If it uses normal matter, then I don't see how it could work. Basically normal matter obeys Newton's Laws of Motion, which means that all the forces cancel out and friction eventually brings it to a halt.
To be fair, this says more about your (lack of) imagination than about his device. I'm sure that I couldn't have imagined how a nuclear pile worked in 1900. "I am here" may genuinely have discovered some property of "normal matter" that has escaped physicists world-wide for the past few millenia.
... but that's not the way I'd bet.
I think there are a number of facets here that he is simply making more complicated than necessary. Remember Kramer's magic questions?
"HOW DO YOU PLAN TO DEMONSTRATE YOUR CLAIM"?
"I am here," if you apply for the challenge, you will be given the opportunity to propose a method of proving that your device works. If you can come up with a scientifically acceptable and verifiable method of showing that your device works without opening the box, you can probably persuade Randi and Kramer to accept that method. However, there is
also a long-established tradition of PMD's being offered by the genuinely fraudulent and the merely deluded, so you should expect that whatever method you propose, it will be subject to a fairly searching and thorough analysis by some of the best physicists and engineers that Mr. Randi can call upon (and he can call upon the best in the world).
I also think that your fears are misplaced. If you think that Randi can take the device apart and reverse engineer it, how are you going to sell one of these bad boys to me? You think that I won't do the same thing?
As a device, it's uncopyrightable. As a physical object, there's basically no way to keep it a "trade secret" if you're planning on selling it. That really does only leave patents as a way to protect your invention....