ARLINGTON, Va., Sept. 8 /PRNewswire-FirstCall/ -- Metal Storm Limited
(Nasdaq: MTSX; ASX: MST) today released the following statement which will be
published in the "CEO Corner" section of the company website. The company
website address is: http://www.metalstorm.com
David A. Smith - CEO Metal Storm
Metal Storm has achieved much since my last update to shareholders. Over
the past few weeks, we have made four significant market announcements which
demonstrate the progress we are making against the strategy outlined in our
recent Annual Report.
* On 21 July, we announced a contract with Boeing to determine capability
specifications for a weapon system to meet unique user requirements.
This was a small contract but represents a very important starting point
for what we hope will be a long-term and profitable association with
Boeing. I am pleased to report that we have completed the work required
under this contract and are awaiting the outcome of the project
evaluation.
* On 18 August, we announced that the US Department of Energy (DOE)
intended to solicit and negotiate a contract with Metal Storm for
research and development of a short range neutralization protection
system using our 40mm weapons technology. The company is focused on
winning this contract as a working relationship with DOE would take us
firmly into the US homeland security market. We expect to have more news
on this in the next few weeks.
* On 31 August, we announced the successful test firing demonstration in
Australia of the Advanced Individual Combat Weapon (AICW) in conjunction
with the Australian Defence Science & Technology Organisation (DSTO).
This integrated weapon combined a Metal Storm 40mm grenade launcher with
a standard 5.56mm Steyr assault rifle to demonstrate the capability of a
fully integrated dual purpose weapon. Since the demonstration, we have
been in discussions with a number of potential industry partners about
taking the AICW concept forward as a commercial project. Watch this
space.
* On 2 September, we announced Metal Storm had been selected by the US
Army for a Phase II SBIR award of US$730,000, subject to contract
negotiations. This SBIR is about developing and testing Metal Storm
designed 'less than lethal' munitions for crowd control applications. If
contract negotiations are successful, the Phase II SBIR will be major
step forward for the company as it puts us closer to our main goal of
producing certified product for commercial sale.
We have also been busy in other areas with work progressing well on
preparations for test firing of our High Explosive (HE) munitions designs
later this year. All component piece-parts for our demonstration HE rounds
have already been tested and are ready for integration and validation. We are
working on the schedule for our first full-up test firings and expect to
accomplish those initial tests within the next few months.
We have also made good progress in establishing cooperative development
and commercial relationships with several munitions contractors. These
arrangements are critically important in ensuring we have several lines of
munitions developed and certified for use in our weapon systems as well as
establishing manufacturing capability to service our target markets.
The company's half yearly financial results will be published next week
following completion of the half year review.
Finally, it is pleasing to note the market is responding to our progress
with a steady improvement in the share price since June.
David Smith
CEO
About Metal Storm
Metal Storm Limited is a defense technology company engaged in the
development of electronically initiated ballistics systems using its unique
"stacked round" technology. The company is headquartered in Brisbane,
Australia and incorporated in the US, with an office in Washington DC. The
company has invented a ballistics technology that has no known conventional
equivalent. Metal Storm is working with government agencies and departments,
as well as industry, to develop a variety of systems utilizing the Metal Storm
non-mechanical, electronically fired stacked ammunition system.
Safe Harbor
Certain statements made herein that use the words "estimate," "project,"
"intend," "expect," "believe" and similar expressions are intended to identify
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements involve known
and unknown risks and uncertainties which could cause the actual results,
performance or achievements of the company to be materially different from
those which may be expressed or implied by such statements, including, among
others, risks or uncertainties associated with the development of the
company's technology, the ability of the company to meet its financial
requirements, the ability of the company to protect its proprietary
technology, potential limitations on the company's technology, the market for
the company's products, government regulation in Australia and the US, changes
in tax and other laws, changes in competition and the loss of key personnel.
For additional information regarding these and other risks and uncertainties
associated with the company's business, reference is made to the company's
reports filed from time to time with the Securities and Exchange Commission,
including the company's Form 20-F.
SOURCE Metal Storm Limited
 back to top
Related links:
http://www.metalstorm.com
CONTACT:
Investor - David Smith, Metal Storm Limited,
+1-703-248-8218, dsmith@metalstorm.com; Media - Stefan Anikewich,
Hill & Knowlton, +1-212-885-0505, sanikewich@hillandknowlton.com,
for Metal Storm Limited
|
