The Company was incorporated in the State of New York on July 22, 1955, and is a patent holding company engaged in research, development and licensing to manufacture shock and vibration isolators, energy storage and shock absorption components for use on various types of vehicles, machinery and equipment. The Company sells research and development engineering services to its affiliate, Taylor Devices, Inc. ("Devices"), and pursuant to a certain License Agreement dated November 1, 1959 ("License Agreement") has licensed Devices to manufacture and sell certain of the Company's patented products. The products sold are used in the defense, aerospace and commercial industries. The Company continues to research and develop new and advanced technology products. The Company's primary products include a wide spectrum of components utilized for the absorption and/or attenuation of transient and/or steady state motion of mechanical elements. Specific components include shock absorbers, vibration dampers, seismic shock arresters, vehicle suspension devices and recoil absorbers. These components may utilize either hydraulic, elastomer, or electronic means to obtain their required output. A correlative component of these products is the analysis and development of design specifications for various types of energy absorption devices. The Company maintains an extensive computer database of shock pulses, combined with its own proprietary structural analysis computer codes. The Company markets analytical services utilizing these assets. The Company holds approximately 43 patents expiring at different times until the year 2021. In fiscal 2004, royalty income from the patents accounted for 52% of the Company's revenues.