Monday, 10 September 2007

Fund Manager Scoffs At AMA Patent Review

In a Sept. 7th BNN interview, Northern Rivers fund manager Hugh Cleland dismissed Star Navigation's call for a review of AeroMechanical's (AMA) patent as nothing more than a "grasping" attempt by a "struggling company."

Cleland's comments came after STAR filed a request with the United States patent office for it to review AMA's patents, which the U.S. patent office recently granted after a four year review.

Cleland acknowledged the review request sent jitters through the market.

But when there is only a "one per cent" chance that the patent office might change anything, it really was much ado about nothing, Cleland concluded.

"In my mind this is a non event," said Cleland, who is the manager since inception of the $99.9-million Northern Rivers Innovation Fund LP.

Rather, Cleland said it appeared that STAR - which revealed it only had $18,000 in its corporate bank account in SEDAR filings last March - was perhaps flailing about while in its death throes.

Cleland said he was still buying AMA stock at around the $0.65 level and that he hoped to set AMA into his fund's core category once the last piece of his due diligence was completed at the end of this month.
Cleland explained that he was going to the National Business Aircraft Association annual show and convention in Atlanta, Georgia to talk to business jet aircraft manufacturers about their installation plans for AMA's tracking and communications technology.

Cleland said he was also going to talk to a top executive with the British aerospace firm called Meggitt to better gauge its ability to sell AMA's technology to passenger jet aircraft manufactures around the world.
To view the entire interview please click here and start at the 7:35 minute mark in the second segment of the broadcast. The interview lasts until the 12:30 minute mark.