It does look like the panorama team have been working on this...

It does look like the panorama team have been working on this for some time.My feeling is that synergy have been aware of the plan and that is why synergy took the action of having panorama placed in administration.
Synergy only last week stated that they were in the process of purchasing all of the assets of panorama from the administrator so I would say that synergy have thwarted any plans by panorama for photonica to use this technology which now belongs 100% to synergy.
Check out the following report which is dated 13/9/07 ie 1 month prior to the latest announcement by synergy.
http://cinematech.blogspot.com/search/label/Panorama%20Labs