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To: David Lawrence who wrote (10757)	8/28/2002 6:22:11 PM
From: N. Dixon	Read Replies (3) \| Respond to of 12810

What do accumulated losses have to do with future revenues? They spent that money to develop SPD technology. They have no debt and there's only 10 million shares in the float. LC and EC have cost much more not to mention low-e and float glass. Do you know how much your government is spending on alternative window glazing technologies? They've been doing the research longer the REFR has and most of the large companies initially involved have dropped out. REFR doesn't do the manufacturing. It's a patent play. The licensees who are selling SPD products have millions in sales. How could there be significant royalties if they just started mass production of film in 2002? Do some research before you make assumptions. None of what you said would be a deterrent to someone who understands the company: refr-spd.com SPD film just started mass production this year. Sales this year have not exceeded minimum annual royalties paid in 1st quarter. Company says 2003 they'll be profitable and then revenues should escalate rapidly. Key is film production, which currently is limited to SPD Inc. but soon will have Isoclima and maybe Bekaert. It's availability not marketability. It helps if you have some understanding of the glass industry. It's getting sponsored on a global scale that counts. That's happening with SPD. The company only needs 4 million to operate and their licensees now have products out in residential/commercial windows and auto glass. The plant in Korea is operating at about 6% capacity with plans to increase that this year. Even with that small amount of film, REFR can be profitable because the first products are selling to high end markets like aircraft windows. Even NASA has taken notice: Message 17927493 The company has stated that they will eventually pay dividends. The annual market in flat glass is 40,000,000,000 and if REFR licensees get only 1/10 of 1% of that it will mean $3 EPS to REFR. They spend $.30 per share, a cost which remains stable even as production increases. Plenty of room for dividends. ND