NEW YORK, Dec. 20, 2001 (PRIMEZONE) -- Asensio & Company, Inc. ("Asensio"), a New York-based investment bank and securities brokerage firm, has previously announced that on June 14, 2001 it had delivered a nine-page letter to the Research Frontiers Inc.'s (Nasdaq:REFR) Board of Directors. The letter concerned the public record REFR has created during its 15 years as a publicly traded company concerning SPD's earnings potential. On November 15, 2001 Asensio delivered a second three-page letter to REFR's Board. The letter concerned an analysis of disclosures contained in REFR's public SEC filings concerning a series of securities transactions involving cash payments and option grants to insiders, and the private sale of securities. REFR responded to Asensio on June 20, 2001 and December 10, 2001.
Today Asensio issues a research report concerning the content of the letters and REFR's responses. Asensio today also made available copies of both letters to REFR's Board of Directors and REFR's two letters of response on the Internet at http://www.asensio.com.
Asensio believes REFR shares are worth less than $1 per share and expects the shares to trade for less than $1 per share soon. The firm and its clients have a short position in REFR shares. A complete documented history of Asensio's published work with short selling transactions is available on the Internet at www.asensio.com. Short selling involves a risk not associated with the purchase of stock including, but not only limited to, unlimited loss and stock borrowing risks. Additional information is available upon request.
About Asensio & Company, Inc.
Asensio is a full service New York-based investment bank. The firm specializes in conducting in-depth, fundamental equity research used for its proprietary trading and institutional brokerage business. The focus of its research is undervalued securities and short selling. In order for Asensio to either buy or sell a security, there must exist a very wide variance between our calculation of fair value and the securities' market price. Asensio is also engaged in risk arbitrage.
Copyright 2001 by Asensio & Company, Inc. All rights reserved. This report should not be construed as an offer to sell or solicitation of an offer to buy any securities. Opinions expressed are subject to change without notice. This report has been prepared from original sources and data which we believe to be reliable but accuracy is not guaranteed. This research report was prepared by Asensio & Company, Inc. whose stockholders, officers and employees will from time to time acquire, hold or sell a position in the securities mentioned herein. Asensio & Company, Inc. will act as principal for its own account or will sell or buy to or from its customers the securities described herein. Asensio & Company, Inc., will from time to time perform investment banking or other services for, or solicit investment banking or other business from, any company mentioned in this report or its affiliates.