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To: Jay Lyons who wrote (321)	1/25/2000 8:49:00 AM
From: Wafa SHIHABI	Respond to of 973

No problem.

To: Jay Lyons who wrote (321)	1/26/2000 10:28:00 AM
From: Wafa SHIHABI	Read Replies (1) \| Respond to of 973

Well Jay, see what you have done now? 3 announcements and a conference in one day and no one wants to talk about it on this board. Ok, I'll talk. The funding. I find the size of the funding in itself quite bullish. It indicates a high degree of confidence in the next step of expansion. The last few experiences in fund raising were in the order of $1-15 at a time (ISCO,CDTS). The 30 units. Even though I would have loved for them to declare that they will meet their original forecast, I think it is more significant to be able to measure the sales "process" itself and not the numbers at this stage. Obviously, none of us can do that from the outside. SMES is not a product that has been sold for many years. The selling process is a learning experience on its own. The statements made during the conference, were quite assuring of the increased sure-footedness of that process. That I found rather positive. Other remarks in the conference renewed and reassured on the progress on motors, wire, other products and JV's. I found the JV talk extremely healthy, and supportive of the argument that management is very much on the right track, strategically and tactically. Now Jay, I tried hard not to cheer lead, but I must confess that I like this company.

To: Jay Lyons who wrote (321)	1/27/2000 11:23:00 AM
From: Wafa SHIHABI	Respond to of 973

From the SEC filing: We intend to use the net proceeds from this offering as follows: . approximately $30 million for leasehold improvements and equipment for a new plant for manufacturing HTS wire; . approximately $10 million for leasehold improvements and equipment for a new SMES systems manufacturing facility; and . approximately $10 million for costs, including costs of contract manufacturers, associated with designing and manufacturing HTS motors. We plan to use the remainder of the net proceeds for general corporate purposes, including funding our operations and acquiring capital equipment. The amounts listed above are estimates only, and the exact amounts we spend for these purposes will depend upon a number of factors, such as the actual costs for these projects, the progress of our commercialization and development efforts and the status of our relationships with strategic partners. Pending the uses described above, we intend to invest the net proceeds of this offering in interest-bearing, investment-grade marketable securities.