After 42 years of Hype REFR resorts to recycling old promotional schemes.

On October 25, 2007 Research Frontiers, Inc. (NASDAQ: REFR, $15.13)issued a press release announcing that Hino Motors, Ltd. showcased a concept bus at the Tokyo Auto Show that incorporated REFR’s glass product among its features. The announcement sent REFR’s stock up 10% before it closed down for the day. REFR didn’t disclose in its press release any information about a press release from four years ago announcing the use of its product in another bus, which went nowhere. REFR is a 42-year-old company that has never earned a dime for investors but survived solely by selling stock to the public.

Should investors trust REFR’s latest promotional announcement? REFR has issued hundreds of press releases to hype its stock without delivering a profit in its 42 years of existence. One of these publicity stunts occurred four years ago. It closely resembles REFR’s most recent announcement.

In 2003, REFR claimed that DaimlerChrysler would use its glass product for sunroofs in its new Setra S 415 HD Bus. (Click here to view the press release on REFR’s own web site.) REFR has not disclosed any further information about this bus sale. No sales resulted from the announcement of over four years ago.

Any investor analyzing REFR’s October 25 announcement may consider calling REFR to inquire about this four-year-old Daimler Chrysler release. As stated above, REFR appears to have never mentioned the announcement again. In addition, investors may elect to visit This site describes observable problems with the DaimlerChrysler promotional video demonstrating the smart glass process.

The “Ask Joe” column published at REFR’s web site in connection with this latest promotional announcement claims “the automotive industry will never be the same again.” Apparently, the basis for this proclamation is REFR’s press release about Hino Motors recycled four-year-old DaimlerChrysler release. Beyond this hype, it is clear that 42 years of false starts give investors good reason to question whether REFR’s latest promotional scheme will bring different results or is simply another attempt to hype its stock. is the depository of Asensio & Company, Inc.’s archives. The site is non-commercial and dedicated to short seller advocacy and investor education, and lobbying for legislative short selling reforms and de-regulation. reports are published and distributed solely and exclusively to registered subscribers who have read and agreed to the Mandatory User Agreement located at /?page_id=25. This Mandatory User Agreement is included herein in its entirety by reference thereto and by notice of its availability.

Posted in Research Frontiers Incorporated

Manuel Asensio doesn’t bet often. But when he does, it’s wise to pay attention.

Paul Kaihla
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