Research Frontiers (REFR) Message Board

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Technology Stocks : Research Frontiers (REFR)

REFR 1.560

-2.5%

Nov 7 9:30 AM EST

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To: N. Dixon who wrote (815)	6/28/1998 12:05:00 PM
From: N. Dixon	Read Replies (1) of 50090

There are a lot of MISCONCEPTIONS and HALF-TRUTHS being written about this company. A large short position who needs to cover has been especially vocal. I am printing this to clarify what many long-term investors who have thoroughly researched the company and kept current with licensees know. This is why YIC is buying REFR: When we buy a share of REFR we are buying ownership of a revolutionary technology - Suspended Particle Display (SPD). As owners of this technology we expect to receive income and a huge appreciation of the stock price when SPD products come to market. We are aware that no licensee has brought a product to market in the history of the company. We understood that the company by licensing this technology saved us MILLIONS of dollars in research and development by getting the necessary technological expertise from a variety of industries. We knew that not all these licensees were expected to IMMEDIATELY develop products nor was it necessary to our future profitability that they do so. This time was NECESSARY to ensure durability, cost effectiveness and other desirable qualities that would allow our licensees to bring the best product to market. It was this process that laid the groundwork for the infrastructure THAT IS IN PLACE TODAY (see June 11 announcement). We also understand that this technology has gone through generations of particles (the main component of SPD). This evolution was a time consuming and laborious task involving starts and stops. We also understand that even after release of the first product, the technology will continue to be refined for applications in other areas such as flat panel display. The patents attained for these breakthroughs will provide an income stream for generations to come. We understand that REFR does not have the control as to when a licensee announces product delivery dates or other benchmarks regarding progress with SPD and that these licensees are acutely aware of the highly competitive nature (every MAJOR player in the glass business wants to be on board with smart glass) of this business and wish to keep information confidential. As long term REFR investors our due diligence has led us to believe that: Regarding Product 1) SPD technology is market ready - the "tests" being done are cursory and results will be "all systems go." 2) SPD products are imminent - 9-12 months away 3) A licensee will begin Initial product deliveries to "Alpha" and "Beta" customers so even though these are still considered "tests" this is the normal course for product introduction. These deliveries will be providing feedback for fine tuning not "yeah" or "nay" regarding the viability of SPD. 4) License agreement with MAJOR automotive supplier will be announced in 1998. 5) Company will continue research and development on the myriad of other applications of SPD. This will result in additional patents providing the long term investor financial security in terms of royalties paid in stock splits and dividends. Regarding Return on Investment 1) The current stock price is IRRELEVANT- just the result of manipulation and 2 years of bashing by shorter/traders who took information OUT OF CONTEXT. Stock price will rise commensurate with the realization that SPD products are a reality in the NEAR future NOT years away but LESS THAN 12 months away. Stock splits and cash dividends will follow product delivery. Conservative projected earnings on glass product alone are $6-8 per share. (Our research leads us to believe that this is a LOW estimate involving only .5% of the market. We think it could be many times that amount.) This would increase the stock price to at least 10 times current levels. Company has stated in an online conference call that they intend to become a "royalty-collecting, dividend paying cash machine. After multiple splits investors can expect their ownership of SPD technology to be worth many times the current price and with the income it will provide, few will sell this "goose that lays the golden eggs." 2) Dividends will pay back investors many times over their initial costs (the real figures are astronomical and we hyperventilate if we look at them). ND

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