PAR - A stock on the move

  1. 99 Posts.
    PARAMOUNT AUSTRALIA LIMITED 2002-06-05 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Paramount Australia Limited (ASX: PAR & PARO) is pleased to announce
    that Thorlock International Limited, an unlisted plastic explosives
    detection company, has successfully completed testing of its
    proprietary technology as an Advanced Technology explosives detection
    system with the US Fedora Aviation Administration ("FAA") /
    Transportation Security Administration ("TSA").

    The testing was conducted in the US under a Cooperative Research
    and Development Agreement between the FAA William J Hughes Technical
    Center in Atlantic City, New Jersey and Thorlock International Ltd -
    as part of the FAA and TSA's Explosive Detection System (EDS)
    development and testing programme.

    Thorlock's detection technology uses Quadrupole Resonance (QR) to
    scan airport luggage for plastic explosives. Its cornerstone product,
    the Thorscan 3000 QR device, has completed successful trials in
    United States, UK, and Canada.

    Paramount Chief Executive Officer Mr Kevin Russeth said Paramount was
    pleased with the progress being made with Thorlock, a company which
    Paramount has a 10 per cent stake making it the largest shareholder.

    "Gaining support from FAA/TSA is a very significant achievement for
    Thorlock as the company strives to commercialise its plastic
    explosives detection technology.

    "Thorlock is involved in a range of discussions with several Fortune
    500 companies in the US about the delivery of its proprietary
    technology to the international aviation security market.

    "The potential opportunities for Thorlock's technology within the
    aviation security market are very significant. This is an exciting
    time for Paramount shareholders," Mr Russeth said.

    The April/May 2002 edition of the US published TranSec magazine
    said that:

    "The US is set to spend US$2.5 billion to buy more than 2000 bomb
    detection machines for the notion's airports in an effort to prevent
    other hijacking attacks on the US. The country will spend another
    US$2.5 billion to integrate the equipment at airports...," TranSec
    May 2002.

    Paramount is also pleased to announce that Thorlock has strengthened
    its management team with the appointment of Mr Carey Kriz to head up
    the company's US operations and act as a member of the company's
    executive committee.

    Mr Kriz will be responsible for overseeing US operations and product
    development.

    Thorlock Director Harry Stergiotis said Mr Kriz was highly regarded
    in the technology industry and would work closely with Mr Norman
    Shanks, the company's UK-based senior security consultant.

    "The teaming of these experts on all programs related to marketing
    and product development, is a powerful combination. Both have
    established world-wide networks in the security and technology
    industries. Mr Shanks is regarded as one of the leading aviation
    security experts in the world, with nearly 30 years experience in
    civil aviation, Including Head of Security at Heathrow Airport from
    1986 - 1991," Mr Stergiotis said.

    Mr Kriz said that the timing of the commercialisation of Thorlock's
    technology was excellent because it coincided with increased
    world-wide concern about airport security.

    "The technology provides a glimpse of this marketplace's future,
    namely environmentally-safe technologies, incorporating automatic
    machine detection to reduce operator errors, delivered in an
    efficient and cost effective packaging to lower maintenance and
    operational costs," Mr Kriz said.

    Throughout his career in the technology and healthcare industries, Mr
    Kriz has led a number of technology/service corporations through the
    start-up phase. As a member of the faculty and executive staff at
    Johns Hopkins University in Baltimore, Maryland he is involved in and
    continues to lead a number of development programs within the
    University.

    His past accomplishments include the set-up of Johns Hopkins
    International LLC, Johns Hopkins Singapore Clinical Services, Pvt
    Ltd, the MedBiquitous Consortium, the CorMed Corporation and the
    American Radiology Services Corporation.

    Prior to joining the faculty of Johns Hopkins, Mr Kriz was the
    president/CEO of the Camdat Corporation of Pittsburgh. The Camdat
    Corporation was one of the first commercial players in the field of
    artificial intelligence in medicine and was later acquired by the
    Hearst Corporation.

    ABOUT THORLOCK INTERNATIONAL LIMITED

    Thorlock is a West Australian based public unlisted company
    specializing in the use of Nuclear Quadrupole Resonance (NQR)
    technology. The company has developed technology for plastic
    explosives detection in hand and stowed luggage and is moving to
    commercialize its Aviation Security (AvSec) products in the near
    future. The technology potentially has applications beyond the scope
    of the Aviation Security market encompassing detection of a broad
    range of compounds including some narcotics and biochemical agents.

    Paramount recently became the biggest sharehoder in Thorlock. The
    company now holds more than 10% of Thorlock's common stock and
    continues to build its cornerstone position via off-market purchases
    and option uptake. Paramount has the right to acquire another 7.5% of
    Thorlock via a partially exercised option to purchase 2.5 million
    shares at $2.00 per share. Mr Kevin Russeth is a Non-Executive
    Director of Thorlock.

    For further information, please contact:

    Mr Kevin Russeth, CEO,
    Paramount Australia Limited Tel: 08 9480 1195

    Mr Rob Orr, COMPANY SECRETARY,
    Paramount Australia Limited Tel: 08 9480 1195

    Visit: www.pal.com.au

    Issued by Paul Downie Porter Novelli, Tel: 08 9386 1233 or
    Mob: 0414 947 129

    Editor's Note: A photograph of the Thorscan 3000 QR is available upon
    request. Please email:



 
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