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

To: N. Dixon who wrote (1112)	10/13/1998 9:39:00 PM
From: Jonathan Babb	Read Replies (1) \| Respond to of 50136

Dixson - I am not espousing an opinion. Just pointing out that REFR has been a net seller of shares every quarter that I have analyzed, and has announced their intentions to sell even more shares. We called Joe and he confirmed that yes, they were intenting to sell more shares in exactly the manner stated in the S-3. Jon

To: N. Dixon who wrote (1112)	10/13/1998 9:43:00 PM
From: R KIEFHABER	Respond to of 50136

Don't you people ever get tired ??? BOB K

To: N. Dixon who wrote (1112)	10/13/1998 9:48:00 PM
From: Jonathan Babb	Read Replies (1) \| Respond to of 50136

I gathered these off the REFR SEC filings. Please check for accuracy, I did it manually and of course don't guarantee... Date Shares 82% "soft-floor" redeemable Cash pre-paid Warrants Oct 1, 1998 11,007,468 Aug 12, 1998 10,997,868 I can't find? Jun 30, 1998 $8,204,843 May 12, 1998 10,868,932 I can't find? Mar 31, 1998 $8,772,201 Mar 25, 1998 10,837,057 I can't find? Dec 31, 1997 10,342,195 $5M - 122,685*price $9,656,871 Nov 17, 1997 $5,000,000 Nov 7, 1997 10,289,510 Sep 30, 1997 $5,968,590 May 13, 1997 10,175,726 Mar 31, 1997 $7,424,157 Mar 27, 1997 10,175,726 Dec 31, 1996 10,066,897 $8,109,323 Dec 31, 1995 9,930,761 $9,764,881 Dec 31, 1994 9,121,060 $7,155,204 Dec 31, 1993 8,573,131 (adjusted for 5/4 split) Dec 31, 1992 7,232,053 (adjusted for 3/2 split)