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Technology Stocks : Research Frontiers (REFR)
REFR 1.270-0.8%Jan 8 3:50 PM EST

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To: R. M. Rosenthal who wrote (144)9/17/1997 1:22:00 PM
From: Michael Klausner   of 50448
 
Mr. Rosenthal:

Many thanks for sharing Joe H's response with us.Yours ws an excellent question. And, Mr. H's response made much sense. Remember that REFR
only has partial influence on it's licensee's actions.It is quite understandable that the licensee's do not want others to know how far along they are in developing/applying the SPD technology. They are
independent entitities and REFR's influence over them is limited. I understand that Sanyo is the most taciturn of the group.

I asked a person at TSI why should REFR want to publicize products that are not available yet. The answer ( which I concur with) is that
doing so can be a clever and indirect way of obtaining additonal licensees AND increasing the public's interest in SPD type products
resulting in licensees speeding up their work on the technology's
applications.

The speedy reply you received from Joe H. is representative and speaks well of him and the integrity of the company.

Bob Saxe is a person of the highest integrity coupled with brilliance..a rare combination.

MK
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