70c valuation/strong buy, page-22

re: croupier/technology Hi Croupier,

I don't want to argue with you about this, but Adacel already is primarily located in North America (Canada and the US), and some key management positions have gone to North Americans. In its foreign press releases, Adacel sometimes refers to itself as "Florida-based", other times it refers to iself as a "Canadian company."

If you look into the JSF project, you will see that the whole idea is share a certain amount of IP (and development risk) amongst US, European and Australian companies.