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Technology Stocks : Research Frontiers (REFR) -- Ignore unavailable to you. Want to Upgrade?

To: fmrick who wrote (272)	11/23/1997 3:05:00 AM
From: Joe Hoofnagle	Read Replies (1) \| Respond to of 50119

Richard, I'm a new poster but have been following this thread for some weeks now, and the company for some years. I have always understood the GE deal to be non exclusive, and open ended, time wise. I gather this from disclosures made by the company to all parties, not from phone calls to Hirary or anyone else. You said: "As to the license issue, if all licenses are open "forever" then any company who has ever signed a license agreement can product (sic) a product forever. So what protection does that offer the next licensee?" I don't know what you mean by "all" licenses, but as far as I know all of the licenses granted thus far by REFR are open ended as to the time deadline, although they do have periodic license fees that must be paid. According to Ted, Hirary is saying that these fees have been paid up to date as far as GE is concerned. As to what protection is offered the next licensee??? As Robert Goule said in "The Fantastics"...."it depends on what you pay." Anybody out there who wants to can correct me if I'm wrong on this, but when the manufacturing frenzy starts I expect some companies who are not in on the ground floor, like GE et al are, will be willing to pay boo coo $$$$ for the privelege of producing film. The question is, What protection is there for GE et al to keep others out. When the presses start rolling is when I expect REFR will start modifying their deals with current players to "upgrade" into exclusivity. As long as current players have the capacity to keep up with demand, I expect they will PAY to keep others out. When they are at full capacity, there will be less incentive for them to maintain exclusivity. Then you said: "Gee, rather than investing in the stock maybe I should just send them $50,000 and get my license to produce the film. Then after someone else spends the time and money to develope a market, I'll just jump right in. What would stop me? I have a license too!" First off, I don't know of any reason why you couldn't cut some deal for one of these licenses NOW, but try to get one later, after the product is rolling off the lines. So, maybe your 50 grand would be better spent on such a license, if you have the facilities to produce film when the time comes. Secondly, I don't think GE, Monsanto et al are developing the markets, I think that is being done by Hankuk, Glaverbel, & Sanyo, etc. GE et al are just waiting in the wings for the product demand to require them to start up the film presses (oversimplified example I'm sure). Ted, Did Hirary give you any hint as to what products he thinks are immanent to be the first exploitation of the film...Sun visors, sun roofs, mirrors, or what?

To: fmrick who wrote (272)	11/23/1997 1:53:00 PM
From: Ted Campbell	Read Replies (1) \| Respond to of 50119

Richard, I like the fact that you are a college hoops fan as that is one of my passions. I'm glad that one of REFR's coaches likes his chances to get to the Final Four and go for a Championship. Believe me, I've spoken to other company coaches who have been quite unenthu- siastic and downright negative on their chances for a Final Four appearance. Even when International Lottery and Totalizator's stock was doing well, their investor relation's coach was decidedly unenthu- siastic about the company's prospects. He obviously knew something, because several months later the stock began its fall from 20 to where it currently resides--1.5!! My point is, that not all coaches think it's going to be a great year for their team---some know that they don't have the players to get them to the Championship Game, and are quite blunt about it (ie:ITSI, and others). As far as getting an outside official calling the game, and not a REFR official, I did talk to a guy in California recently about REFR. Admittedly, he's a shareholder, but he said he had talked to a coach at Material Sciences a few months ago. The coach, Graham Thiely, was very impressed with REFR, I was told. That's as close as we can get to an outside official at this point. Anyway, RC, let's just hope REFR can stay away from the injury bug, and keep all its players in one piece, and maybe we'll all be celebrating a Final Four appearance, and National Championship in the not too distant future!! PS. Yes, RC, I know. Tubby Smith got his start under J.D.Barnett at VCU and (if I'm right about this) ironically replaced him as head caoch at Tulsa. Am I right about the Tulsa part? Congrats on your win last night--we've really got our hands full in Maui the next three days!