Yes an engineer but lets call it a TECH Engineer. Compressed air technology is its main business, develops industrial air compressors and Gas seals and whats more it provides them for the OIL and GAS industry.
Very close to commercialisation now with its compressors and seals and todays deal ( see below ) should bring that very close.

Charges upfront payments, continuing royalties and development contracts so revenues are not lumpy.

It as a market cap circa off the top of my head 20 million(hope my calculator is now working) and as circa of 5 million cash on the books, very nice.

Some very big names as customers.

Heres todays announcement...........

Corac Group Plc
26 May 2004


For Immediate Release 26 May 2004


Corac Group plc ('Corac')

Joint Industry Programme for Downhole Gas Compression

Corac, the intellectual property and licensing company specialising in
compressor technology, is pleased to announce the signature today of a Joint
Industry Programme ('JIP') for the development of its unique, patented downhole
gas compression technology.

Following the recent successful completion of a Shell funded feasibility study
which evaluated both the technical and economic viability of the technology,
considerable industry interest has been generated, culminating in the addition
of a further four major international oil and gas operators to the project.

The participants of the JIP comprise ConocoPhillips, ENI, Husky Energy,
Repsol-YPF as well as Shell, all of whom have gas assets worldwide which they
believe could benefit from this game changing technology. As well as covering
the development costs for the next phase, the participants will also make
substantial resource available to ensure the final product specification meets
the requirements of the industry.

Corac's downhole gas compression concept involves the coupling together of a
number of axial compressor modules in a single compression train for
installation in the well bore in close proximity to a gas reservoir. In this
location, a modest uplift in pressure results in a very significant increase in
gas production compared with conventional methods using surface compression,
thereby accelerating gas production and cash flow from a producing asset.
Potential production rate enhancement of up to 40% has been demonstrated through
the application of downhole gas compression during a number of gas field case
studies carried out over recent months.

Placing the compressor downhole could also have the effect of being able to
lower the reservoir abandonment pressure which in turn would materially increase
the ultimate recovery from a gas field, thereby further enhancing the economic
benefit from the installation of this novel application of existing technology.

Phase 1 of the JIP is scheduled for completion by the end of 2004, with further
engineering and development work leading to the manufacture and testing of a
prototype downhole in a producing gas well within the following two years.

Commenting on the JIP, Professor Gerry Musgrave, Chairman, said:

'The support from such eminent oil and gas companies vindicates Corac's
development to date of the downhole gas compression project and gives the Group
another product line to bring to the market using its core technologies. It is
the start of a major business development opportunity which is expected to have
significant international ramifications throughout the upstream natural gas
industry.'ENDS.

Although loss making at the moment it shouldnt be very long before this one turns the corner.

Outlook

The Company has a loyal, talented workforce dedicated to the innovation and
exploitation of the technology. Successful trials have demonstrated the
commercial performance in Corac's industrial air compressor and its seals. The
Board is striving to deliver the right manufacturing and sales licences which
will yield the best returns in the long term.

We are confident that a number of deals, which have been subject to recent
intensive negotiation, will be successfully concluded in the near term.

Short to medium term investment, and anyone interested should DYOR and please remember you are responsible for the timing of your buying and selling actions.

cheers GF.

Now 6.5p. So glad I dumped this one ages ago. Seems the technology never got to be commercially viable, even though they still seem hopeful!

StockMarketWire.com
Corac, a group of innovative gas, air and energy technologies businesses, says the board is pleased with progress in the year to date.

Corac says it remains focussed on delivering growth in all its businesses, and continuing to reduce losses. The group retains a robust financial position and order book.

Chief executive Phil Cartmell said: "The first half has been very encouraging, not only for the improving financial performance but also the alignment of the businesses to their true technical strengths and established relationships in the market. "The board now looks ahead, having reinforced our belief that the Group has increasingly valuable foundations, with many opportunities for success."

Likewise H, but I still incurred a loss albeit far less than had I still been holding.
2517

StockMarketWire.com
Corac subsidiary Hunt Thermal Technologies has won an order worth around £0.9m from an international engineering, procurement and construction (EPC) firm for six high-integrity heat exchanger units.

This project will deliver replacement exchangers to a UK downstream facility in early 2015 as part of a five year improvement programme on the site in preparation for increased oil production from the West of Shetland area.

Corac says the order is part of a successful sales campaign by the HTT leadership which has secured more than £1.8m in new orders since the half year ended on 30 June, including from an energy-from-waste application and an energy generation project. Corac group chief executive Phil Cartmell said: "This order is testament to the strength of HTT's business and rewards the hard work undertaken to create a UK centred competitive advantage in safety-critical systems. HTT combines industry leading engineering standards with efficient fabrication and production and is now delivering the growth that we knew was possible. "The recent number of new orders provides us with great confidence for the rest of this year and a springboard for further success in 2015."