REFR annual meeting update: Several sources have confirmed that Tadao Kurosawa, president and CEO of Hitachi Chemical USA Ltd., the small North American operations of Hitachi Chemical, Ltd., the minor subsidiary of Hitachi Ltd., a large corporation primarily known for electronics, was present at the annual meeting and spoke to interested shareholders in private. This is a startling development, given that he has only been in attendance at two of the last three such meetings, having missed last year's due to his son's graduation.
Further updates as they mosey on in.
Friday, June 10, 2005
Thursday, June 09, 2005
This time last year
While we wait on the "official" report on this year's annual shareholder meeting, a quick look on the events of the last meeting 52 weeks ago.
On that day, REFR stock hit new lows -- the lows that are today's 52-week highs. (Now that's what I call a bad year.) Even worse is this opening paragraph to the initial report on the meeting as given on the message boards:
"First, no major news. Second, few new details. Third, both management and shareholders' discussion indicate everyone is waiting for the next shoe to drop viz. Hitachi, Dainippon Ink and Air Products to deliver film in scaled up sizes and amounts for the marketplace and the word soon was mentioned twice."
As opposed to today, where we have 1) no major news, 2) few new details, and 3) everyone waiting on Hitachi, Dainippon and Air Products.
Great year, guys. I hope one of the quality hedge funds showed up to give you an earful.
On that day, REFR stock hit new lows -- the lows that are today's 52-week highs. (Now that's what I call a bad year.) Even worse is this opening paragraph to the initial report on the meeting as given on the message boards:
"First, no major news. Second, few new details. Third, both management and shareholders' discussion indicate everyone is waiting for the next shoe to drop viz. Hitachi, Dainippon Ink and Air Products to deliver film in scaled up sizes and amounts for the marketplace and the word soon was mentioned twice."
As opposed to today, where we have 1) no major news, 2) few new details, and 3) everyone waiting on Hitachi, Dainippon and Air Products.
Great year, guys. I hope one of the quality hedge funds showed up to give you an earful.
A GST of hot air
One of the quirks of Dixon, everyone's favorite REFR promoter, is an inability to let go of any hope of SPD market acceptance, regardless of how thoroughly it has been shown to be a dry hole.
Such is the case with the Mercedes GST, now known as the R-Class. In particular, Dixon is stuck on one feature of the vehicle, a five-square-foot "panorama sunroof".
Ever since Setra used the term "panorama roof" to describe TopSky at the time when that feature involved SPD light control, that term has become the trigger for a knee-jerk reaction from REFR promoters. "Panorama roof"? SPD. Has to be. Can't be anything else. You have five seconds to tell me what else it could possibly be. Tick tick tick bzzzt. Sorry, you lose, I win.
Of course it's a complete waste of time to point out the fact that Mercedes already has non-SPD-based sunroof light control in its far more upscale Maybach. Because apparently that technology is so frightfully expensive that it can only go in "price is no object" vehicles like the Maybach. As opposed to the bargain price SPD sells at, you see.
And don't even try to bring up the little inconvenient fact that, by everyone's acknowledgement, nobody is producing SPD film for commerical use anywhere. And that it's only about another month before production begins on the 2006 model year vehicles, including the R-Class. I've heard of "just-in-time" delivery, but "just-in-time" R&D?
I almost hope Dixon shows up at the annual meeting to ask about the Mercedes R-Class/GST. I think by now even Smiling Joe will tell her to give it up. I doubt she'll listen to anyone else.
Such is the case with the Mercedes GST, now known as the R-Class. In particular, Dixon is stuck on one feature of the vehicle, a five-square-foot "panorama sunroof".
Ever since Setra used the term "panorama roof" to describe TopSky at the time when that feature involved SPD light control, that term has become the trigger for a knee-jerk reaction from REFR promoters. "Panorama roof"? SPD. Has to be. Can't be anything else. You have five seconds to tell me what else it could possibly be. Tick tick tick bzzzt. Sorry, you lose, I win.
Of course it's a complete waste of time to point out the fact that Mercedes already has non-SPD-based sunroof light control in its far more upscale Maybach. Because apparently that technology is so frightfully expensive that it can only go in "price is no object" vehicles like the Maybach. As opposed to the bargain price SPD sells at, you see.
And don't even try to bring up the little inconvenient fact that, by everyone's acknowledgement, nobody is producing SPD film for commerical use anywhere. And that it's only about another month before production begins on the 2006 model year vehicles, including the R-Class. I've heard of "just-in-time" delivery, but "just-in-time" R&D?
I almost hope Dixon shows up at the annual meeting to ask about the Mercedes R-Class/GST. I think by now even Smiling Joe will tell her to give it up. I doubt she'll listen to anyone else.
Wednesday, June 08, 2005
A patent answer
Our friend Dixon may have spilled the proverbial beans on the big reveal for the shareholders' meeting tomorrow.
Last week REFR added to its burgeoning (and largely worthless, by the company's own admission on its balance sheet) patent portfolio with a new addition, patent number 6,900,923. This, and I am trusting Dixon to a unusually great extent here, represents the "gen 2" SPD that has been the subject of constant hype since the shutdown of SPD Inc. Or possibly the "gen 3" film referred to somewhat cryptically on Dixon's scorecard (still up-to-date!). Or maybe it's Gen 4 or 10, or whatever.
At any rate, the other message boards are keeping mum on this for some reason, and I suspect it may be because they want to keep it as much of a "surprise" as possible. Since other sources are now downplaying the possibility of a "film availability" announcement ("There is no expectation of film availability... there never was expectation of film availability..."), the granting of a new patent is practically certain to grab at least some of the spotlight tomorrow.
Of course it goes without saying there is a big difference between an approved patent and a marketable product, as has been amply demonstrated by the hundreds of patents REFR has either been granted or acquired over the years.
But never mind that. It's party time on Long Island! Save an iced tea for me.
Last week REFR added to its burgeoning (and largely worthless, by the company's own admission on its balance sheet) patent portfolio with a new addition, patent number 6,900,923. This, and I am trusting Dixon to a unusually great extent here, represents the "gen 2" SPD that has been the subject of constant hype since the shutdown of SPD Inc. Or possibly the "gen 3" film referred to somewhat cryptically on Dixon's scorecard (still up-to-date!). Or maybe it's Gen 4 or 10, or whatever.
At any rate, the other message boards are keeping mum on this for some reason, and I suspect it may be because they want to keep it as much of a "surprise" as possible. Since other sources are now downplaying the possibility of a "film availability" announcement ("There is no expectation of film availability... there never was expectation of film availability..."), the granting of a new patent is practically certain to grab at least some of the spotlight tomorrow.
Of course it goes without saying there is a big difference between an approved patent and a marketable product, as has been amply demonstrated by the hundreds of patents REFR has either been granted or acquired over the years.
But never mind that. It's party time on Long Island! Save an iced tea for me.
Tuesday, June 07, 2005
Perfectionism or plodding?
The new excuses for delays are coming out just in time to act as a preventative against an uprising at the annual shareholder meeting. Not that such is particularly likely with the placid lot that usually shows up, but an ounce of prevention and all that.
At any rate, the new excuse, now that setbacks from SPD Inc.'s shutdown have passed their "use by" date, is that the licensees are just so gosh darn particular about making sure that the SPD they produce is perfect, and how can we ask them to deliver anything but the very best they can possibly produce?
But of course. Just ask Microsoft, who never releases anything unless it's perfect the first time. (Note to Type 3's: that's sarcasm.)
Back in the real world, if demand for SPD is as colossal as the promoters would make it seem, then surely some segment of that demand would be willing to compromise on quality in return for getting it now. But apparently the SPD demand curve doesn't work that way. It certainly begs the question of whether the issue isn't reaching "perfection" as much as "acceptability".
But not to worry, I'm sure they'll have it all sorted out in three months. Mind you, which three months, we still don't know.
At any rate, the new excuse, now that setbacks from SPD Inc.'s shutdown have passed their "use by" date, is that the licensees are just so gosh darn particular about making sure that the SPD they produce is perfect, and how can we ask them to deliver anything but the very best they can possibly produce?
But of course. Just ask Microsoft, who never releases anything unless it's perfect the first time. (Note to Type 3's: that's sarcasm.)
Back in the real world, if demand for SPD is as colossal as the promoters would make it seem, then surely some segment of that demand would be willing to compromise on quality in return for getting it now. But apparently the SPD demand curve doesn't work that way. It certainly begs the question of whether the issue isn't reaching "perfection" as much as "acceptability".
But not to worry, I'm sure they'll have it all sorted out in three months. Mind you, which three months, we still don't know.
Monday, June 06, 2005
The annual bleating
It's time once again for Research Frontiers to perform its obligations to its loyal shareholder base. No, not produce profits for them or give them useful insight into the company's inner workings (the latter inevitably induces the image of a gerbil in an exercise wheel), but rather the annual suck-up fest and blue-sky session of what might be, if management were ever inclined to do something to make any of it happen.
Welcome to the regulatorily-required Annual Shareholder Meeting.
By way of a preview of Thursday's big event, let's review the 2002 edition of the fleecing, er, meeting.
"[P]lans to foster sales of SPD-Smart™ products by having SPD demonstration products made in large quantities." We're actually off to a good start in terms of accuracy in reporting. The demo products were certainly churned out over the following couple of years. The whole "foster sales" part didn't quite pan out, mind you, but give them a star for effort.
"For example, last week Research Frontiers was featured on The Money Pit, a radio program which is carried by over 100 stations in 38 states. This week, Research Frontiers’ smart window technology is appearing on a home improvement television segment expected to be seen by over 14 million viewers." And so successful were those promotional efforts, that nobody has spoken of them since. That's something, coming from the group that still tries to recycle the Extreme Makeover debacle.
"The SPD Product Demonstration Kit ("PDK") was presented at the Annual Meeting." And went to be the runaway best-seller in the SPD industry. I'm reminded of an old story about a trick deck of cards. The seller gave an impressive minute-long sales pitch about the wonders of the deck. When the buyer got home with his deck, however, he found he could replicate the sales pitch, but that was it -- the deck was useful for nothing else. The only thing it was good for was to sell to someone else. The SPD PDK works much along the same principle. (See the lower right corner of this page to see a PDK in "action".)
"The larger SPD In-Store Display will also be produced." Rumor has it these exist, but, much as with Bigfoot, no one has ever produced photographic evidence.
"This is a highly visual technology. It’s very simple - seeing is believing." Just don't try to go beyond what you see, and you'll be quite a contented believer in SPD technology.
InspecTech Aero Service, licensed to offer SPD-Smart aircraft cabin windows, unveiled a new, portable SPD aircraft window display at Research Frontiers’ Annual Meeting. They got a lot of mileage out of this, taking it to shows all over the place, and promoting the display's presence as proof of interest by some huge company or other. Of course, nothing ever came of it, but it's the short-term hype that counts, right?
ThermoView Industries, Inc. Enough said right there. That whole business proved to be a big nothing, unless you count opportunities to sell stock.
SPD Inc. Ditto, though they had a good run of ultimately unproductive promotion before folding.
"In his address to shareholders, Robert L. Saxe gave an overview of the Company’s progress and reconfirmed that based upon projections given to Research Frontiers by several of its licensees, it was a reasonable goal to expect the Company to have its first full year of profitability in 2003." This was in fact not so much a "reconfirmation" as it was a stepping-back from the previous status of "projecting" profitability by the fourth quarter of 2002 and the full year of 2003. This little switcheroo allowed the promotional effort to later claim that management never promised anything with respect to profitability. Of course, we know what really happened.
Finally, note the "demonstration" at the bottom of the page. Notice anything funny? Yes, the room appears to get darker after the glass goes dark, but... look at the floor! It still reflects a bright day outside.
Just one more example from a company that can't seem to do anything right. We'll see what they try to come up with at Thursday's meeting.
Welcome to the regulatorily-required Annual Shareholder Meeting.
By way of a preview of Thursday's big event, let's review the 2002 edition of the fleecing, er, meeting.
"[P]lans to foster sales of SPD-Smart™ products by having SPD demonstration products made in large quantities." We're actually off to a good start in terms of accuracy in reporting. The demo products were certainly churned out over the following couple of years. The whole "foster sales" part didn't quite pan out, mind you, but give them a star for effort.
"For example, last week Research Frontiers was featured on The Money Pit, a radio program which is carried by over 100 stations in 38 states. This week, Research Frontiers’ smart window technology is appearing on a home improvement television segment expected to be seen by over 14 million viewers." And so successful were those promotional efforts, that nobody has spoken of them since. That's something, coming from the group that still tries to recycle the Extreme Makeover debacle.
"The SPD Product Demonstration Kit ("PDK") was presented at the Annual Meeting." And went to be the runaway best-seller in the SPD industry. I'm reminded of an old story about a trick deck of cards. The seller gave an impressive minute-long sales pitch about the wonders of the deck. When the buyer got home with his deck, however, he found he could replicate the sales pitch, but that was it -- the deck was useful for nothing else. The only thing it was good for was to sell to someone else. The SPD PDK works much along the same principle. (See the lower right corner of this page to see a PDK in "action".)
"The larger SPD In-Store Display will also be produced." Rumor has it these exist, but, much as with Bigfoot, no one has ever produced photographic evidence.
"This is a highly visual technology. It’s very simple - seeing is believing." Just don't try to go beyond what you see, and you'll be quite a contented believer in SPD technology.
InspecTech Aero Service, licensed to offer SPD-Smart aircraft cabin windows, unveiled a new, portable SPD aircraft window display at Research Frontiers’ Annual Meeting. They got a lot of mileage out of this, taking it to shows all over the place, and promoting the display's presence as proof of interest by some huge company or other. Of course, nothing ever came of it, but it's the short-term hype that counts, right?
ThermoView Industries, Inc. Enough said right there. That whole business proved to be a big nothing, unless you count opportunities to sell stock.
SPD Inc. Ditto, though they had a good run of ultimately unproductive promotion before folding.
"In his address to shareholders, Robert L. Saxe gave an overview of the Company’s progress and reconfirmed that based upon projections given to Research Frontiers by several of its licensees, it was a reasonable goal to expect the Company to have its first full year of profitability in 2003." This was in fact not so much a "reconfirmation" as it was a stepping-back from the previous status of "projecting" profitability by the fourth quarter of 2002 and the full year of 2003. This little switcheroo allowed the promotional effort to later claim that management never promised anything with respect to profitability. Of course, we know what really happened.
Finally, note the "demonstration" at the bottom of the page. Notice anything funny? Yes, the room appears to get darker after the glass goes dark, but... look at the floor! It still reflects a bright day outside.
Just one more example from a company that can't seem to do anything right. We'll see what they try to come up with at Thursday's meeting.
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