To All.....
September 25, 1998
September Progress Report
Dear Shareholder:
Many of you have called to ask whether we are still on schedule to meet
our fourth quarter goal of preparing multi-gallon quantities of our SPD
film-making emulsions, which will be used by our licensees to make test
production runs of variable light transmission SPD film. The short
answer is "Yes". We expect to make delivery during December, 1998.
We expect to deliver to our licensees up to about 5.5 gallons (one-tenth
of a barrel) of the film-making emulsions. Once we can produce these
quantities, it should then be easy to scale up further to full barrel or
multi-barrel quantities. However, by initially producing only a fraction
of one barrel, we are keeping our investment in materials low.
A single barrel of emulsion should enable one to produce in excess of
80,000 square feet of SPD film having a thickness of 1 mil (0.001 inch)
or, alternatively, lenses for more than 1 million pairs of sports
goggles.
While working on the scale-up program we have greatly simplified our
procedures for making particles and liquid suspensions incorporating the
particles, which will drastically cut the amount of time required to
make any quantity of liquid suspension used in SPD film.
We have also made critical changes in our film-making materials and
procedures which should dramatically reduce our licensees' costs, and
should also make it possible to produce repeatably large quantities of
our film-making polymers.
We are pleased to note that the President and CEO of our licensee,
Material Sciences Corporation, Mr. Gerald G. Nadig, in his Company's
second quarter report, stated they were ready to begin scaled-up
production of SPD films.
We very much appreciate the great interest in our technological progress
that shareholders have shown, and as you can see, we are making a
tremendous effort to achieve the Company's goals.
With best regards, I am
Sincerely yours,
Robert L. Saxe
President
Note: From time to time the Company may issue forward looking statements
which involve risks and uncertainties. This statement may contain
forward looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Actual results could differ and any
forward looking statements should be considered accordingly. |
