That looks like a walkera ccpm helicopter transmitter. I bought one about a month ago on Ebay and it would also not work with my 35mhz PPM receivers.
On some of them you can disable the CCPM mixing to use it as a normal 4 channel PCM radio.
Put it on Ebay, I sold mine for £8 plus postage.
See link here :
It is sold with the Walkera Dragonfly 4 Helicopter.
Edited By Biggles' Elder Brother - Moderator on 23/03/2011 20:49:11