Bill Wexler's Dog Pound Message Board

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Non-Tech : Bill Wexler's Dog Pound

REFR 1.730

+10.2%

Nov 11 3:57 PM EST

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To: Bill Wexler who wrote (2955)	8/11/1999 10:29:00 AM
From: Marconi	Read Replies (1) of 10293

Hello Mr. Wexler: REFR patents <<During the first half of 1999, the Company purchased 74 patents and patent applications from Glaverbel S.A. covering various inventions relating to SPD technology for which a lump-sum payment of $289,177 was made. In accordance with the Company's accounting policy, such amount was expensed.>> That is less than $4k/patent, which at this time would not cover the costs of filing and maintaining them. This implies the patents were obtained at cost or probably less than the cost of filing paper. That leaves no implied value for the IP. Seems like a paper-hanging exercise to me. And being expensed would indicate these have no time value either--often patents are amortized as IP. Unless someone knows of some specific reason otherwise, as a past corporate hack, my instant assessment of the 74 patents is that they are a stack of paper available at less than cost. Not an asset a going concern would value.... I remain short 1K at around 10, but it looks like this is going to be a 1 point oscillator for the most part. Still, 3 or 4 turns a year makes a fair gain and there seems to be little upside to me and some potential for a rationalization to a penny stock some day. Best regards, m IP = intellectual property

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