Management to Host Conference Call at 4:30 p.m.

WOODBURY, N.Y., Nov. 02, 2017 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq:REFR) announced its financial results for its third quarter ended September 30, 2017. Management will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial and operating results as well as recent developments, including its recent license agreement with Israel-based material science company Gauzy Ltd. to develop, produce and sell products and components using Research Frontiers' patented SPD-Smart light-control technology.
  • Who: Joseph M. Harary, President & CEO, Seth Van Voorhees, CFO
  • Date/Time: November 2, 2017, 4:30 PM ET
  • Dial-in Information: 1-412-717-9591
  • Replay: Available on Friday, November 3, 2017 for 90 days at www.SmartGlass-IR.com

Key Third Quarter 2017 Comments:
  1. Fee income increased by $271,294, or 28.3%, for the 9-month period ending September 30, 2017 as compared to the same period in 2016. Fee income increased by $183,564, or 60.2%, for the 3-month period ending September 30, 2017 as compared to the same period in 2016. The increase in fee income from both the 3-month and 9-month periods was principally the result of higher revenues from licensees in the aircraft, architectural, automotive and marine sectors as well as revenue from a new licensee focused on the transparent display sector.
  2. Expenses declined by $857,756, or -22.4%, for the 9-month period ending September 30, 2017 as compared to the same period in 2016. Expenses for the 3-month period ending September 30, 2017 were $78,248, or -9.0%, lower for the 3-month period ending September 30, 2017 as compared to the same period in 2016.
  3. On October 11, 2017, Research Frontiers and Gauzy Ltd. announced that Gauzy has acquired a non-exclusive license from Research Frontiers to develop, produce and sell products and components using Research Frontiers' patented SPD-Smart light-control technology.              Gauzy noted the rapid expansion of their business based upon its constant focus on bringing the best-performing and most innovative technology-based products to its customers, and that the introduction of SPD-Smart light-control technology to its product line will help us to continue and accelerate this rapid growth. Gauzy's CEO noted the clear and significant synergies specifically between Gauzy's LCG® (Liquid Crystal Glass) technology and Research Frontiers' SPD-SmartGlass light control technology, and the general synergies between the two companies and their worldwide businesses.       Research Frontiers noted the work that they have been doing with Gauzy over the past ten months, and that its results-based culture, and Gauzy's established and growing network of over 50 glass fabricators worldwide brings additional synergies, infrastructure, and growth opportunities. Because these companies have already been trained and certified in working with Gauzy's PDLC film product, they should have the ability and experience to quickly incorporate SPD-Smart technology, which is also a film-based technology with similar handling, lamination, and other fabrication characteristics.

Research Frontiers is the developer of SPD-Smart light-control technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic, either manually or automatically. Research Frontiers has built an infrastructure of over 40 licensed companies that collectively are capable of serving the growing global demand for smart glass products in automobiles, homes, buildings, museums, aircraft and boats. For more information, please visit our website at www.SmartGlass.com, and on Facebook, Twitter, LinkedIn and YouTube.

CONTACT:Seth L. Van VoorheesChief Financial OfficerResearch Frontiers Inc.+1-516-364-1902 Info@SmartGlass.com

Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. "SPD-Smart" and "SPD-SmartGlass" are trademarks of Research Frontiers Inc."LCG®" is a trademark of Gauzy Ltd.

RESEARCH FRONTIERS INCORPORATED Consolidated Balance Sheets Unaudited
    September 30, 2017     December 31, 2016  
Assets                
                 
Current assets:                
Cash and cash equivalents   $ 2,188,054     $ 1,691,603  
Short-term investments     -       1,523,333  
Royalty receivables, net of reserves of $1,006,424 in 2017 and $1,110,020 in 2016     782,191       1,117,146  
Prepaid expenses and other current assets     51,067       256,892  
Total current assets     3,021,312       4,588,974  
                 
Fixed assets, net     526,293       651,655  
Deposits and other assets     33,567       33,567  
Total assets   $ 3,581,172     $ 5,274,196  
                 
Liabilities and Shareholders' Equity                
                 
Current liabilities:                
Accounts payable   $ 104,448     $ 29,932  
Accrued expenses and other     270,637       339,338  
Deferred revenue     46,666       -  
Total current liabilities     421,751       369,270  
                 
Shareholders' equity:                
Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 24,043,846 shares in 2017 and 2016     2,404       2,404  
Additional paid-in capital     111,551,490       111,551,490  
Accumulated deficit     (108,394,473 )     (106,648,968 )
Total shareholders' equity     3,159,421       4,904,926  
Total liabilities and shareholders' equity   $ 3,581,172     $ 5,274,196  

RESEARCH FRONTIERS INCORPORATED Consolidated Statements of Operations Unaudited
    Nine months ended     Three months ended  
    Sept 30, 2017     Sept 30, 2016     Sept 30, 2017     Sept 30, 2016  
                         
Fee income   $ 1,229,631     $ 958,337     $ 488,336     $ 304,772  
                                 
Operating expenses     2,380,328       2,676,178       607,291       624,080  
Research and development     598,638       1,160,544       185,296       246,755  
Total Expenses     2,978,966       3,836,722       792,587       870,835  
                                 
Operating loss     (1,749,335 )     (2,878,385 )     (304,251 )     (566,063 )
                                 
Net investment income     3,830       25,203       1,113       6,332  
Net loss   $ (1,745,505 )   $ (2,853,182 )   $ (303,138 )   $ (559,731 )
                                 
Basic and diluted net loss per common share   (0.07    (0.12    (0.01    (0.02 
                                 
Weighted average number of common shares outstanding     24,043,846       24,043,846       24,043,846       24,043,846  

RESEARCH FRONTIERS INCORPORATED Consolidated Statements of Cash Flows Unaudited
    Nine months ended  
    September 30, 2017     September 30, 2016  
Cash flows from operating activities:                
Net loss   $ (1,745,505 )   $ (2,853,182 )
Adjustments to reconcile net loss to net cash used in operating activities:                
Depreciation and amortization     131,725       141,481  
Loss on sale of asset     -       1,776  
Allowance for uncollectible accounts     (1,785 )     -  
Change in assets and liabilities:                
Royalty receivables     336,739       (220,895 )
Prepaid expenses and other current assets     205,825       69,770  
Deferred revenue     46,666       10,000  
Accounts payable and accrued expenses     5,815       136,293  
Net cash used in operating activities     (1,020,520 )     (2,714,757 )
                 
Cash flows from investing activities:                
Purchases of fixed assets     (6,362 )     (8,055 )
Proceeds from sale of fixed asset     -       6,000  
Change in investments     1,523,333       (6,836 )
Net cash provided by (used in) investing activities     1,516,971       (8,891 )
                 
Net increase (decrease) in cash and cash equivalents     496,451       (2,723,648 )
                 
Cash and cash equivalents at beginning of year     1,691,603       5,712,310  
Cash and cash equivalents at end of period   $ 2,188,054     $ 2,988,662