A quarter to nothing

And so we come to the end of fiscal Q1 2005, with REFR producing nothing but bitter disappointment for its shareholders.

Of course, the promoters on the message boards will tell you now that they held no expectations for this quarter. But that is a lie. See this post for example:

Confidence Level on Commercialization by: sjuan2 (52/M/Fremont, CA) Long-Term Sentiment: Strong Buy	12/07/04 02:59 pm Msg: 191116 of 195140
For those who like numbers, the confidence level that SPD film commercialization will be announced: January : 50% February: 75% March : 100% sj

100% confidence in an announcement, which didn't come. You'd think that just might shake the confidence of those posting there, but no.

Well, admittedly, the alias sjuan2 has subsequently disappeared from the board, but there is little doubt that person will be or is already posting again under a new alias. And so the cycle continues.

Meanwhile, Joe Harary collects another 100 grand or so for all this failure. Nice work if you can get it.