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Technology Stocks : Natcore Inc.

NXT.V 0.370

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3:59 PM EST

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From: jmartin164	3/6/2012 12:17:35 PM
	of 56

Letter from Tom Scarpa Thanks for the e-mails. I’ll try to answer your questions. The AR Box that we are finally able to test in Rochester is the prototype. The commercial version will be much larger and will be completely automated. We have drawings and have been in discussions with manufacturers, including Micro Tech, to build a commercial machine. Because of the developments with black silicon and the license agreement with NREL, that technology needs to be an option in the commercial model and we are still testing that. The meetings in Rochester last month went very well. The Chinese group was there the entire week of February 13th. They were interested in developing all of our technologies but, quite frankly, we are a little reluctant to take all of the development to China. They are interested in the Roll-to-Roll technology and with Kodak’s problems we may do that technology in China. The JV with them would involve the building of a manufacturing facility. The cost would be funded by the Chinese so the negotiations regarding the JV have become a bit more complicated. We are still confident that a deal will be done. That’s part of the reason behind all the discussion regarding the roll-to roll. The black silicon is very close to commercialization so we believe that roll-to-roll could be next. The visit from the Italians also went well. They have their own economic woes but our JV with MX also involves the building of a manufacturing facility and, again, that has made those negotiations complicated. As you know manufacturing has never been a part of our business model but these JV’s involve manufacturing so we want to make sure that any deals are in the best interest of Natcore and its shareholders. After all the largest shareholders are the founders, directors and officers of the Company. I hope that these answers have been helpful. There will be a lot of news in the next couple of months and we will do our best to keep everyone updated as best we can. Best regards, Thomas J. Scarpa Senior Vice President

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