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Microcap & Penny Stocks : Manhattan Scientific....MHTX -- Ignore unavailable to you. Want to Upgrade?

To: nic who wrote (39)	2/2/1998 5:02:00 PM
From: Dave Triplett	Respond to of 942

Looks to me like MHTX is a long term investment (at least 1 to 2 years). Is this not in the very early stages of R & D?. Just look back to how long PJTV (a major shareholder in MHTX) took to bring a product to market.

To: nic who wrote (39)	2/4/1998 9:16:00 AM
From: nic	Read Replies (1) \| Respond to of 942

Regarding Hockaday's 2 micro fuel-cell (MFC) patents: The 1987 one appears rather basic, and is probably not too relevant anymore. The 1997 one looks far more comprehensive, and describes a fair number of tricks that address practical problems in MFC operation. To the extent that these tricks are necessary, it could effectively block U.S. competitors from developing comparable MFCs. I did notice a few things to watch out for though: 1) no international patents (is that what they allude to with "further applications pending"?) 2) The 1997 patent points out potential MFC problems - I quote (p.6): It is possible that if the electrolyte is circulated frequently and if there is adequate electrolyte exchange with the atmosphere the carbon dioxide can be diffused out of the electrolyte. Translation: the problem of getting the CO2 out of the electrolyte is not yet solved. Further: Cyclic thermal cycling along with thermal gradients also could remove deposits. Purging the cells or periodic cell voltage reversals can be used to remove catalyst poisons such as carbon monoxide. This doesn't seem compatible with the rosy picture of MFCs as a drop-in replacement for batteries. My take is that refueling an MFC may wind up being done at a shop (along with reconditioning) rather than at home. Meaning they'd have to build up an infrastructure for this - not a trivial thing to do. Comments? I will watch MHTX but am not in a hurry to jump on the train - I suspect that there will still be good entry points further down the line. Disclaimer: I am neither a financial nor a fuel cell expert. Be careful out there. - nic