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To: Bill Cotter who wrote (36638)	4/2/2002 8:44:01 PM
From: Johnny Canuck	Respond to of 67751

VTSS does not compete in the same product segment as KOPN. In addition, you can't make CMOS hetrojunction bipolar transistors (HBT) that switch fast enough to be used in power amplifiers for wireless handset. Those transistors need to be able to switch signals in the gigahertz ranges; this is something that CMOS can't do. VTSS is dropping GaAs in favour of InP, another fast switching technology. KOPN has its own InP program. Though like VTSS it is still in the early stages and won't be replacing GaAs anytime soon. From 10K: freeedgar.com We design our HBT transistor wafers in collaboration with our customers' engineering teams in order to create customized products that meet their specific application needs. Once our HBT transistor wafers have been "designed in" a customer's product, we believe it would be costly for that customer to switch to an alternate supplier. Our largest customer for our HBT transistor wafers is Conexant, with which we have collaborated on the manufacturing and development of our HBT transistor wafers and related integrated circuits for several years. Other customers of our gallium arsenide products include Alpha Industries, Agilent, Anadigics, Mitsubishi Electric Co. Ltd., Nortel Networks, and Siemens. For the years ended December 31, 1999, 2000 and 2001, sales of gallium arsenide products to Conexant constituted 49%, 46% and 21% of our total revenues, respectively. For the years ended December 31, 1999 and 2000, sales of gallium arsenide products to Mitsubishi Electric Co. Ltd. were 13% and 11% of our total revenues,respectively. CyberDisplay Products We currently sell our CyberDisplay products to customers either as a single component or together with a lens and backlight as a unit. We provide our CyberDisplay products to JVC, Panasonic and Samsung for use in digital camcorders. In addition, we are actively working with numerous other customers to develop additional and new applications for our CyberDisplay products. In order for our CyberDisplay products to function properly in their intended applications, integrated circuit chip sets generally are required. Several companies have designed integrated circuit chip sets to work with our CyberDisplay products. Motorola has designed the integrated circuit chip set currently used with our CyberDisplay product in camcorders. Motorola and other companies are designing other integrated circuit chip sets based on our CyberDisplay products for use in camcorders and other consumer electronics products. For the year ended December 31, 2001, sales of CyberDisplay's to JVC and Samsung were 15% and 22% respectively of our total revenues. Sales and Marketing We principally sell our HBT transistor wafer products directly to integrated circuit manufacturers in the United States, Europe and Asia. We sell our CyberDisplay products directly to original equipment manufacturers and co-market our CyberDisplay products with Motorola on a worldwide basis. Sales of our HBT transistor wafers and our CyberDisplay products to customers in Japan are made primarily through foreign distributors.

To: Bill Cotter who wrote (36638)	4/2/2002 9:29:10 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 67751

Watch RFMD, NOK, CNXT for guidance on handset sales. BBY and CC gives you an idea that consumer sales next Q will be slow. This could effect cyberdisplay demand if camcorders are not in demand. Like most consumer electronics their big selling season is probably christmas.

To: Bill Cotter who wrote (36638)	4/12/2002 5:47:25 AM
From: Johnny Canuck	Read Replies (2) \| Respond to of 67751

Bill, You asked if I had invested in anything yet this year. TXCC is getting pretty close. The 10 K isn't all that clear, but if your take the numbers as on Dec 31,2001: They have 436.2 mil in cash and equivalents The re-bought 145.9 mil in convertibles as of Dec 31,2001 As of March 31,2002 they have re-bought 199.937 mil in convertibles. If you subtract the 145.9 from the 199.937 then they used 54 mil in cash this Q to buy back more convertibles. There remains 114.1 mil outstanding as of March 31,2002. They have a burn rate of about 21 mil a quarter. Cash 436.2 mil Convertible buy back 54.0 mil Outstanding Convert. 114.1 mil Burn this Q 21.0 mil ******************************* Total Cash left 247.1 mil Shares outstanding 90 mil cash per share: 2.74 cent They have cash for 10 quarters of operations. It looks reasonably safe to me. Note the RBAK was a 11 percent customer of they reported relative weak results.