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Welcome, my name is Ann-Marie Fleming with InvestorIdeas.com and we are speaking today with Nir Padan, General Manager for FAR Technologies Ltd., a conceptual and technological incubator for innovative concepts and technologies in the military aviation arena. Today’s interview will serve as a corporate overview to help inform potential investors and partners of the opportunity surrounding FAR Technologies.
Thank you for joining us Mr. Padan.
1. Can you please give us a brief overview of FAR Technologies, your overall focus and the solutions you provide?
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FAR Technologies Ltd. ('FAR') is a conceptual and technological incubator for initiating and nurturing innovative concepts and technologies in the military aviation arena. FAR draws on private investments to conduct preliminary feasibility studies, engineering design and patent applications. Our general strategy is to negotiate cooperation agreements with aviation companies (through patent/technology licensing/sale), or by teaming with others. Among them are the Airborne Weapon Re-Arming, Adaptation of Weapon Stations for Fuel Tanks Carriage, Dogfight (BFM) Real Time Guiding System, Converting Fuel Drop Tanks into Mass Dispensers and the Steerable Guided Gun Pod. We have to know that each of the 5 patents can be implemented as various applications (IE - steerable gun pod for military ac, small pod for coast guard etc.)
Our main "product" is intellectual property (IP), but we provide various types of joint venturing (engineering design, marketing efforts, flight testing) Vision: FAR is aiming its activities towards Exits, which will be based on successful implementation of its projects and technologies by leading military aviation industry enterprises and air forces.
2. What success and development has the Company undergone and what factors within the military aviation arena have helped to drive this success?
Our patent pendings were submitted in 2002/2003, and are expected to be granted in 2008. For now - their are 2 patent applications that were adopted by large aerospace companies, which were initially designed and submitted as an offer within RFI / other processes (Converting Fuel Drop Tanks into Mass chaff Dispensers and Adaptation of Weapon Stations for Fuel Tanks Carriage on the F-16).
Other successes surround the Air-Borne Re-Arm IP application:
1. On August 14th 2003 my company submitted a patent pending for an Air-Born “Re-Arming” system.
2. The system's preliminary design was prepared by Israel Aircraft Industries (IAI) as a sub- contractor, and is presented on FAR's company website: http://www.fartechnologies.com/
3. We have learned that the USA Air Force Research Laboratory (IFOG) protested against our patent granting (letter from 19.6.2006 to US patent office).
4. Facts are:
- USAF application was submitted two months after we did.
- USAF protest suggests that they actually recognize FAR's potential for the IP claims granting.
- USAF has existing or future interest in the concept and technology.
5. We expect further negotiations with the US patent office in the near future. An essential strong strategic partner, joining us for the expected patent law debate, is required.
6. No doubt future business potential of the concept and the technology are tremendous.
We would like to interest companies in sharing this IP application. This can be done by licensing or sales rights to fund our legal activities on the Air Borne Re Arm project.
Doing Business with FAR - Potential Arrangements:
- Non-Israeli flag on defense related product is preferable…
- Patent (exclusive?) licensing
- Joint marketing efforts. Initiate development only with identified client
- Teaming with others for marketing / developing
- Buy-back with Israel
- Investing in FAR and becoming a partner
This concludes today’s discussion. Thank you Mr. Padan for providing us with the details on Far Technologies. Additional information on the Company can be found at www.fartechnologies.com.
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