METAL STORM’S TECHNOLOGY PARTICIPATES IN TWO U.S. DEPARTMENT OF DEFENSE
SMALL BUSINESS INNOVATION RESEARCH PROJECTS
ARLINGTON Va, 27 November, 2002: Metal Storm Limited (ASX Code: MST and
NASDAQ ticker symbol: MTSX), a pioneer of electronic ballistic
technology, announced today that the US Department of Defense Missile Defense
Agency (MDA) has made two Small Business Innovation Research (SBIR)
Phase I awards to Metal Storm’s teaming partner, StratCom International
LLC. Both awards will include the application of Metal Storm electronic
ballistic technology.
The Department of Defense SBIR program funds research and development
projects which serve defence needs and have the potential for
commercialisation in private sector or military markets. Phase I is a six month
commercial feasibility concept stage.
The first SBIR award is for the ‘Stratospheric Missile-Intercept Launch
System’, which combines the StratCom strategic airships wide area early
detection and tracking capability with Metal Storm electronic
ballistics. The Metal Storm ballistic system provides lightweight, compact,
cost effective cruise missile defence vehicles with a new and effective
means of delivering a disproportionally large kinetic mass onto a target.
The second SBIR award is for the ‘Frill-Neck Lizard Interception
Technology’. This SBIR is designed to use StratCom’s stratospheric airship
platforms with Metal Storm technology to improve kill vehicle
reliability by enlarging its destructive volume. The dual use of both companies’
technology contributes to a multi layered defence concept designed to
increase the hit/kill ratio probability for missile interception and has
the potential to provide major advantages to the MDA mission.
Mike O’Dwyer, Metal Storm’s Chief Executive Officer and President said,
“We’re pleased to have this early success with our teaming partner,
StratCom. This award marks a major new development in the application of
Metal Storm technology and points to a new and exciting commercial path
for our technology. The introduction of innovative Metal Storm
ballistic concepts into missile interception systems, highlights the breadth
of interest that our technology is now attracting.”
On the announcement of the SBIR awards, General Abrahamson, principal
of StratCom, said, “Metal Storm is an exciting and innovative ballistic
technology that fits ideally with the very active work that StratCom is
performing with the Lockheed Martin Corporation on the stratospheric
airship and its mission applications. Metal Storm’s electronic
ballistics technology was a significant factor in StratCom receiving these two
SBIR awards.”
The Department of Defense (DoD) SBIR program proposals pass through
three phases. Success in Phase I can lead to an invitation to apply for a
Phase II award of up to US$750,000 over two years to develop the
proposal to prototype stage. Phase III requires private sector funding to
take the technology to commercialisation. In addition, the SBIR program
provides for private funding into Phase II which can fast track
approvals and attracts up to four DoD dollars for every one dollar private
contribution, thereby leveraging private sector investment.
**About MDA**
Visit: winbmdo.com
**About SBIRs**
Visit: acq.osd.mil
**About StratCom International**
StratCom was formed to investigate and develop the benefits of
stratospheric airships for military purposes and for civil telecommunications
applications. The principal of Stratcom, General James Abrahamson (USAF
ret), former Chairman of Oracle Corporation, has considerable
experience in stratospheric and space technology in his former roles of running
the Space Shuttle program for three years and as First Director,
Strategic Defense Initiative (Star Wars) Program. The company has an
exclusive arrangement with Lockheed Martin Naval Electronics and Surveillance
Systems under which the high altitude airship program for Defense has
been developed since 1998. StratCom is a Delaware company with its
headquarters in Florida and a Government Services Division located in
Keedysville, MD.
**About Metal Storm**
Metal Storm Limited is a research and development company based in
Brisbane, Australia. The Company is capturing attention from defence
organisations worldwide with its revolutionary 100% electronic ballistics
technology, which has no known conventional equivalent. Metal Storm
currently has approximately AU$100 million in research and development
funding in place to develop its technology from leading government
defence-related agencies in Australia and the United States. Additionally, the
company is well positioned to support the U.S. government's more urgent
homeland defence needs. Recently, the U.S. Department of Defense has
accelerated the programs under development as it strengthens its
counter-terrorism capabilities.
**Safe Harbour**
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 U.S., 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.
Further information:
Company Enquiries:
United States:
Chuck Vehlow – Chief Corporate Officer - Metal Storm, Inc. Ph: 703 248
8218
Australia:
Peter Wetzig - Company Secretary/General Manager – Commercial Ph: #61
(0) 7 3221 9733
Investor Enquiries:
United States:
Jody Burfening/Kristine Hong - Lippert/Heilshorn & Assoc. Ph: 212 838
3777
Australia:
Frank Sufferini - Orient Capital Pty Ltd Ph: #61 (0) 2 9964 0200
Media Enquiries:
United States:
Chenoa Taitt - Lippert/Heilshorn & Assoc. Ph: 212 838 3777
Australia:
John Bayly - Bayly Willey Holt Ph: #61 (0) 7 3368 2355 |
