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To: Roger A. Babb who wrote (144)	10/11/1998 8:19:00 PM
From: N. Dixon	Respond to of 1438

Roger, <<This is the first situation I have seen where that R&D by other companies and proceeds from stock sales are thought to be earnings, very creative. >> I think we can't help but commend Bob Saxe for his genius in getting this technology to market after 32 years of painstaking dedication and in doing so incurring NO debt (and 8 million in cash with 15 million in reserves) which puts him in the catbird seat as we see a long line of companies line up to get a license to use SPD film in their projects (not only do film manufacturer's need a license with us but any company who BUYS from our current licensees needs to pay us royalties). You have to admit that this coup certainly mitigates the "no earnings" issue. I hope you change your mind and go long as that is where the money looks to be in the next few years. Have enjoyed the exchange. ND