In an unusual case a couple of years ago, REFR actually got one of their theoretical customers to put out a PR more or less on their behalf.
Road Rescue, an ambulance manufacturer out of South Carolina, agreed to offer SPD windows as an option on their ambulances, and kicked off the rollout with a press release announcing the new feature.
Bully for REFR and SPD, but, um, what does variable transparency glass do for an ambulance, exactly? Ambulances don't have a lot of windows, and those in the patient compartment are already darkened for privacy and glare reduction. And in general the patients tend to have more things to worry about than the view out the window. Are there really any situations where they'd want those windows to not be shaded?
It appears that ambulance companies can't think of any, either, as the trend towards SPD windows in ambulances, like so many other things related to REFR's progress, has totally failed to occur. Instead, it was only the shareholders' portfolios that got sicker as a result.
Friday, April 29, 2005
Thursday, April 28, 2005
Juno how smart garages are?
There seems to be no form of publicity for SPD that REFR won't pursue -- at least so long as it doesn't cost them anything apart from having to supply the demo film. Maybe, in a pinch, they'll install it, too.
An example of this was from the Popular Science Smart Garage exhibit in the summer of 2003. The exhibit's pages are long-gone from the Popular Science website (so proud of it are they), but the REFR press release proudly announcing their participation remains. Strangely, the NASCAR crowd to which the Smart Garage was shown wasn't wowed by SPD, at least not enough for it to stand out from the dozens of other pieces of gadgetry and whatnot on display in the exhibit. All in all a terribly disappointing comedown for the technology that won the coveted Best of "What's New" award from PopSci the year before.
But never mind that, let's go to Disneyworld! In April 2004, the Innoventions exhibit at EPCOT introduced the General Motors-sponsored Juno exhibit. And wouldn't you know it, it had SPD! Along with about a hundred other gadgets and doodads. (Amazing how that keeps happening.) One observer suggested Juno was put up to literally show off as many different technologies as possible. It was too overstuffed with gadgetry to even be plausible as a concept car. The people running the exhibit were said to have mentioned about how the windows could change tint, but again, the SPD name never came up. Such a pity, because I'm sure that couples on vacation with the kids are really in a mood to do some serious car shopping.
Just as well, of course, because SPD Inc. was just shutting down that month, with a successor yet to arise. How embarassing it would have been to actually get demand and be unable to fulfill it.
But I doubt that was a worry.
An example of this was from the Popular Science Smart Garage exhibit in the summer of 2003. The exhibit's pages are long-gone from the Popular Science website (so proud of it are they), but the REFR press release proudly announcing their participation remains. Strangely, the NASCAR crowd to which the Smart Garage was shown wasn't wowed by SPD, at least not enough for it to stand out from the dozens of other pieces of gadgetry and whatnot on display in the exhibit. All in all a terribly disappointing comedown for the technology that won the coveted Best of "What's New" award from PopSci the year before.
But never mind that, let's go to Disneyworld! In April 2004, the Innoventions exhibit at EPCOT introduced the General Motors-sponsored Juno exhibit. And wouldn't you know it, it had SPD! Along with about a hundred other gadgets and doodads. (Amazing how that keeps happening.) One observer suggested Juno was put up to literally show off as many different technologies as possible. It was too overstuffed with gadgetry to even be plausible as a concept car. The people running the exhibit were said to have mentioned about how the windows could change tint, but again, the SPD name never came up. Such a pity, because I'm sure that couples on vacation with the kids are really in a mood to do some serious car shopping.
Just as well, of course, because SPD Inc. was just shutting down that month, with a successor yet to arise. How embarassing it would have been to actually get demand and be unable to fulfill it.
But I doubt that was a worry.
Wednesday, April 27, 2005
The vindictive approach to investing
Message board quote of the day:
"I suggest that these new [investors in REFR] would not sell here and may get angry enough at you shorts to buy more on the open market and teach you a lesson! LOL!"
Yes, buying out of anger, to "teach a lesson" to sellers. There's a classic investment strategy if I ever heard one.
BWAH!
"I suggest that these new [investors in REFR] would not sell here and may get angry enough at you shorts to buy more on the open market and teach you a lesson! LOL!"
Yes, buying out of anger, to "teach a lesson" to sellers. There's a classic investment strategy if I ever heard one.
BWAH!
Extreme Makeover: Stock Promotion Edition
While it's fun to watch the price of REFR collapse, it only presses the urgency to tell the many tales of REFR while time remains to do so. With that in mind...
Last spring, right about the same time as the SPD Inc. closure, REFR scored what appeared to be a promotional coup. A licensee, Steve Abadi (who seems to run several businesses out of his house, including Innovative Glass Corp.), arranged to have SPD featured on a special "live" edition of ABC's Extreme Makeover: Home Edition. The show, as per its format, selected a couple of deserving souls -- in this case, a couple of NYC firemen/roommmates who were present for the 9/11 attacks -- had their apparently completely refurbished and remodeled with updated appliances, seperate bedrooms, an "eternal flame" memorial to their fallen comrades, etc.
One feature that got a certain amount of pre-publicity was, if you haven't guessed, a number of SPD windows that were installed as part of the project. Think of it! SPD being shown off live in front of an audience of millions! Demand was sure to skyrocket from the publicity!
So much for the theory. The practice wasn't nearly so hot. In two excruciatingly boring hours mixing live and taped footage, which even an appearance by Regis Philbin couldn't save, the SPD windows got referred to about twice the entire show, and even then the term "SPD" was never mentioned. Furthermore, the SPD windows were installed on top of an internal room partition, basically out of the limelight. For whatever reason, the variable shading feature of the SPD glass was never demonstrated (possibly because they weren't able to get it working -- a callback to the Jeep Rescue debacle, perhaps?), and, almost as a final insult to REFR, the big finish of the reveal was motorized physical shades on the external windows -- exactly the sort of thing supposedly made obsolete by SPD.
The whole thing was unanimously considered a major disappointment (and given the rabidness of the company's defenders, that's saying something), but it did have the effect of distracting everyone from the implications of SPD Inc.'s shutdown, so perhaps it wasn't a total loss.
All the same, it was the beginning of a very cold year for REFR.
Last spring, right about the same time as the SPD Inc. closure, REFR scored what appeared to be a promotional coup. A licensee, Steve Abadi (who seems to run several businesses out of his house, including Innovative Glass Corp.), arranged to have SPD featured on a special "live" edition of ABC's Extreme Makeover: Home Edition. The show, as per its format, selected a couple of deserving souls -- in this case, a couple of NYC firemen/roommmates who were present for the 9/11 attacks -- had their apparently completely refurbished and remodeled with updated appliances, seperate bedrooms, an "eternal flame" memorial to their fallen comrades, etc.
One feature that got a certain amount of pre-publicity was, if you haven't guessed, a number of SPD windows that were installed as part of the project. Think of it! SPD being shown off live in front of an audience of millions! Demand was sure to skyrocket from the publicity!
So much for the theory. The practice wasn't nearly so hot. In two excruciatingly boring hours mixing live and taped footage, which even an appearance by Regis Philbin couldn't save, the SPD windows got referred to about twice the entire show, and even then the term "SPD" was never mentioned. Furthermore, the SPD windows were installed on top of an internal room partition, basically out of the limelight. For whatever reason, the variable shading feature of the SPD glass was never demonstrated (possibly because they weren't able to get it working -- a callback to the Jeep Rescue debacle, perhaps?), and, almost as a final insult to REFR, the big finish of the reveal was motorized physical shades on the external windows -- exactly the sort of thing supposedly made obsolete by SPD.
The whole thing was unanimously considered a major disappointment (and given the rabidness of the company's defenders, that's saying something), but it did have the effect of distracting everyone from the implications of SPD Inc.'s shutdown, so perhaps it wasn't a total loss.
All the same, it was the beginning of a very cold year for REFR.
Tuesday, April 26, 2005
The dreaded auditor change
REFR filed an 8-K yesterday that, just a few years ago, would have put fear into the heart of even the most jaded investor -- the dreaded change of auditing firms, from KPMG to BDO Seidman.
Fortunately, or unfortunately, depending on your point of view, the whole deal is probably nothing much. An article in the New York Times from a couple of months ago presaged this change, by highlighting companies, that, despite doing nothing in particular wrong, are being discontinued as clients by the Big Four firms, including KPMG. It all stems from the complexities and red tape introduced by the Sarbanes-Oxley act, filtering down through to the smaller companies, and making the task of their compliance too much for the major firms to handle.
So REFR moves to a "second-tier" accounting firm, and all is well on that score. REFR may be a chronic overpromiser and non-deliverer, but it has never been a book-cooker. Assuredly, if management were to partake of invented numbers, they would invent better ones than the ones they currently report.
Fortunately, or unfortunately, depending on your point of view, the whole deal is probably nothing much. An article in the New York Times from a couple of months ago presaged this change, by highlighting companies, that, despite doing nothing in particular wrong, are being discontinued as clients by the Big Four firms, including KPMG. It all stems from the complexities and red tape introduced by the Sarbanes-Oxley act, filtering down through to the smaller companies, and making the task of their compliance too much for the major firms to handle.
So REFR moves to a "second-tier" accounting firm, and all is well on that score. REFR may be a chronic overpromiser and non-deliverer, but it has never been a book-cooker. Assuredly, if management were to partake of invented numbers, they would invent better ones than the ones they currently report.
Monday, April 25, 2005
Messing with the wrong people
So the debate on the board today seems to be about fears of repercussion from companies being criticized. Right now it isn't an issue with me, since I seem to be essentially writing to an audience of one at the moment, but nevertheless I doubt this blog will get Joe Harary seeking me out so he can put me on his Christmas card list.
It's interesting that there's much debate at all on this issue. I mean, haven't we seen the rise of "anti-SLAPP" legislation because companies were making trouble for critics in order to shut them up? Hasn't the company admitted hiring "former prosecutors" to investigate certain of its critics awhile back? (Either "too long ago to matter", or "due for some results anytime now", depending on which story the promoters are trying to sell.)
Maybe not the most fascinating topic ever, but the sight of the stock price setting in the west is speaking pretty well for everything else at the moment.
It's interesting that there's much debate at all on this issue. I mean, haven't we seen the rise of "anti-SLAPP" legislation because companies were making trouble for critics in order to shut them up? Hasn't the company admitted hiring "former prosecutors" to investigate certain of its critics awhile back? (Either "too long ago to matter", or "due for some results anytime now", depending on which story the promoters are trying to sell.)
Maybe not the most fascinating topic ever, but the sight of the stock price setting in the west is speaking pretty well for everything else at the moment.
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