Mooring Systems tests patent waters

MSL is a new capital market company and plans to purchase the assets of Mooring Systems International as its key transaction.

Mooring International has commercialised an automated docking system using a vacuum pad which is used on Tranz Rail's inter island ferry Aratere and has filed three patents covering four proprietary concepts.

However patent attorneys A J Parks have advised MSL they do not believe that registration of all of the patents applied for by Mooring International will be achieved. They also believe it is unlikely that those that are registered will be registered in their entirety.

Despite this MSL chairman, Michael Cashin, says an intellectual property audit of Mooring International comments that it has developed some innovative applications within their designs that may comprise features capable of protection.

"A J Park further comment that Mooring International has developed significant intellectual property through their personnel and experience over a number of years," Mr Cashin says.

The price that MSL will pay for the key transaction should be known later this month.

The company says KPMG have released a final draft of their valuation and the sale and purchase agreement has been substantially agreed between the parties.

"The valuation has also been challenging in that what we are dealing within the acquisition of Mooring International's business is very much a greenfields business with considerable potential but with history limited to the installation and commissioning of one system on the Aratere," says Mr Cashin.

Mr Cashin says the ship based mooring system installed on the Aratere has proven its success since installation but Mooring International has now moved on with its designs and a shore-based system has evolved.

"A shore-based system offers exciting potential for its it is designed to suit local conditions and does not require ship modifications."

MSL listed on the stock exchange in December last year issuing 1.2 million shares at 50 cents.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.