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Technology Stocks : Research Frontiers (REFR)

REFR 1.600

-8.5%

3:59 PM EST

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To: Jonathan Bartlett who wrote (130)	8/14/1997 2:53:00 PM
From: Michael Klausner	of 50067

Friends and Fellow Research Frontier Shareholders: The reports I refer to are the following: 1. Summit Research & Consulting (July 15, 19970) I think that this one was paid for by the company BUT the logic is impressive and the estimates for sales/earnings are empirically and reasonably based. Authored by Terry Dunlap (513)956-1700. Please do not automatically rule out the report just because it was paid for by the company. Study it (it is quite detailed) and come to your own conclusions. Incidentally a few years ago the SPD displays were operating on 75 volts; now they have achieved high contrast between 5-10 volts. 2. 2. Sterne, Agee & Leach, Inc. This is a brokerage company that has branches throughout the South. (June 23) I assume that this report and initiation of coverage was NOT paid for by the company. 3. Special Investment Situations. (an investment newsletter which had recommended REFR in August of '94 published an update in its July 17 issue. 4. The Acker Letter. (a well-regarded investment newsletter that has been following REFR for many years published an update in its August 11 issue. The first three can be obtained if you call R.J. Faulkner (jerry) and ask to be sent them. He also published an in-depth report in which he made a case for the stock reaching triple digits as did Bob Acker who I personally know is a level-headed, conservative analyst. Both, however, will be the first to tell you that their estimates are based on the assumption that the commercial application of REFR's SPD technology will be successful.While the laboratory studies and testing seem to indicate that it will, we will not know FOR SURE untill the technology is applied to some product and makes its debut in the field. Regarding some comments about the application of SPD technology to eyewear, do you believe that the Oculite division of Monsanto, a division that has developed, marketed and manufactured state of the art eyewear would make the agreement they did with REFR if they had serious doubts about the feasibility of the SPD technology to eyewear? You can call Jerry Faulkner for the first three reports: 1 800 377-9893 Read them carefully and let me know what you think. Thank you.

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