IMHO this announcement starts to clarify QRS's statement to the ASX query on their cash status where QRS stated on the 09/08/2004 that they had in excess of $2.2 million in cash on that date. The nuances to point out in this announcement are the following statements:
=============== QUOTE
which will see the latter company purchase two additional state-of-the-art NQR devices. ======================
and
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Under the terms of this agreement, QRSciences will provide two more NQR units ======================
It appears from this language that QRS may have already sold a unit or more to Rapiscan.
Have a read of the announcement and see what you think. All of this should be made clear at the GM on 08/09/2004.
News Release QRSciences and Rapiscan team up to deliver a next generation checkpoint screening solution
PERTH, TUESDAY 24th AUGUST 2004 -
QRSciences Limited (QRS), a world leader in the development of Nuclear Quadrupole Resonance (NQR) based advanced explosive detection systems, has entered into a formal agreement with Los Angeles based Rapiscan Security Products (U.S.A) Inc., which will see the latter company purchase two additional state-of-the-art NQR devices.
Under the terms of this agreement, QRSciences will provide two more NQR units to Rapiscan for integration with Rapiscan's Threat Image Projection (TIP) ready X-ray (TRX) machines, which are used in airports and other locations around the world for the detection of weapons and other contraband. In addition, QRSciences will provide technical assistance to Rapiscan to accomplish the integration.
“We are delighted to assist Rapiscan in this important project and have been working closely with them during the past six months in anticipation of this,” commented Kevin Russeth, Chief Executive Officer, QRSciences Limited. “We expect the combination of both NQR and TRX technologies to result in the eventual deployment of one of the most advanced and accurate checkpoint screening solutions available in the security marketplace.”
“QRSciences has developed this cutting edge technology to the extent that it now complements several products in the Rapiscan range. In combining NQR with our range of X-ray devices in particular, we hope to deliver a number of products that will set the bar at a new level for checkpoint and checked baggage screening,” adds Rapiscan Chairman Deepak Chopra.
Rapiscan currently has an installed base in excess of 1,000 TRX machines at U.S. airports alone, and more than 10,000 X-ray systems worldwide. Some 50,000 pieces of X-ray, manufactured by Rapiscan and other companies, are in use worldwide “The QR technique harnesses harmless and relatively low frequency radio waves using QRSciences proprietary software and hardware to identify the chemical structure or unique fingerprint of specific molecules,” explains Mr Russeth. “QRS testing has shown the technique can be as accurate as laboratory spectroscopy in identifying the presence of some explosive materials known to have been used in airline bombings and terrorist attacks in the past.”
QR Sciences technology has been successfully tested by the US Transportation Security Administration (TSA) as an AT “Advanced Technology” explosive detection system. The technology has also been extensively trialled and tested over the past four years by authorities, regulators and airports in the United States, Canada, European Union including the United Kingdom and Australia.
About QRSciences Limited QRSciences Limited based in Perth, Western Australia is a designer, developer and direct manufacturer of systems, sub-systems, components and software for security related applications. The company is a world leader in Quadrupole Resonance (QR) applications a next generation technology that uses radio frequency spectroscopy techniques to identify and detect a range of materials. QR is closely related to Magnetic Resonance Imaging (MRI), which is widely employed in industry and the medical profession. Applications for the technology include explosive and narcotic detection, pharmaceutical quality control and assurance, mineral and material assay, lab instrumentation and environmental science. QRSciences Holdings Limited (QRS:ASX) own 61% of QRSciences Limited. For more information on QRSciences Limited, please visit www.qrsciences.com.
About Rapiscan Security Products, Inc.
Rapiscan Security Products, Inc. is a leading supplier of high quality X-ray screening and explosive detection systems. The company has delivered thousands of these detection systems to customers worldwide for use in airports, customs facilities, courthouses, government buildings, mail rooms, schools, prisons, embassies, and other locations. The Rapiscan product line, marketed under the Rapiscan, Metor, and Secure 1000 brand names, is manufactured at four global locations and offers a wide range of security screening systems with diverse technologies.
For more information on Rapiscan Security Products, Inc., please visit www.rapiscan.com.
USA Disclaimer This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include information regarding our expectations, goals or intentions about the future, including, but not limited to, statements regarding the purchase, further development and sale of security related equipment. The actual results may differ materially from those described in or implied by any forward-looking statement. In particular, there can be no assurance that that growing interest in security and inspection systems will materialize in product sales, or that our respective positions on the world market will continue to strengthen. All forwardlooking statements speak only as of the date made, and we undertake no obligation to update these forward-looking statements.
-------------------- R/Brantley
"Beware the Naked Man that offers you the shirt off his back"
QRS Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
