See in their lates PR where they annouced the nomination of Ms. Lindsay, they stated:
"The additional management bandwidth Lindsay will bring will be essential in managing the increasing size and complexity of our business since the EMG wafer acquisition, as well as our increasing activities in the homeland security sector.
Yes, increasing activities in the homeland security sector. This is the kind of hype that really bothers me.
Isonics invested 275K until the end of April 2005 (starting June 2004). That is 27.5K per month over a 10-month period. Say, 1/3 of the money is used for hardware supplies. That leaves roughly 18K a month. How many people does that equate to? One person, maybe two if we include a technician. Oh my goodness, how these two buzz words are sweet.
In June 2004, we entered into an agreement with IUT whereby we agreed to fund $275,000 of research and development expenses on behalf of IUTDT during the year ending April 30, 2005. The research and development work will be completed by IUT and will be funded in steps based upon completion of various milestones. We funded the first $100,000 of this commitment in June 2004 (which was recorded as research and development expense on the accompanying condensed consolidated statement of operations).
The problem with such a small hand held neutron emitting device is penetration capacity. High energy neutrons are needed and necessary to penetrate materials that would cover explosive susbstances, like steel, concrete, aluminum...A small portable device is not feasible for the reason that the energy requirements and the sheilding necessary to protect the user would create too heavy a device.
Hi-energy technologies is currently has a working prototype but it is something that fits in the back of a van or small truck. I think some on this board have the illusion that ISON is working on a device the size of a PDA.
If ISON were seriously committed to this project, an investment of millions ($) instead of thousands would be necessary. I think the project is hype, and it is being utilized by the company to attract investment for its failing business.
That is a point you have brought to the attention of this board and I think it deserves to be investigated furthermore. You are correct in your assessment that high energy neutrons are required to penetrate steel. At this point, we need to give them the benefits of doubt, as being scientists and probably good engineers, they MUST have taken this security issue in consideration. I would expect they will elaborate more on that topic in the paper that will be released for the NATO meeting. We should be able to get a copy from the company after the meeting.