croupier/technology Croupier,
Your point is a true and obvious one. But just to be clear, ADA has been developing (and expensing) its voice control technology over a number of years. The R&D work (and cost) is now winding down. So far, Adacel has locked in one contract with Lockheed Martin re the Joint Strike Fighter. Thus, beginning in 07, and reaching peak capacity in 2014, Adacel will receive a royalty payment for each JSF aircraft its technology is installed in. I'm betting (and I've spoken to numerous non-adacel experts about this) that voice control technology will become widespread in other military aircraft once it has been refined in JSF project. Adacel has not yet released any guidance as to what the per aircraft royalty payment will be.
70c valuation/strong buy, page-20
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