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Technology Stocks : Research Frontiers (REFR)

REFR 1.770

+1.1%

12:43 PM EST

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To: Ronald Aguilar who wrote (135)	8/19/1997 11:56:00 PM
From: Beefeater	of 50038

I attended the REFR luncheon road show today in San Francisco. Bob Saxe and Patricia Bryant were there to promote the company. He says now that there should be commercial "smart windows" for pane glass developed by the end of 1998, with royalty revenue beginning in 1999. As for the GE relationship, he says the key executives who ran the REFR project have left the company, so the project is on the back burner. His little joke about the car losing all electrical power: if that were to happen, you'd have a lot more to worry about than the darkening of your rear-view mirrors and sunroof. Hardly a safety problem. He showed the working samples of "smart glass," the flat panel display (impressive) and the automatically darkening rear view mirror. No sunglasses or ski goggles, but I put my name in for free samples when they're available. ;-) About money: the "burn rate" is about $200,000 per month, or $2.5 million per year. They've got $8 million in cash, no debt, so they can "burn" for about three years more. I probably ate some of the burn rate at lunch today. I just couldn't get the feeling from the presentation that I should rush right out to buy the stock. I've played with it for 2-3 years, and I'm still looking for the hint of "show me the money."

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