First American Scientific Corp. (fka FASC)

[TRCPA]

Waitedg.......here are the exact words from the 10Q.

"Mitsui Engineering & Shipbuilding Co. Ltd - Collaboration Agreement for Japan

In July 2004, FASC signed a collaboration with Mitsui Engineering and Shipbuilding Co. Ltd. (MES). Patent applications have been filed and the MES has expressed interest to continue working with FASC, but MES no formal license agreement has been entered into with MES at this time. Negotiations are underway with another potential licensee. More details will be provided when they materialize."

My read is as follows.

There are two parties interested in licensing the FASC technology in Japan. Mitsui, and another party. FASC is negotiating with both for the best possible deal, and they currently believe that they may get a better deal for themselves with the second party.

But I see no reason to count out Mitsui at this stage.

It seems to me a good idea....given the potentials of the Japanese market....to have companies competing for licensing the technology there.