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

To: lawrence smith who wrote (1021)	10/8/1998 1:56:00 PM
From: Jonathan Babb	Respond to of 50170

Lawrence - Thanks for the feedback. I am not a patent lawyer, but I have written patents myself. The reason for my questions is that I do not have enough information on the technology to make an assessment one way or the other. I do have experience with taking positions in companies with the equity line type of financing that REFR has arranged, and the previous convertible, that is what drew my attention. It has been my experience that this is a last resort type of financing. I just recvd a confirmation from Mr. Harary that the total technical staff at REFR is 6, as stated in the SEC. He also mentioned, as you have, a much larger group of technical people who work for the licensees. That sounds like a good deal for REFR if they are not on the payroll and yet working on the technology. He also says that the two most recent hires (of the 6) are chemists with PhDs and teaching experience, one specializing in polymer chemistry and the other in commercial scale-up. Sounds reasonable to me, but you implied that there were more. They are also sending me the patents (113! Gulp!) Again, thanks for the data. Best of luck. Jon