"Rocket Science" Applied to TransitThe System 21 monobeam was originally conceived by a design team at Lockheed Missiles and Space in the mid-1970's under the leadership of aerospace engineer Larry Edwards. Edwards later departed Lockheed with the development rights to the technology, and founded FUTREX in 1986 as a Delaware corporation, where he continued to develop and refine System 21 from the Company's Northern Virginia headquarters. In the early 1990's, the FUTREX management team began to expand to advance the technology from the drawing board to the market. In 1995, the Company relocated to Charleston, SC to take advantage of the funding and manufacturing opportunities created by the closure of the Charleston Naval Complex. Mr. Edwards concluded his day-to-day involvement in FUTREX in 1996 and remained on the Board of Directors until the end of 2000.
The Quarter-Scale ModelIn 1996, FUTREX unveiled a $1.6 million operational System 21quarter-scale model to worldwide industry and media acclaim. The "proof-of-concept" model demonstrated System 21 's unique cantilevered vehicle suspension system and validated the modular approach to prefabricated guideway design. It also proved the team approach to managing the project, with FUTREX joined by Battelle , Frederic R. Harris, Inc. , CMMC/Metal Trades, Inc. and Powers Design International to complete the project, on time and under budget. The effort was the result of a unique public/private partnership entered into by FUTREX with the City of Charleston and the U.S. Department of Commerce. $1.25 million of Department of Commerce funds were used to finance the effort in anticipation of future jobs creation at the former Charleston Naval Complex.
The Final Step to Market - The First Full-Scale InstallationFUTREX is well into the process of identifying and securing the location of the first full-scale installation of System 21. Several locations in the U.S. and abroad where the technology is ideally suited to community need are being evaluated. The management of the Company is working with entrepreneurs, and business and government leaders to finalize the best situation in terms of need, financing, and suitability. Once this opportunity is finalized, the Company will announce the location of the first installation. This will be followed shortly by project initiation and notice to proceed for the assembled team. It is anticipated that the first installation will require a three-to-four year effort at a cost that is dependent upon the location, system length, and complexity. The first installation will conclusively demonstrate System 21's safety, reliability, performance and cost to the worldwide market. FUTREX anticipates that during the third year of the program, other prospective clients and their advisors will begin visiting the project to assess the suitability of System 21 for their transit needs.
System 21's International MarketplaceThe worldwide market demand for a technology like System 21, during the 10-year period starting in 2004, is estimated at $80-100 billion, with the U.S. segment alone representing $20-25 billion. The principal customers for System 21 will be public or quasi-public entities including municipal and state governments and transit agencies. FUTREX also expects significant domestic and international private sector purchases of System 21 due to its affordability, flexibility and performance. System 21 is ideal for urban and suburban transit corridors, feeder networks, airports, university campuses, corporate parks, government and military installations, theme parks and shopping malls.