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: