The Airtrax Sidewinder forklift

Omni-directional wheel technology developer Airtrax Inc has restated its 2005 and 2006 reports to correct accounting errors and seeks new funding sources. The errors involved modification agreements, unsecured convertible debentures and preferred stock issuance.

"Now that our financial statements and records are in order, we will be able to channel our energy into the execution of our business plan," says Robert Watson, who signed the June 15 restatement filings to the US Securities and Exchange Commission as Airtrax chief executive officer, president and acting chief financial officer.

Airtrax says it is negotiating a settlement with the institutional holder of a 12% Series A convertible note for which Airtrax is in default. Airtrax owed USD412,000 as of the forfeiture date of October 20.

Watson, a corporate restructuring specialist, joined the firm on November 1, filling a vacancy left by the August 25 death of Peter Amico Sr., Airtrax founder and CEO. Airtrax stock trades on the over-the-counter market.

Airtrax promotes the Sidewinder lift truck, the firm's initial product, as operating with low maintenance needs and cost efficiencies and says it has delivered units to customers in the US and several foreign countries. Using the Omni-directional system, vehicle wheels can move in lateral, diagonal and rotational directions.