June 28, 2009
Puzzling decision by Roadships
Roadships Holdings Inc., which describes itself as a "USA company listed on Nasdaq (OTC Bulletin Board: RDSH)" has put out a press release announcing "the decision of its Board of Directors to engage STX Marine to update the design of its Roadships High Speed Monohull to be fuelled by Liquid Natural Gas."
Leaving aside the fact that OTC Bulletin Board companies are NOT "listed on Nasdaq," this is a puzzling move.
It's puzzling in that one would expect the Roadships vessel to be powered by a Cycclone magnetic engine. The CEO of Roadships Holdings Inc., Mr. Micheal Nugent (who also spells his first name by the more conventional Michael about half the time) is perhaps best known in his native Australia for his involvement with the Cycclone--an engine that is said to require no fuel at all.
A Roadships High Speed monohull powered by the Cycclone engine would be even less polluting than one powered by LNG.
If you find the idea of an engine that uses no fuel hard to believe, so did the Australian Securities and Investigation Commission (ASIC) and the Supreme Court of Queensland. You can read the decision of the Supreme Court in a case brought by ASIC against Cycclone Motors, Mr. Nugent and two other respondents here:
The Cycclone case was not Mr. Nugent's first brush with ASIC. An earlier Australian company that he ran--Roadships Ltd.--was liquidated after ASIC obtained an injunction preventing it from selling its shares. More on that HERE