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Technology Stocks : Research Frontiers (REFR)

REFR 1.570

+0.6%

Nov 10 3:59 PM EST

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To: N. Dixon who wrote (1049)	10/13/1998 1:56:00 PM
From: fmrick	Read Replies (1) of 50112

<<4. REFR has plenty of cash to last for the next three years and is delivering the commercial batches of "goop" to licensees in the 4th quarter. There is nothing for which they need cash at this time.>> Wrong again Dixon. They are using the cash on hand to buy back shares. At the current price ($6, if they are lucky to get them that cheap) they would spend about a year's cash to buy back 500K shares. You cannot have it both ways. Either they have money and don't buy back the shares or they spend the money on the shares. This is the type of flaw your logic is filled with. Rick

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