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Technology Stocks : Research Frontiers (REFR)

REFR 1.940

-7.6%

3:39 PM EST

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To: Kevin Podsiadlik who wrote (2031)	5/4/2002 10:46:26 PM
From: N. Dixon	Read Replies (2) of 50245

< guess if they did that we might extrapolate an actual royalty amount and determine that Inspectech isn't anywhere near that "5,000 per month" goal trumpeted elsewhere in the letter.> No extrapolation necessary. The $37,500 in royalties is listed in the financials in 2001. Inspectech announced first sale in 8/01 so it would seem someone bought something. We receive 5-10% on net sale SPD products which would make sales $375,000 to $750,000 in 2001. Of course SPD Inc. just went into mass production this year so I'm very pleased with this report. Will InspecTech meet target of 5,000 windows per month this year? They are confident and they have orders from one of the top five jet manufacturers in the world. Will REFR have its first profitable quarter this year and go into full year profitability next year as announced at last year's meeting? Well time will tell but my money is on Bob Saxe and Joe Harary making this a very profitable company over the next few years. Glad I was premature in my enthusiasm. ND

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