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

To: madman who wrote (851)	8/10/1998 11:53:00 PM
From: N. Dixon	Read Replies (1) \| Respond to of 50026

Progress Report on REFR available at web site. Here is reprint. All GOOD NEWS!! In our Summer Newsletter we informed you of our goal of quickly preparing multi-gallon quantities of our SPD film-making emulsions, which will be used by our licensees to make variable light transmission SPD film. I am pleased to say that despite the complexity of integrating numerous tasks including the synthesis of a variety of monomers and polymers in large quantities, as well as producing light-absorbing particles for the emulsions, we are currently still on target to have the emulsions ready for testing in the fourth quarter of this year. Material Sciences Corporation (MSC), the world's second largest specialty window film manufacturer, plans to commence production of test rolls of the SPD film at their San Diego plant soon after these emulsions become available to them. Last month we had highly productive separate meetings at Research Frontiers with MSC and with Hankuk Glass Industries, Inc. our Korean licensee which is the largest glass company in Asia outside Japan. Information was transferred concerning each company's activities, improvements and scale-up plans. In addition to us helping our licensees to develop large-scale production capabilities, we are also focused on achieving high durability for the SPD films. Hankuk is currently working closely with another major Korean company which is experienced in film-making, to develop a large-scale production capability. (MSC already has the necessary film-making equipment in place.) Hankuk's President also has informed us that Hankuk regards the SPD project as extremely important, and that despite Korea's well publicized economic problems, Hankuk has achieved a profitable first half of 1998. Not counting top management, Hankuk has a team of nine persons working on the SPD project. At the meeting, Hankuk also presented us with a large SPD film window prototype which has a very nice range of light transmission and a very fast response time. They have done impressive work since we had last met with them in 1997. Our eyewear licensee, Vision-Ease Lens, Azusa, located in California, a subsidiary of BMC Industries, continues to make rapid progress to develop variable light transmission SPD sport goggles, and we exchange information with them regarding improvements several times each month. They have already constructed working prototypes for internal demonstration, and we expect them to develop more advanced prototypes and begin other pre-commercial activities during the next few months. High-level talks are ongoing with several of the world's major automotive suppliers, with the objective of establishing a major business relationship to develop SPD sunroofs, sun visors, mirrors and windows for automobiles and trucks. They appear to share our belief that SPD products are likely to be of great importance to the automotive industry. Negotiations are also in progress relating to possible new window license agreements. Research Frontiers continues to be in rock-solid financial condition with a strong balance sheet, plenty of working capital, and no debt. We shall continue to keep you informed concerning the progress we are making. Sincerely yours, Robert L. Saxe President Note: From time to time the Company may issue forward looking statements which involve risks and uncertainties. This statement may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ and any forward looking statements should be considered accordingly.