20 - f is out, page-4

A quick note after reading all of the 20-F...

At page 21: "These patents have expiry dates between 2013 and 2040, but the majority expire between 2014 and 2027."

The company survives on the strength of its patent collection - in light of the above statement, when in fact does the company lose exclusivity in respect of some of the more primary patents, like:

- stacked projectile delivery systems and stacked projectile weapon systems, in particular the sealing, reload and ignition thereof;

- electronic firing technology;

- missile defense and target interception;

- selectable kinetic energy systems.

Expiring patent rights never gets any serious attention, where a detailed list/schedule showing expiries would ally concerns in this area, imo.

Otherwise I note (as usual) that no attempt whatsoever is made within the 20-F to try and place a value on the IP. I guess when the value of the company's IP resides somewhere between $0 and a few Billion dollars, no one bothers attempting the exercise.


At page 23: "We are approaching the latter stage of product development and do not expect any significant revenue from product sales until at least 2012."

If the above statement is realised, then shareholders have years of capital losses to enjoy.


good luck