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

To: N. Dixon who wrote (10006)	7/27/2003 11:07:45 PM
From: N. Dixon	Respond to of 10293

OT KEVIN: by: dollyinvirginia (F/DC burbs) Long-Term Sentiment: Strong Buy 07/27/03 10:58 pm Msg: 152273 of 152273 <<If you'd had the class of the people in, say, GBUR, who never to my knowledge intruded upon Bill's thread . . . we wouldn't be having this conversation right now.>> Kevin, So now I've "intruded" in Bill's sycophants-only zone? That's hilarious Kev. I've never posted one word on SI. Dolly

To: N. Dixon who wrote (10006)	7/28/2003 9:59:33 AM
From: inchingup	Read Replies (1) \| Respond to of 10293

The REFR deception game: Part 1 by: market_wrap_today (44/M/Greenwich) 07/21/03 11:14 am Msg: 151293 of 152276 On March 26, 2001 REFR issued the following press release: "Monday March 26, 9:16 am Eastern Time Press Release Research Frontiers Authorizes an Additional 500,000 Share Buyback WOODBURY, N.Y.--(BUSINESS WIRE)--March 26, 2001--Research Frontiers Incorporated (Nasdaq:REFR - news), the developer and licensor of SPD light-control technology, announced today that its Board of Directors has authorized the Corporation to make discretionary purchases in the open market of up to 500,000 shares of its own common stock. The amount and timing of purchases will depend upon market conditions and other factors as they exist from time to time. Shares purchased by the Company are immediately retired. Robert L. Saxe, President of Research Frontiers, noted: ``Last year we bought back and retired 182,600 shares of our common stock for approximately $3.3 million and so far this year we repurchased and retired an additional 144,700 shares for approximately $2.4 million. During the fourth quarter of last year, our Board approved a 200,000 share buyback after our original 375,000 share buyback was completed. Now that we successfully completed this last 200,000 share buyback program, our Board has authorized another 500,000 share repurchase program so that we can continue to take advantage of the attractive price for our stock in the market to reduce the number of shares issued and outstanding. We believe that our stock is an excellent investment, and with our strong balance sheet, progress by our growing list of licensees, and anticipated revenues and moderate expenses, we think that this is a good use of our capital.'' Currently, Research Frontiers has substantial cash and cash equivalents which will be reported later on this week in its Annual Report on Form 10-K and no debt." According to Edgar filings REFR "bought back" 177,000 shares in Q1 2001 for an average price of $16.58 and according to the press release "retired" them "because the price was ""attractive"" and to "reduce the shares outstanding". On December 31, 2000 REFR stated in its filing it had 12,103,683 shares outstanding. As of March 29, 2001 (as published in the 2000 annual report) REFR showed 12,001,083 shares outstanding, or a difference of approximately 102,000 shares. (7000 shares were issued as options during this time frame). Yet, only 2 days later, on March 31, 2001 REFR showed 12,091,669 shares outstanding or an INCREASE of 90,000+ shares issued and outstanding which appears to show that on March 30, 2001, only 4 days after publicizing "another" buyback program in their press release, REFR actually issued 90,000 shares instead of buying stock back as indicated in a press release. What is more disconcerting is that the shares appeared to be issued to Ailouros at a price of approximately $13.94 per share. These were the reissued shares that were suposedly retired by REFR at a cost of $16.59 per share. This seemingly cost investors $238,000 in this quarter alone and the shares issued were "in the money" at the time of issuance by $4.81 per share or an astonishing $432,000. Based on the Ailouros agreement they were to receive stock based on a cost of 92% of the average high and low in the 7 days preceeding the issuance. By my calculations that price should have been $14.75 with the discount, yet the shares were issued at a price of $13.94. Of course the press release of March 26, could never be construed as misleading, could it? An emergency only 4 days later must have caused REFR to change its mind about the 500K buyback and issue shares instead.