Perth-based developer of advanced sensor and detection technology QRSciences Ltd has finalised an agreement to cross license a suite of patent and patent applications with GE Security, a business affiliate of the General Electric Company.
Perth-based developer of advanced sensor and detection technology QRSciences Ltd has finalised an agreement to cross license a suite of patent and patent applications with GE Security, a business affiliate of the General Electric Company.
Under the terms of the license, QRS will earn royalties on GE products incorporating QRS's patented IP, and GE will earn royalties on QRS products that incorporate GE's proprietary patents and patents licensed to GE by the U.S. Naval Research Laboratory.
QRSciences designs and develops systems, sub-systems, components and software for security related applications.
Earlier this month, Research and development company Silex Systems Ltd, chaired by Perth investor Barry Patterson, signed of a Commercialisation and License Agreement for the SILEX Uranium Enrichment Technology with General Electric Company.
At 930 WST, shares in QRSciences were up .4 cents to 5.7 cents.
Below is the full announcement:
QRSCIENCES CROSS LICENSE WITH GE SECURITY CREATING ADDITIONAL REVENUE STREAM
30 May, 2006 Perth, Western Australia: QRSciences (ASX:QRS), a developer of advanced sensor and detection technology, today announced it has finalised an agreement to cross license a suite of patent and patent applications with GE Security, a business affiliate of the General Electric Company (NYSE:GE).
Under the terms of the license, QRS will earn royalties on GE products incorporating QRS's patented IP, and GE will earn royalties on QRS products that incorporate GE's proprietary patents and patents licensed to GE by the U.S. Naval Research Laboratory (NRL).
QRSciences is a developer of advanced detection technology and a leader in the field of Quadrupole Resonance (QR), a next generation technology that uses radio frequency spectroscopy techniques to identify specific molecular structures, with additional capability in configuration sensitive metal detection and imaging.
Kevin Russeth, Chief Executive Officer of QRSciences said "We are pleased to conclude this complex transaction and excited that this agreement provides the company with a new revenue stream from the sale of GE products."
"GE's position as one of the largest corporations in the world is well known. Less well known, is that GE are now established in the Homeland Security space as a major high tech equipment supplier and as a leading product innovator. Their presence in this market and adoption of QR products bodes well for the future of our company and helps to validate our vision for the role and potential of QR technology" said Mr. Russeth.
Russeth added that "In the near term, we expect to earn royalties from GE shoe scanner products which we expect GE to begin selling shortly with longer term possibilities for income from related GE products in baggage, personnel, mail and cargo screening."
QR shoe scanners enable travellers to leave their shoes on when passing through airport checkpoints. Removing shoes at the checkpoints has been one of the biggest inconveniences for U.S. passengers in the wake of the 9/11 terrorist attacks.
About QRSciences:
QRSciences Holdings Limited is based in Perth, Western Australia with a wholly owned subsidiary, QRSciences Corporation, based in San Diego, California. The company designs and develops systems, sub-systems, components and software for security related applications. Applications for the technologies include explosive, narcotic and weapons detection, pharmaceutical quality control and assurance, mineral and material assay, lab instrumentation and environmental science.
About GE Security:
GE Security business is a wholly owned subsidiary of the General Electric Company (NYSE:GE) focused on communication and information technologies for security, safety and lifestyle enhancements. GE Security has operations in more than 30 countries and is represented by some of the best-known brand names for intrusion and fire detection, access and building control, video surveillance, explosive and drug detection, key management and structured wiring.
About NRL:
The Naval Research Laboratory (NRL) based in Washington D.C. conducts a
broadly-based multidisciplinary program of scientific research for physical,
engineering, space and environmental sciences; broadly based exploratory and
advanced development programs in response to identified and anticipated Navy
needs; broad multidisciplinary support to the Naval Warfare Centres; and space and space systems technology development and support.
NRL's parent organization, Office of Naval Research (ONR), coordinates, executes, and promotes U.S. Navy and U.S. Marine Corps science and technology programs through universities, government laboratories, and non-profit and for-profit organizations. ONR provides technical advice to the Chief of Naval Operations and the Secretary of the Navy, and works with industry to improve technology manufacturing processes. ONR is located in Arlington, Virginia, maintains an ONR IFO Asia field office in Japan, and an ONR IFO Europe field office in England.
