REFR's SPD technology is being sold by licensees. We get 5-10% of the net sales of all those products. The total sales for those companies combined is over 1 billion dollars. We will get a part of that as more and more SPD products are introduced. We are a licensor not a manufacturer, you need to put the manufacturers and producers sales figures into the equation and also recognize that SPD infrastructure was just put in place. Add to that a small, thinly traded float that is tightly held and a large short position, ignorant about the technology and its applications.
REFR is selling for less than it did before film was developed. It has been manipulated by shorts hoping to shake out margin selling that apparently is a no show. In fact ALL I know are picking up shares now. Wouldn't be surprised if soon there are NO shares available for sale EXCEPT by hedge funds.
From the President of REFR:
One parting thought about the markets we are in. According to the Freedonia Group’s market research, <b?demand for flat glass in the U.S. is forecast to increase 2.5% per year (faster than the general economy) to 6.3 billion square feet ($8.2 billion) in 2003. Within the flat glass industry, advanced flat glass (low-emissivity, reflective, smart glass, security glass, heads-up displays, ultraclear and self-cleaning glass) is forecast to grow faster (9.6% per year to $2.6 billion in 2006, representing 22 percent of the total fabricated flat glass market in the US at that time). Within this advanced glass category, smart glass is expected to grow the fastest (20% per year to $445 million of smart glass alone in 2006). This translates into substantially higher smart window sales. In the architectural glass segment, the trends are positive. There has been a continuing trend toward larger houses with greater window area, as well as increased popularity of double-or triple-paned energy-efficient insulating glass units (for both the new and replacement markets). Whenever you laminate film (whether it’s SPD film or other types of film) to glass, you will generally get a stronger window. Demand for security glass (bullet-and burglary-resistant glazings) is growing too, especially in government buildings, research facilities and laboratories, correctional facilities, and retail stores. In automotive, the trends are also favorable, as vehicles use more and more glass. A number of our licensees currently have projects going on in all of these areas and the expansion of these markets can only help them and us.
Great product, great licensees and great industry to be in. No one is selling.
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