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

To: Greg Jung who wrote (1134)	10/16/1998 11:34:00 PM
From: Zeev Hed	Respond to of 50710

Greg, I doubt they buy enough to "juggle the price" (which is illegal). I think they are buying back very little (at least in the last two years they bought less than 20,000 shares), and IMHO, even that little is an error. But they know their business better then I do. I said before, their burn rate is close to $3 MM per year and thus at current burn rates they have more than 2 years of cash. They will face a problem if the applications are not ready to hit the market in two years. They are in a situation where it is not up to them to deliver but up to their customers. I personally, I think that they still have a number of technical problems to solve, but they seem to believe that these are no longer critical. The market thinks otherwise and that is why the "chart" does not look too good. Zeev