LOCAL explosives detection technology development company QRSciences has signed a licensing deal with global advanced technology developer and integrator Lockheed Martin that runs until 2009. The agreement is for the assessment, development, integration, and marketing of QRSciences’ explosive detection technology that is based on quadrupole resonance (QR).
ASX listed Perth-based Clearwater took a 48 per cent stake in QRSciences late last year and this announcement is a significant milestone, according to QRSciences CEO and Clearwater chairman and CEO Kevin Russeth.
“Our teaming partners’ international reputations speak for themselves. With their assistance our technology will be developed and deployed with innovation to a host of customers around the world,” he said.
The first product that will be developed and marketed under the agreement is a portal sentry to identify threat materials to prevent them from being carried on to aircraft. The product uses advanced detection software that identifies potential threats and allows security staff to electronically view bags from multiple angles.
QRSciences will earn a revenue stream through a licensing fee derived from the sale of each machine.
It is understood QRSciences has spent $21 million on the development of its QR technology.
