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Technology Stocks : THREE FIVE SYSTEM (TFS) - up from here? -- Ignore unavailable to you. Want to Upgrade?

To: raefon who wrote (1522)	5/29/1998 12:02:00 AM
From: Noblesse Oblige	Read Replies (2) \| Respond to of 3247

Hi Raefon... You have noted: "Oh, BTW, the CFO of KOPN did an interview with Bloomberg. In that interview he stated that Ericson(SP?) recently did a real demo of his "reflective technology" for Cell phones (he had a dummy version at the AEA conference last November)in Germany. He suggested it was very well received. If anyone has access to Bloomberg and would like me to tell them where to find the interview please e-mail me." ____________________________________________________________________ It should be clear to anyone beyond the most casual observer that this is precisely the reason that Kopin trades at such a premium to TFS's capitalization. Kopin's management does what is necessary to generate interest in its products and prospects. In comparison, TFS's efforts (and I have no doubt that they are considerable) are intentionally hidden for the benefit of "secrecy." This is not unlike management's decision not to allow large shareholders the ability to "walk" the Tempe production line, "because we don't want anyone outside the company to see our new equipment and plans." (That quote isn't exact, of course, but fairly represents the reason I was once given for the turning down of my own request to "view" the production facility in Tempe. To say I was startled would be a radical understatement.) This penchant goes well beyond normal care designed to protect a company from industrial espionage. In my mind, it reflects studied paranoia. And, that "personality" issue is unfortunate, not only because it makes certain that life is less pleasant for those with the tendency, but it also has not allowed a normal balance of information to be disseminated through the company and on to Wall Street. Just think of it, the company doesn't even disclose the magnitude of projected revenue flows from production contracts, even when it doesn't name the ultimate customer. So, I plaintively ask, is that a need to protect your customer? Is it a need to protect TFS, so that competitors not attempt to compete on those orders? Or, given the reality that the customer's name isn't disclosed in the first place, is it more likely to be standard practice for a company that wants to play it close to the vest...and not give information out to investors that it can be graded on later if there is some sort of "surprise"? I know what I think. And, I think it is overdone. As I have previously written, Mr. Raefon, any competitive management would be appalled that the value of its work is accorded such a low market valuation compared to its peers. Perhaps that is most of our problem. Management doesn't seem even affected, let alone appalled. And, no matter how this investment turns out, I have already come to the realization that I have made an investment "error," one that I have never made prior to this in all my experience on Wall Street. From now on, prior to making a sizeable investment for myself and my clients, I will make absolutely certain that management will do what is necessary to compete in the real world of ideas and valuations. This management really doesn't do that. It actually refuses to enter the playing field. There are no Michael Jordan's at TFS. And, it is an important piece that is missing from the total picture. Just ask the Kopin shareholders....they know. Have a good evening, Raefon.