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Non-Tech : Bill Wexler's Dog Pound -- Ignore unavailable to you. Want to Upgrade?

To: N. Dixon who wrote (8125)	7/17/2001 7:32:21 PM
From: Bill Ulrich	Read Replies (1) \| Respond to of 10293

Thanks for the 6% clarification. So, expenses and taxes aside, they might see $1.2 million this year, if "expected" approaches "real"? Have they been reasonably accurate in past years regarding the "expected vs. real" revenues? I'm just trying to better understand this apparent profit, over the $316 mil. market cap, over 12 million other shares with which one has to contend. Perhaps I may be missing some important details, though. Despite the $26 share price, it looks rather "penny stock", at first glance. Should I take a second one?

To: N. Dixon who wrote (8125)	7/17/2001 11:00:58 PM
From: BinkY2K	Respond to of 10293

Bill, what was not obvious? What Nancy wrote is almost correct. The translator of the Korean words used current exchange rates. SPDi is an offshoot of Hankuk that will make SPD film for many uses. REFR paid about $750,000 to own a 6 2/3 percent stake, I believe. But, that is not the most important part. That film will be used to make products using SPD. Many millions of square feet. REFR gets royalties on the products of at least $1 per square foot and often much more. In the case of the airplane windows, more like $100 per square foot. Hankuk expects to open additional factories to make film and to make end products and they have announced limited production now and large quantities by the end of the year with sales of end-products by them this year. InspecTech has made sales and will be delivering the products anytime now. So, why do you ask why this is good news for REFR? They key is profits. Once REFR earns $4 million or so per year, anything beyond that is profit. They have tax loss carryforwards based on startup expenses for many years that shield lots of income for the first years so it will be mostly profit. Wexler is free to short REFR even in the face of what looks like I describe not what he does. Darned if I know why anyone would join him but that is what makes a market.