Torc Us Through 2005

Crystalclear
If we were talking only about bankable deals of the kind described by Dick Elsy at the 2003 AGM I would agree with you.
However, I believe that a (non-bankable) deal which didn't involve cash was done early in 2004 (involving Torotrak, Koyo, Equos, Aisen and Toyota) and that as a result two toroboxes have been developed (the equivalent to the Z6 speed ZF and a smaller compact box). Both are now on pre-production trial and I think that there is the possibility of production royalties from Lexus in 2005.
Further if all goes well with the current trials of the off-highway vehicle, there will be also be income from production royalities in from the off-highway vehicle in 2005.
I think that a bankable deal may be done in respect of the 4x4 application (Ford Group?) and that could involve a downpayment and consultancy work during the pre-production development work as DE described when he first told us about bankable deals. As you say the prospects look particualrly good here as it has been reported the two speed transfer box normally fitted to a 4x4s will not be required, with weight and cost savings. Further there are the total off-road control (TORC) features
Best wishes - BJ