To: Kevin Podsiadlik who wrote (1842 ) 8/22/2001 10:19:29 AM From: N. Dixon Read Replies (1) | Respond to Here is the disclaimer you left out:"This report should not be construed as an offer to sell or solicitation of an offer to buy any securities. Opinions expressed are subject to change without notice." estimate of the royalties per window @ $110 per window ($780 for 7 windows) as opposed to the low ball estimate of $40 that Saxe gave in the press release. So the minimum annual royalties on 5000 windows per month will be over $6 million at those rates rather than the $2.4 million estimated by REFR at the low end of the scale. Most likely will be somewhere inbetween. No wonder profitability is predicted in 2002:At the Research Frontiers’ Annual Meeting two months ago, Mr. Saxe remarked that the Company had completed its goal of building the multi-level SPD supply infrastructure through strategic license agreements. InspecTech, an "end-product" licensee, has been supplied with SPD film by Hankuk Glass Industries’ SPD Inc., an SPD film-producing licensee. Joseph M. Harary, Executive Vice President for Research Frontiers, remarked: "Today’s historic InspecTech announcement demonstrates that the SPD infrastructure is now operational. After years of building, testing, and scale-up, the pipeline of SPD film for use in end products is open. What you see today is a microcosm of what will rapidly unfold. Our licensees’ timetables call for larger volumes of emulsion and film production by the end of this year, and the flow of materials through the pipeline will increase dramatically. That is welcome news, because with an anticipated SPD film price under $20 per square foot, it appears there will be tremendous demand for SPD film from a variety of industries."
