Here is their latest report (another should be out any day). Kind of a one man show with likely royalty revenue stream:
biz.yahoo.com
14-Feb-2006
Quarterly Report
ITEM 2. MANAGEMENT & DISCUSSIONS
MAJOR ACTIVITY
Highlights of First Quarter
The NBAA annual show in October allowed Kollsman to put on display their new initiatives in Enhanced Vision and related markets. Advance Technologies Inc. directs the interested reader to Kollsman.com PR's releases. At the same time Gulfstream unveiled their plans for a smaller light weight Corporate Business Jet aimed for a smaller passenger market. We refer the reader to the Press Releases at Gulfstream.com.
The Niteagle program took an important step forward with the signing of a license agreement with a new Nevada corporation (RVS). AVTX will be providing RVS support under the terms of the agreement. The ATI-RVS License agreement is incorporated in this quarterly report as Exhibit 33.
ATI has secured a provisional patent application for our new Infrared Security System (ISS) project. With the protection of our intellectual property ATI has been contacting parties which may have an interest in active participation. All contacts to date are preliminary and confidential.
Enhanced Vision System (EVS)
Enhance Vision System, our first project; has entered production. Advance Technologies benefits through a license agreement with Kollsman Inc.
Kollsman has issued a detailed report of all sales and deliveries through December 31, 2005. The EVS market continues to develop on schedule. Sales are increasing but at a modest rate.
The agreement between Kollsman and FedEx is proceeding with the EVS being slated for operation on all of FedEx's wide-body aircraft. See Kollsman.com for additional details.
NITEAGLE
The NITEAGLE Project will be transferred to RVS in early 2006 under the terms of the ATI-RVS License Agreement.
OTHER DEVELOPMENT ACTIVITIES
Advance Technologies Inc. continues development activities on new Infrared systems for commercial markets. These projects cannot be forecast with any degree of certainty and all strategic partnerships or business arrangements remain confidential until such time as a formal announcement is appropriate without compromising the development plan and/or the application market.
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Recreational Vehicles Systems (RVS)
Advanced Technologies signed a licensing agreement with Recreational Vehicle Systems (RVS), a Nevada Corporation. Under terms of the agreement Adv-Tech will provide technical know-how and development support to RVS to develop an Infrared Imaging System for the license field of Recreational Vehicles. In consideration for our technical support and certain licensed technical property rights ATI will receive a royalty on each unit sold. No sales are projected before late 2006 or early 2007. The terms of the agreement specify $300.00 per system sold for a period of ten years initiated by the first sale.
Medical Systems
The sale of 50 NVS cameras to United Integrated Services (UIS, a Taiwan Corporation) under an export license granted by the United States Commerce Department is still pending. UIS as indicated their desire to complete this sale before the export license expires in June 2006. We believe there is less than a 50% chance that UIS will be able to comply with the license requirements prior to the expiration date. Revenue impact is negligible.
Infrared Security System (ISS)
A provisional patent pending has been obtained for our Infrared Security System. This protection for our intellectual property rights will allow us to aggressively engage in discussion with potential partners and customers. Preliminary discussions have been initiated.
OPERATIONS
In 2006 Advance Technologies will be establishing our headquarters in Woodland Texas. The Board of Directors has instructed the CEO to initiate a review of our operations to ascertain our future needs. Our primary source of future income will be through our licensing agreements. Our development activities are being conducted in concert with strategic partners, relying upon their capital resources. Recommendations on how to best optimize shareholder value will be formulated and presented to the Board in the near future.
The development activity at Adv-Tech has shifted from internal hardware based R&D activity to external technical marketing with potential partners. This shift has been created by Infrared Imaging Cameras and Systems moving from high technology to more of a commodity or production component. The system application and embedded application software represents most of the future opportunities for Advance Technologies.
DIRECTORS, EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES.
(a) Directors and Executive Officers
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Name Age Position
------------------------ ------- -------------------------------
Gary E. Ball 68 CEO, President, and Director
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Gary L. Bane 67 Director (1)
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James Watson 57 Director (2)
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(1) Became a director on October 1, 2004.
(2) Became a director on January 1, 2005.
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(b) Qualifications
Mr. James Watson has joined Advance Technologies Board of Directors. Mr. Watson's extensive experience as Director of Marketing for Western Airlines will provide valuable sight into marketing issues affecting the entry of EVS into the passenger segment of commercial aviation. Mr.Watson's term with the Board will begin January 1, 2005.
Mr. JAMES R. WATSON
Sales, Marketing and General Management Executive with over twenty- five years experience in managing a wide range of marketing, sales and operations functions designed to create or expand domestic and international sales opportunities.
CALIFORNIA MANUFACTURING TECHNOLOGY CONSULTING, Gardena, California,
1999-Present, Vice President Operations 2001-Present He was responsible for marketing, sales, consulting services and the development of delivery tools and services. Re-directed the organization from a service to industry "Go to Market" strategy by establishing teams for the Aerospace & Defense and Distribution industry.
In the past Mr. Watson was Vice President of Passenger & Cargo sales for WESTERN AIRLINES, Los Angeles, California. He was responsible for managing over 1100 people in sales programs, field sales, reservations and advertising with a budget in excess of $150 million.
GARY E. BALL
Age 68, residing in The Woodlands, Texas is married. He attended California State University at Long Beach graduated with a BSEE and MSEE, went on to perform Graduate Studies at University of Southern California. Was Program Manager for Hughes Aircraft where he developed the Infrared Enhanced Vision System reporting to the President of EDSG. Was a member of NATO NIAG study group on Aircraft Integration. He has authored several articles for trade publications, the last 9 years he has provided consulting services to 10 U.S. and foreign corporations in the field of IR technology.
Gary L. Bane
Age 67, Mr. Bane has been employed as an independent consultant for the last seven years after retiring from Boeing Marine Systems. Mr. Bane has BS and MS degrees from the University of Southern California in engineering and management fields. Mr. Bane belongs to several government committees involved in Ocean engineering and related fields. Mr. Bane has a large consulting practice in his field of Marine Engineering. Mr. Bane consults with Boeing and several other Marine engineering firms.
INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS.
There has been no legal proceeding involving Advance Technologies Inc.
Item 9. REMUNERATION OF DIRECTORS AND OFFICERS.
Effective October 1, 2005 the previously approved Executive compensation plan was put into effect. Under the provision of the plan preferred shares of AVTX were issued to the CEO/President of AVTX and the Board of Directors. The issuing of these shares (160,000 Class B shares) to the Board of Directors and the Chief Operating Officer/President of Advance Technologies Inc. increased the outstanding shares of Class B to 26,177,157. This action is in accordance with the proposed and accepted Executive Compensation Plan.
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Item 10. SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITY HOLDERS.
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Title of Name and address
class of owner Amount owned Percent of class
--------- ---------------- ------------ ----------------
Common Gary Ball 7,800,000 12%
--------- ---------------- ------------ ----------------
Common Wendy Ball 7,800,000 12%
--------- ---------------- ------------ ----------------
Common Gary L. Bane 1,200,000 2%
--------- ---------------- ------------ ----------------
Preferred Jim Watson 20,000 ~
--------- ---------------- ------------ ----------------
PERSONS HOLDING WARRANTS, OPTIONS OR OTHER RIGHTS.
No other person is known to hold 10% or more of a class of equity securities of AVTX.
ITEM 11. INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS.
Gary Ball has provided office space for the executive offices of AVTX, for which Mr. Ball has received $0.00 monthly compensation. |
