Airtrax, Inc. is a development stage company that has developed an omni-directional wheel technology intended to be used for various commercial applications. The right to exploit this technology grew out of a Cooperative Research and Development Agreement (CRADA) with United States Navy in 1996. Since the technology transfer under the CRADA agreement, the Company has examined and redesigned many aspects of the system for use in various applications, including forklifts and other material handling equipment. In this regard, Airtrax refined control software and hardware, and tested a variety of drive component features on its pilot omni directional lift trucks and scissor-lifts. Extensive demonstrations of prototype vehicles for commercial and military users in combination with market research enabled the Company to direct its initial development efforts towards the material handling products. In December 2004, the Company acquired FiLCO.