RESEARCH FRONTIERS AUTHORIZES
AN ADDITIONAL 200,000 SHARE BUYBACK
WOODBURY, NEW YORK, October 17, 2000 - Research Frontiers Incorporated (Nasdaq: REFR), the developer and licensor of SPD light-control technology, announced today that its Board of Directors has authorized the Corporation to make discretionary purchases in the open market of up to 200,000 shares of its own common stock. The amount and timing of purchases will depend upon market conditions and other factors as they exist from time to time. Shares purchased by the Company are immediately retired.
Robert L. Saxe, President of Research Frontiers, noted: "To date this year, Research Frontiers has purchased over $1.4 million worth of our stock under a previously-approved buyback authorization. With this new authorization from our Board of Directors, we can continue to take advantage of the attractive price for our stock in the market to reduce the number of shares issued and outstanding. We believe that our stock is an excellent investment, and with our strong balance sheet and anticipated revenues and moderate expenses, we think that this is a good use of our capital." As of June 30, 2000, Research Frontiers had 12,134,571 shares outstanding and had approximately $17.9 million in cash and cash equivalents, with no debt.
About Research Frontiers Incorporated
Research Frontiers has licensed the following companies to use its patented suspended particle device (SPD) light-control technology in emulsions, film, or end-products:
Research Frontiers is a technological leader in the development and licensing of suspended particle devices (SPDs)electrically operated light-control devices using proprietary particle suspensions and films. SPD technology permits light transmission to be electrically controlled instantly, either automatically (by means of a photocell or other sensing or control device) or adjusted manually by the user. Research Frontiers proprietary SPD technology enables users to control the amount of light passing through windows, skylights, eyewear (including prescription and non-prescription sunglasses and sports goggles), automotive sunroofs, sunvisors and rear-view mirrors, as well as enabling brighter easier to read flat panel information displays for use in computers, television, telephones and other electronic instruments and products. Research Frontiers currently has agreements in effect covering smart windows, automotive mirrors and sunvisors, eyewear, displays and other products with major international corporations and holds or has rights in over 350 patents and patent applications on SPD technology throughout the world. Licensees of Research Frontiers who incorporate SPD technology into end products will pay Research Frontiers a royalty of 5-10% of net sales of licensed products under license agreements currently in effect. Research Frontiers common stock trades on the Nasdaq National Market under the symbol "REFR." Additional information about Research Frontiers can be found on the Internet at http://www.refr-spd.com.
Note: From time to time the Company may issue forward looking statements which involve risks and uncertainties. This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ and are not guaranteed. Any forward looking statements should be considered accordingly.
For Immediate Release
For further information, please contact:
Research Frontiers Incorporated
Robert L. Saxe, President
Patricia A. Bryant, Manager of Investor Relations