Continuing.....
Year Ending 2002 - Form 10-KSB
"Our CEO, Eric Steenburgh, devotes substantial services to the company on a regular basis."
"The company's overall strategy with respect to the FTV is to assemble parts manufactured by Tier 1 and Tier II automotive suppliers rather than manufacture such parts in its own manufacturing facility.....a relationship has been established with Nissan Diesel America as potential supplier and partner. ...It should be noted that Nissan has extensive experience in third world country markets.......the vast majority of third world country roads are unpaved. The FTV is a highly desirable vehicle in these countries given their poor road conditions and weather extremes. The market is significant -- 4,000,000 four wheel drive vehicles and light trucks are sold in the Asian, African, Central and South American markets annually."
"The company is currently taking the net step toward commercialization of its IVT. Our generation III IVT has now been designed specifically for adaption to a 2003 Dodge Ram......This truck has the long awaited electronically controlled 2004 emission compliant Cummins (CUM.NYSE)turbo-diesel engine." <<Cummins was also at one time rumored as a potential buyer of the company. --Dread>>
"In particular, the constant velocity joint has great potential as a general component to many automotive suppliers, providing a proprietary offering in a commodity field with annual unit sales in excess of 200 million" <<underlining added>>
"Based uopon our experience and research to date, we believe the following inventions will eventually become commercially viable....FTV, Iso-Torque, IVT, HP&M, spherical gearing CV mechanism and Ice Technology."
"The company is currently engaged in numerous discussions with companies regarding the possible licensing of this (Iso-Torque) technology."
"A partner is being sought to further commercialization (of the CVJ)."
"The company's plan of operation relative to its automotive inventions during fiscal 2003 is:
* to license our Iso-Torque differential to a first-tier supplier of automotive and truck systems and components.
.....
.....
* to license our generation III infinitely variable transmission to a first-tier supplier of automotive and truck systems and component parts......
......
* to license or sell the ice technology."
Note to iHub posters and readers: only five more years to cover. Further note that we shareholders still hold all of these technologies. In spite of negotiations, and discussions, and plans to license during fiscal 2003, no deals, no joint ventures, no mass commercialiation has taken place. The moderator's fingers are going to rest now.........
"Don't confuse activity with results" - Crilly
