atomique  for  this research and development
activity  in  2000  amounted  to  approximately  $696.


17.  LICENSE

     In connection with our license of our technology to a display manufacturer,
we  acquired  a worldwide, non-exclusive royalty-free license to such licensee's
background  field  emission  display  technology,  as  well  as a right to grant
royalty-free  sublicenses  to  certain other companies. We were obligated to pay
certain  license  fees  in  connection with the acquisition of these rights from
such  licensee;  these  payments  to  the licensee were $650 in 1995 and $650 in
1996.  In  1997,  we  recorded cooperation and license revenues in the amount of
$707, in consideration of the cancellation of same amount that had been included
in  accounts  payable  in  relation  to  accrued license fees due this licensee.

     In  connection  with  the  license  of  our  technology  to another display
manufacturer,  we  also acquired a worldwide, non-exclusive license, without the
right  to  sublicense, to certain technology of such licensee. We were obligated
to  pay certain license fees in connection with the acquisition of these rights;
these  payments  to  the  licensee  were  $1,000 in 1995 and $1,000 in 1996. The
remaining  license  fees  payable to this licensee in the amount of  $1,400 were
canceled  in  1997, as consideration for the purchase by such licensee of shares
of  our  common  stock  in  February  1997.

     In  March 1998, we entered into a license agreement with Coloray, providing
PixTech  with  a  worldwide,  non-exclusive  royalty-free  license  on  certain
technologies  related  to field emission displays.  In 1998, in consideration of
the  license  and rights granted to PixTech, we paid an amount of $75 and issued
14,000  shares  of  our  common  stock,  valued  at  a price of $3.57 per share,
representing  a  total  amount  of  $50.  In  1999, we paid an amount of $25 and
issued 14,000 shares of our common stock, representing a total amount of $50. In
2000,  we  issued  16,000  shares of our common stock, representing an amount of
$57,000 (see notes to consolidated financial statements - note 11 -stockholders'
equity).


18.  LITIGATION

     To  our  knowledge, there are no exceptional facts or litigation that could
have or that have in the recent past had any significant impact on its business,
results,  financial  situation,  or  assets  and  liabilities.


                                                 PixTech 2000 Annual Report * 49
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

19.  FINANCIAL  POSITION

     During 2000, we have incurred losses in the amount of $25,678 and used cash
in  operating activities of $15,317, which has adversely affected our liquidity.
At  December  31,  2000,  we  had  net  working  deficit of $8,259 and a deficit
accumulated  during the development stage of $108,261. In 2000, we significantly
improved  our  liquidity  and  financial  position  with the completion of $15.0
million  equity  private  placement  with  UMC. We expect that cash available at
December 2000 together with the anticipated proceeds from Kingsbridge agreement,
from  various  grants  and  loans and from research and development tax credits,
will  be  sufficient to meet our cash requirements until at least December 2001.
We  intent  to  continue  improving our liquidity and financial position through
capital increases expected to take place in 2001. There can be no assurance that
additional  funds  will  be available through capital increase when needed or on
terms  acceptable  to  us.


20.  MICRON  TRANSACTION

     On  March  19,  1999,  we  entered  into a definitive agreement to purchase
certain  assets  of  Micron Technology, Inc. relating to field emission displays
including  equipment and other tangible assets, certain contract rights and cash
(the  "Micron  Transaction").  The Micron Transaction was closed on May 19, 1999
between  PixTech  and  Micron and was accounted for as an acquisition of assets.
The  financial  statements as of June 30, 1999 reflect the acquisition of assets
for  a  cost of  $17,932 and the assumption of certain liabilities in the amount
of  $2,958,  in  consideration of the issuance of 7,133,562 shares of our common
stock, representing a total amount of $14,205, and a warrant to purchase 310,000
shares of our common stock.  The fair value of the 310,000 warrants was computed
using  the  Black-Scholes  model  and was estimated at $257.  The estimated fair
value  of net assets acquired in the Micron Transaction was approximately $9,157
in  excess  of the cost of net assets acquired. Consequently, the estimated fair
value  of property, plant and equipment of $22,473 was proportionally reduced to
the extent that the fair value of net assets acquired exceeded cost resulting in
property  plant  and equipment of $13,316.  In addition, we received cash in the
amount  of  $4,350.  Therefore,  of the assets acquired for $17,932, $13,316 was
reflected  under  the  caption "Property, Plant and Equipment", and $4,350 under
the  caption  "Cash  available"  in  our 1999 consolidated financial statements.

     The  following  unaudited  pro  forma  financial  information  presents the
combined  results of operations for the year ended December 31, 1998 and 1999 as
if the transaction had been completed at the beginning of the periods indicated,
after giving effect to certain adjustments, including additional personnel costs
and  depreciation  expenses.  The  pro  forma  financial  information  does  not
necessarily  reflect the results of operations that would have occurred, had the
transaction  been  completed  at the beginning of the periods indicated, and may
not  be  indicative  of  the  future  results.

<TABLE>
<CAPTION>
                                    YEAR ENDED DECEMBER 31,
                                       1998       1999
                                     ---------  ---------
<S>                                  <C>        <C>
Net loss. . . . . . . . . . . . . .  $(26,986)  $(32,105)
Net loss to holders of common stock  $(26,998)  $(32,617)
Net loss per share of common stock.  $  (1,25)  $  (1,27)
</TABLE>


                                                 PixTech 2000 Annual Report * 50
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (all amounts in thousands except share amounts)
--------------------------------------------------------------------------------

21.  SUBSEQUENT  EVENTS

     On  January  22,  2001,  PixTech was awarded additional funding from DARPA,
Defense  Advanced  Research Projects Agency. Under the terms of the contract, we
will  receive  approximately  $3.1  million for the continued development of the
12.1  inch  color,  high voltage field emission display technology. This funding
supplements  the  existing  DARPA  contract  under  which  PixTech received $6.3
million  in  April  2000.

     In  January  2001, 18,766 shares of Series E Preferred Stock were converted
into  362,734  shares  of  common  stock.  As of March 13, 2001, there are 3,329
shares  of  Series  E  Preferred  Stock  outstanding.

     On  January 24, 2001, we received the first advanced payment of $549,000 on
the  European  Commission  IST  program.


                                                 PixTech 2000 Annual Report * 51
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)
--------------------------------------------------------------------------------

ITEM  9.   CHANGES  IN  AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON ACCOUNTING AND
FINANCIAL  DISCLOSURES

     Not  Applicable



PART  III

ITEM  10.   DIRECTORS  AND  EXECUTIVE  OFFICERS  OF  THE  REGISTRANT

     The  response  to  this  item  is  contained  in  part  under  the  caption
''Executive  Officers  of  the  Registrant''  in  Part I, Item 1A hereof and the
remainder  is  incorporated  herein  by reference from the discussion responsive
thereto  under  the  caption  ''Election  of  Directors'' in our proxy statement
relating  to  our  annual  meeting  of stockholders scheduled for May 16, 2001.

ITEM  11.   EXECUTIVE  COMPENSATION

     The  response  to  this  item  is incorporated herein by reference from the
discussion  responsive  thereto  under the caption ''Executive Compensation'' in
our  proxy  statement.

ITEM  12.   SECURITY  OWNERSHIP  OF  CERTAIN  BENEFICIAL  OWNERS  AND MANAGEMENT

     The  response  to  this  item  is incorporated herein by reference from the
discussion responsive thereto under the caption ''Share Ownership'' in our proxy
statement.

ITEM  13.   CERTAIN  RELATIONSHIPS  AND  RELATED  TRANSACTIONS

     The  response  to  this  item  is incorporated herein by reference from the
discussion  responsive  thereto  under  the  caption, "certain relationships and
related  transactions"  in  the  Proxy  Statement  and  from  note  16  to  the
consolidated  financial  statements  included  herein.


                                                 PixTech 2000 Annual Report * 52
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)
--------------------------------------------------------------------------------

PART  IV

ITEM  14.   EXHIBITS,  FINANCIAL  STATEMENT  SCHEDULE  AND  REPORTS  ON FORM 8-K


(A)  1.   FINANCIAL  STATEMENTS

          The  financial  statements  are  listed  under  Item 8 of this report.

     2.   FINANCIAL  STATEMENT  SCHEDULES

          The  financial  statement  schedules  are  listed under Item 8 of this
          report.


(B)  REPORTS  ON  FORM  8-K

     Not  applicable.


(C)  EXHIBITS

<TABLE>
<CAPTION>
Number  Description
<S>     <C>
2.1     Acquisition agreement between Micron Technology, Inc. and the Registrant dated March 19, 1999.  Filed as
        an Exhibit with the same number to the PixTech, Inc. Form 10-Q for the fiscal quarter ended
        March 31, 1999 and incorporated herein by reference.


2.2     Amendment Number 1 to Acquisition agreement between Micron Technology, Inc. and the Registrant dated
        April 23, 1999.  Filed as an Exhibit with the same number to the PixTech, Inc. Form 10-Q for the fiscal
        quarter ended March 31, 1999 and incorporated herein by reference.


2.3     Amendment Number 2 to Acquisition agreement between Micron Technology, Inc. and the Registrant dated
        May 17, 1999.  Filed as an Exhibit with the same number to the PixTech, Inc. Form 10-Q for the fiscal
        quarter ended March 31, 1999 and incorporated herein by reference.


3.1     Restated Certificate of Incorporation of Registrant.  Filed as Exhibit 3.2 to the PixTech, Inc. Registration
        Statement on Form S-1 (Commission File No. 33-93024) and incorporated herein by reference.


3.2     Restated By-Laws of Registrant.  Filed as Exhibit 3.4 to the PixTech, Inc. Registration Statement on Form
        S-1 (Commission File No. 33-93024) and incorporated herein by reference.


3.3     Certificate of Designations of PixTech, Inc.  Filed as Exhibit 2.1 to the PixTech, Inc. Current Report on
        Form 8-K filed January 7, 1999 and incorporated herein by reference.


3.4     Certificate of Amendment of Restated Certificate of Incorporation of Registrant.  Filed as an Exhibit with
        the same number to the PixTech, Inc. Form 10-Q/A for the fiscal quarter ended June 30, 1999 filed with the
        Commission on August 24, 1999 and incorporated herein by reference.


                                                 PixTech 2000 Annual Report * 53
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)
--------------------------------------------------------------------------------

Number  Description

3.5     Certificate of Amendment of Restated Certificate of Incorporation of Registrant, dated January 18, 2000.
        Filed as an exhibit with the same number to the PixTech, Inc. Annual Report on Form 10-K for the year
        ended December 31, 1999 filed with the commission on March 28, 2000 and incorporated herein by
        reference.

4.1     Specimen certificate for shares of common stock of the Registrant.  Filed as an exhibit with the same
        number to the PixTech, Inc. Registration Statement on Form S-1 (Commission File No. 33-93024) and
        incorporated herein by reference.


4.2     Warrant to purchase 310,000 shares of common stock of the Registrant issued to Micron Technology, Inc.
        Filed as Exhibit 3 to Micron Technology, Inc.'s Schedule 13D filed with the Commission on May 28, 1999
        and incorporated herein by reference.

4.3     Warrant to purchase 100,000 shares of common stock of the Registrant issued to Kingsbridge Capital
        Limited.  Filed as Exhibit 4.7 to the PixTech, Inc. Registration Statement on Form S-1 (Commission File
        No. 333-87001) and incorporated herein by reference.

10.1    License agreement in the Field of Flat Microtip Screens dated as of September 17, 1992 between the
        Registrant and the Commissariat a l'Energie Atomique, as amended.  Filed as Exhibit 10.1 to the PixTech,
        Inc. Registration Statement on Form S-1 (Commission File No. 33-93024) and incorporated herein by
        reference.  English translation filed.  Certain confidential material contained in the document has been
        omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the
        Securities Act of 1933, as amended.


10.2    Research and Development agreement in the Field of Flat Microtip Screens dated September 17, 1992
        between the Registrant and the Commissariat   l'Energie Atomique.  Filed as Exhibit 10.2 to the PixTech,
        Inc. Registration Statement on Form S-1 (Commission File No. 33-93024) and incorporated herein by
        reference.  English translation filed.  Certain confidential material contained in the document has been
        omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the
        Securities Act of 1933, as amended.


10.3    Cooperation and license agreement dated June 29, 1993 between the Registrant and Texas Instruments
        Incorporated.  Filed as Exhibit 10.3 to the PixTech, Inc. Registration Statement on Form S-1 (Commission
        File No. 33-93024) and incorporated herein by reference.  Certain confidential material contained in the
        document has been omitted and filed separately with the Securities and Exchange Commission pursuant to
        Rule 406 of the Securities Act of 1933, as amended.


10.4    Cooperation and license agreement dated November 27, 1993 between the Registrant and Futaba
        Corporation.  Filed as Exhibit 10.4 to the PixTech, Inc. Registration Statement on Form S-1 (Commission
        File No. 33-93024) and incorporated herein by reference.  Certain confidential material contained in the
        document has been omitted and filed separately with the Securities and Exchange Commission pursuant to
        Rule 406 of the Securities Act of 1933, as amended.


                                                 PixTech 2000 Annual Report * 54
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)
--------------------------------------------------------------------------------

Number  Description

10.6    Cooperation and license agreement dated June 1, 1994 between the Registrant and Raytheon Company.
        Filed as Exhibit 10.6 to the PixTech, Inc. Registration Statement on Form S-1 (Commission File No. 33-
        93024) and incorporated herein by reference.  Certain confidential material contained in the document has
        been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the
        Securities Act of 1933, as amended.


10.7    ESPRIT Project: 8730 Active Interest for Multimedia with Field emission display dated December 1, 1993
        among the Registrant and other project participants.  Filed as Exhibit 10.7 to the PixTech, Inc. Registration
        Statement on Form S-1 (Commission File No. 33-93024) and incorporated herein by reference.


10.8    Master Lease agreement dated December 12, 1994 between COMDISCO France S.A. and PixTech France.
        Filed as Exhibit 10.8 to the PixTech, Inc. Registration Statement on Form S-1 (Commission File No. 33-
        93024) and incorporated herein by reference.


10.9    Purchase agreement dated December 23, 1994 between COMDISCO France S.A. and PixTech France.
        Filed as Exhibit 10.9 to the PixTech, Inc. Registration Statement on Form S-1 (Commission File No. 33-
        93024) and incorporated herein by reference.


10.10   Guarantee dated November 29, 1994 between the Registrant and COMDISCO.  Filed as Exhibit 10.10 to
        the PixTech, Inc. Registration Statement on Form S-1 (Commission File No. 33-93024) and incorporated
        herein by reference.

10.11   Leaseback agreement dated April 5, 1995 between COMDISCO France S.A. and PixTech France.  Filed as
        Exhibit 10.11 to the PixTech, Inc. Registration Statement on Form S-1 (Commission File No. 33-93024)
        and incorporated herein by reference.

10.12   Contract between L'Agence Nationale de Valorisation de la Recherche and PixTech France dated March 3,
        1993.  Filed as Exhibit 10.12 to the PixTech, Inc. Registration Statement on Form S-1 (Commission File
        No. 33-93024) and incorporated herein by reference.  English translation filed.

10.13   Amended and Restated 1993 Stock Option Plan.  Filed as an appendix to PixTech's definitive proxy
        statement filed with the commission on March 28, 2000.

10.14   1995 Director Stock Option Plan.  Filed as Exhibit 10.15 to the PixTech, Inc. Registration Statement on
        Form S-1 (Commission File No. 33-93024) and incorporated herein by reference.

10.15   1995 Employee Stock Purchase Plan.  Filed as Exhibit 10.16 to the PixTech, Inc. Registration Statement on
        Form S-1 (Commission File No. 33-93024) and incorporated herein by reference.

10.16   Real Estate agreement between PixTech France and IBM France dated February 15, 1994 for space located
        in Montpellier, France.  Filed as Exhibit 10.18 to the PixTech, Inc. Registration Statement on Form S-1
        (Commission File No. 33-93024) and incorporated herein by reference.  English translation filed.

10.17   Agreement of State Support of Technical Development and Research dated December 30, 1994 between
        PixTech France and the Ministry of Industry, Postal Services and Telecommunications and Foreign Trade.
        Filed as Exhibit 10.19 to the PixTech, Inc. Registration Statement on Form S-1 (Commission File No. 33-
        93024) and incorporated herein by reference.  English translation filed.  Certain confidential material
        contained in the document has been omitted and filed separately with the Securities and Exchange
        Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.


                                                 PixTech 2000 Annual Report * 55
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)
--------------------------------------------------------------------------------

Number  Description

10.18   Form of Indemnification agreement between the Registrant and each of its directors.  Filed as Exhibit 10.20
        to the PixTech, Inc. Registration Statement on Form S-1 (Commission File No. 33-93024) and incorporated
        herein by reference.

10.19   Cooperation and license agreement dated as of June 12, 1995 between the Registrant and Motorola, Inc.
        Filed as Exhibit 10.21 to the PixTech, Inc. Registration Statement on Form S-1 (Commission File No. 33-
        93024) and incorporated herein by reference.  Certain confidential material contained in the document has
        been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the
        Securities Act of 1933, as amended.

10.20   Lease dated as of March 1, 1996, between the Registrant, as Lessee, and Frank Deverse as Lessor. Filed as
        Exhibit 10.23 to the PixTech, Inc. Form 10-K for the fiscal year ended December 31, 1995 and incorporated
        herein by reference.

10.21   Termination agreement dated July 15, 1996 between the Registrant and Texas Instrument Incorporated.
        Filed as Exhibit 10 to the PixTech, Inc. Form 10-Q for the fiscal quarter ended June 30, 1996 and
        incorporated herein by reference.  Certain confidential material contained in the document has been omitted
        and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated
        under the Securities Act of 1934, as amended.

10.22   Amendment No. 1 dated February 6, 1997, to the Cooperation and license agreement between the Registrant
        and Motorola.  Certain confidential material contained in the document has been omitted and filed
        separately with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under the
        Securities Act of 1934, as amended.

10.23   Foundry agreement between PixTech, S.A. and Unipac Optoelectronics Corporation dated May 22, 1997.
        Filed as Exhibit 10.29 to the PixTech, Inc. Form 10-K for the fiscal year ended December 31, 1997 and
        incorporated herein by reference.

10.24   Distribution and Financing agreement between Sumitomo Corporation, PixTech Inc. and PixTech S.A.
        dated as of July 21, 1997.  Filed as Exhibit 10.30 to the PixTech, Inc. Form 10-K for the fiscal year ended
        December 31, 1997 and incorporated herein by reference.

10.25   Cross-Licensing Period Extension between Raytheon Company and Pixel International, S.A. (now PixTech
        S.A.) dated as of September 4, 1997.  Filed as Exhibit 10.31 to the PixTech, Inc. Form 10-K for the fiscal
        year ended December 31, 1997 and incorporated herein by reference.

10.26   Amendment No 14 to the license agreement on the Microtips Display between PixTech, Inc. and the
        Commissariat a l'Energie Atomique.  Filed as Exhibit 10.32 to the PixTech, Inc. Form 10-K for the fiscal
        year ended December 31, 1997 and incorporated herein by reference.

10.27   License agreement, dated March 16, 1998, between the Registrant and Coloray Display Corporation.  Filed
        as Exhibit 10.1 to the PixTech, Inc. Form 10-Q for the fiscal quarter ended March 31, 1998 and
        incorporated herein by reference.

10.28   Employment agreement of Jean-Luc Grand-Clement dated January 19, 1999.  Filed as Exhibit 10.38 to the
        PixTech, Inc. Form 10-Q for the fiscal quarter ended March 31, 1999 and incorporated herein by reference.

10.29   Employment agreement of Michel Garcia dated September 9, 1992.  Filed as Exhibit 10.39 to the PixTech,
        Inc. Form 10-Q for the fiscal quarter ended March 31, 1999 and incorporated herein by reference.

10.30   Employment agreement of Jean-Jacques Louart dated April 7, 1997.  Filed as Exhibit 10.40 to the PixTech,
        Inc. Form 10-Q for the fiscal quarter ended March 31, 1999 and incorporated herein by reference.


                                                 PixTech 2000 Annual Report * 56
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)
--------------------------------------------------------------------------------

Number  Description

10.31   Lease agreement, dated as of May 19, 1999, between the Registrant and Micron Technology, Inc.  Filed as
        Exhibit 10.44 to the PixTech, Inc. Form 10-Q for the fiscal quarter ended June 30, 1999 and incorporated
        herein by reference.

10.32   Employment agreement of James J. Cathey dated May 20, 1999.  Filed as Exhibit 10.45 to the PixTech, Inc.
        Form 10-Q for the fiscal quarter ended June 30, 1999 and incorporated herein by reference.

10.33   Patent cross license agreement dated May 19, 1999 between the Registrant and Micron Technology, Inc.
        Filed as Exhibit 10.46 to the PixTech, Inc. Form 10-Q/A for the fiscal quarter ended June 30, 1999 filed
        with the Commission on August 24, 1999 and incorporated herein by reference.

10.34   Investor Rights agreement dated as of May 19, 1999 between the Registrant and Micron Technology, Inc.
        Filed as Exhibit 2 to Micron Technology, Inc.'s Schedule 13D filed with the Commission on May 28, 1999
        and incorporated herein by reference.
10.35   Private Equity Line agreement by and between Kingsbridge Capital Limited and PixTech, Inc. dated as of
        August 9, 1999.  Filed as Exhibit 10.48 to the PixTech, Inc. Registration Statement on Form S-1
        (Commission File No. 333-87001) and incorporated herein by reference.

10.36   Registration Rights agreement dated as of August 9, 1999 by and between PixTech, Inc. and Kingsbridge
        Capital Limited.  Filed as Exhibit 10.49 to the PixTech, Inc. Registration Statement on Form S-1
        (Commission File No. 333-87001) and incorporated herein by reference.

10.37   Common stock Purchase Agreement by and between PixTech, Inc. Unipac Optoelectronics Corporation
        dated as of October 6, 1999.  Filed as Exhibit 10.50 to the PixTech, Inc. Current Report on form 8-K filed
        on October 28, 1999 and incorporated herein by reference.

10.38   Employment Agreement of Dieter Mezger dated February 2nd, 2000.  Filed as Exhibit 10.51 to the
        PixTech, Inc. Annual Report on Form 10-K for the year ended December 31, 1999 filed with the
        commission on March 28, 2000 and incorporated herein by reference.

10.39   Amendment, dated February 29, 2000, to common stock Purchase Agreement by and between PixTech, Inc.
        and Unipac Optoelectronics Corporation dated as of October 6, 1999.  Filed as Exhibit 2.1 to the PixTech,
        Inc. Current Report on Form 8-K filed on May 8, 2000 and incorporated herein by reference.


21.1    Subsidiaries of the Registrant.  Filed as an exhibit with the same number to the PixTech, Inc. Registration
        Statement on Form S-1 (Commission File No. 33-93024) and incorporated herein by reference.

23.1    Consent of Ernst & Young.  Filed herewith.
</TABLE>


                                                 PixTech 2000 Annual Report * 57
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)
--------------------------------------------------------------------------------

SIGNATURES

     PURSUANT  TO  THE  REQUIREMENTS OF SECTION 13 OR 15(D) OF THE SECURITIES OF
1934,  THE  REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY
THE  UNDERSIGNED  THEREUNTO  DULY  AUTHORIZED.


                                         PixTech


                                    By:  /s/   DIETER MEZGER
 Dated: March 30, 2001                 ------------------------
                                               DIETER MEZGER
                                                 PRESIDENT


SIGNATURE                                TITLE                   DATE
---------------------------  -----------------------------  --------------

/s/   DIETER MEZGER          Chief Executive Officer,       March 30, 2001
---------------------------  President and Director
DIETER MEZGER                (Principal Executive Officer)



/s/   Jean-Luc Grand-Clment  Chairman of the Board          March 30, 2001
---------------------------
JEAN-LUC GRAND-CLEMENT



/s/   Marie Boem             Chief Financial Officer        March 30, 2001
---------------------------  (Principal Financial Officer)
MARIE BOEM



/s/   John A. Hawkins        Director                       March 30, 2001
---------------------------
JOHN A. HAWKINS



/s/   Ronald RITCHIE         Director                       March 30, 2001
---------------------------
RONALD RITCHIE



/s/   ANDRE BORREL           Director                       March 30, 2001
---------------------------
ANDRE BORREL


                                                 PixTech 2000 Annual Report * 58
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)
--------------------------------------------------------------------------------

STOCKHOLDER  AND  OTHER  INFORMATION


TRADEMARKS
PixTech(R)  is  a  registered  trademark.


AUDITORS                                 INVESTOR RELATIONS CONTACTS
Ernst & Young
408 avenue du Prado                      PIXTECH
BP 116                                   2700 Augustine Drive-Suite 255
13267 Marseilles-France                  Santa Clara, California 95054
011-33-4-91-23-66-66                                     (408) 986-8868
                                         Fax: (408) 986-9896

LEGAL COUNSEL                            U.S. AGENCY
Palmer & Dodge LLP                       Lillian Armstrong
One Beacon Street                        Kris Otridge
Boston, Massachusetts 02108              Lippert/Heilshorn & Ass.
(617) 573-0100                                           (415) 433-3777
                                         Fax: (415) 433-5577

TRANSFER AGENT & REGISTRAR
American Stock Transfer & Trust Company
40 Wall Street-46th floor
New York, NY 10005
(718) 921-8275


ANNUAL  MEETING  OF  STOCKHOLDERS
The  Annual  Meeting of Stockholders of PixTech, Inc. will be held on Wednesday,
May  16,  2001  at  4  p.m.  local  time  at the Grand Hyatt, Park Avenue, Grand
Central,  in  New  York,  New  York.

MARKET  FOR  COMMON  STOCK
NASDAQ  National  Market  Symbol:  PIXT
EASDAQ  Market  Symbol:  PIXT


STOCK  PRICES  ($)

<TABLE>
<CAPTION>
                        YEAR ENDED DEC. 31,
                      1999             2000
                 --------------  ---------------
                 High     Low     High     Low
<S>             <C>     <C>      <C>     <C>
First Quarter   3 5/16    1 1/2  11 5/8        1
Second Quarter   2 5/8  1 11/32   5 1/8    1 7/8
Third Quarter    2 1/4  1 15/32   4 5/7   1 8/15
Fourth Quarter   2 5/8    1 1/2   2 3/4  0 15/16
</TABLE>


On  December  31,  2000,  there were approximately 82 stockholders of record. We
have  never  declared  or paid any cash dividends on our common stock and do not
anticipate  doing  so  in  the  foreseeable  future.


                                                 PixTech 2000 Annual Report * 59
<PAGE>
                                  PIXTECH, INC.
                          (A DEVELOPMENT STAGE COMPANY)
--------------------------------------------------------------------------------

CORPORATE  INFORMATION


================================================================================
<TABLE>
<CAPTION>
DIRECTORS                            EXECUTIVE OFFICERS
<S>                                  <C>
JEAN-LUC GRAND-CLEMENT               DIETER MEZGER
Chairman of the Board of Directors   CEO and President

DIETER MEZGER                        MARIE BOEM
CEO and President                    Chief Financial Officer

JOHN HAWKINS (1)                     JAMES J. CATHEY
Managing Partner                     Vice President, Marketing and Business Development
Generation Partners
                                     DONALD E. CRIM
RONALD RITCHIE (1) (2)               Vice President, Manufacturing, Taiwan

ANDRE BORREL (2)                     MICHEL GARCIA
                                     Vice President, Chief Technology Officer

                                     JEAN-JACQUES LOUART
                                     Vice President, Operations
<FN>
(1)  Member  of  the  Compensation  Committee
(2)  Member  of  the  Audit  Committee
</TABLE>


                                                 PixTech 2000 Annual Report * 60
<PAGE>