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

To: Paul M. who wrote (587)	2/10/1998 4:51:00 PM
From: N. Dixon	Respond to of 50167

I received this message from Gary: To: N. Dixon From: gary schrimpf Tuesday, Feb 10 1998 3:54PM EST Dear Ms. Dixon: As I promised, I wouldn't post on S.I. for a while I'll let you in on something everyone of these "brains" has overlooked. On Sept. 30th, 1997, REFR had $5,862,000 in operating capital and were burning this at a rate of $2,500,000 annually. They also were receiving interest on this money, thus they had approximately 2 1/2 years of working capital left. If they felt a product would be introduced in the near future. WHY THE PPRIVATE PLACEMENT?? They wouldn't need the money now, would they? I dare you to ask that question on the thread. As I am still "long" I wouldn't post it on "yahoo". This is what I meant by "the forest through the trees." I have some more real interesting "stuff". but as I said, I'm still long. You'll know if I ever short. I'm not quite as stupid as everyone wishes to believe. GARY My response to Gary: Gary, I am relieved that this is all that is worrying you. For a moment there I was worried that you were going to reveal that Bob Saxe is a woman. ND

To: Paul M. who wrote (587)	2/10/1998 5:07:00 PM
From: N. Dixon	Read Replies (1) \| Respond to of 50167

By the way Gary, all kidding aside, here's the information you requested as to why a private placement. In the future you can save yourself a lot of trouble and public humiliation by just going to the website at refr-spd.com ND RESEARCH FRONTIERS COMPLETES $5 MILLION PRIVATE PLACEMENT WOODBURY, N.Y., October 31,1997-Research Frontiers Incorporated announced today that a group of institutional investors have invested $5,000,000 in equity capital through the purchase of a prepaid common stock warrant. The warrant, which is redeemable by the Company under certain circumstances, is exercisable over its five-year term at an exercise price which fluctuates with market conditions. The equity funding substantially buttresses Research Frontiers' already strong balance sheet, and will generate additional investment income for the Company. As of the end of October, 1997, the Company had more than $10.2 million in cash and marketable securities, and no debt. "The excellent response to this offering validates our Company's strategy of commercializing its suspended particle device (SPD) technology through a growing list of blue-chip licensees, and recognizes the enormous market potential of products for the control of light." said Robert L. Saxe, President of Research Frontiers. "We have enjoyed working closely over the past several months with the principals and advisors to this strategic investor group who have recently concluded a due diligence review of the Company and analysis of the markets for SPD products. We are pleased with their long-term commitment to Research Frontiers and our proprietary light-control technology, and believe that the caliber of these investors will raise our corporate profile among institutional investors." noted Saxe. The investors were advised by Ramius Capital Group LLC, a New York-based investment management and merchant banking firm that provides capital to public and private companies. DJ Ltd. acted as investment advisor and placement agent to Research Frontiers in connection with this transaction.

To: Paul M. who wrote (587)	2/10/1998 6:44:00 PM
From: Ted Campbell	Read Replies (3) \| Respond to of 50167

Another nice close for Refr today. From 3:57 to the close, the last six trades were: 8,000 at 8.50; 500 at 8.50; 500 at 8.50; 500 at 8.56; 500 at 8.625; and last trade of 1,000 at 8.625. The third strong close in a row with good volume. Wonder if it's the shorts covering? Bet they're starting to sweat it a bit now---too bad! Meanwhile Refr broke a downtrend line that has been in place since 8-11-97 when it peaked at 11.625. It had been unable to penetrate that downtrend line, but did it today and with 1/4 of a point to spare! Looks bullish to me. Ted Campbell