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To: Scott C. Lemon who wrote (2265)	11/5/1999 9:36:00 AM
From: John Stichnoth	Read Replies (1) \| Respond to of 5853

Re DCHT--It was in their Form 10, on Edgar-- sec.gov The Fuel Cell license is exclusive for 15 years, if I remember. Their fuel cell is a little different from PLUG's (which is big enough to run a house) or Ballard's (which will run a car or truck). It's smaller, for one thing. So, I'm not quite sure where it would find a mass market. Also, they don't seem to have any follow-on patents that would help take the product commercial. Ballard's recent patents, for instance have been very practical, such as for an "integrated seal". My other comment on DCH would be that they are (or were as of June 30) in negative net worth. This is a small company. I think it is a real company, but they are not going to be able to do anything without a lot more money. And they don't have it on their balance sheet. They're going to have to go out and get an angel. And that means dilution of the common shareholders. Perhaps substantial dilution (e.g., reorganization?). If I was to back them, I'd probably force them to essentially wipe out the existing shareholders and keep the managers happy with options. Of course I don't have $30MM for them! :-(. I think Dan is a pretty straight shooter, if a bit of an optimist. Steve has an agenda. The above is my opinion only, of course. Best, JS