REDMOND, Wash., April 13, 2004 (PRIMEZONE) -- Marine Jet Technology Corp (OTCBB:MJET)is featured on the MacReport.Net, where Jeff Jordan, the company's President, discusses the implications of the company's new Variable Marine Jet technology. This same material is discussed in the company's recent 10KSB and is the subject of a recently filed PCT Patent Application. http://www.macreport.net/featured/MJET/company.asp
Following are excerpts from Mr. Jordan's discussion of the company's patented and patent-pending technology, which management believes will revolutionize the propulsion of fast boats and fast ships in recreational, commercial and military markets.
"The propeller was invented in 1837, and modern ships today use the same basic method that was used on the Monitor and the Merrimac in 1862. Water jet propulsion, the marine jet, was developed in the 1950s and hasn't changed much since. In the meantime, airplanes have long since evolved to variable jets under computer control. Finally, MJET's patented technology is bringing similar computer controlled variable jets to boats and ships. ...
" ... In concept this is very similar to the computer that controls the shifting of the automatic transmission in your car. The computer handles all of the complications, so the boat operator can relax and enjoy the ride. ...
"I believe this is a revolutionary shift in the way boats interact with the water. Rather than asking a fixed propeller or water jet to cope with a variable speed and variable load, this system relies on a computer to adjust the size of the jet to boat speed and load several times a second...
"Our marketing plan focuses on strategic alliances in each of these market segments. ...
"If we are successful in this strategy, we believe MJET can grow rapidly with a moderate capital requirement."
Mr. Jordan has personally funded much of the development of the Variable Marine Jet technology. He plans to sell his personal MJET stock as necessary to continue funding his work for the company in the future.
The company is seeking strategic partnerships and alliances with existing boat and propulsion system manufacturers.