Press Release
METAL STORM TECHNOLOGY SELECTED BY U.S. NAVY’s OFFICE OF NAVAL RESEARCH
FOR SMALL BUSINESS INNOVATION RESEARCH PROJECT
Naval Project Represents Fourth Small Business Innovation Research
Program for Metal Storm
ARLINGTON VA, 16 JANUARY, 2003: Metal Storm Limited (ASX Code: MST and
NASDAQ ticker symbol: MTSX), announced today that the U.S. Navy’s
Office of Naval Research (ONR) has made a Small Business Innovation Research
(SBIR) award that selects Metal Storm’s digital technology as the
ballistic system for the project. The Phase I SBIR award has been made to
Metal Storm’s teaming partner, Schappell Automation Corporation, Inc.
For Metal Storm, this award marks the fourth SBIR program success which
utilises the company’s technology in the current round of awards.
The project, to be conducted under the Navy SBIR program, will utilise
Metal Storm electronic ballistic technology in an innovative weapon
system which can deliver a variety of projectiles against a number of
different threats. The system is designed for use on naval vessels against
close-in threats and can also be configured as a modular system for use
by naval and marine landing patrols, as well as to protect port
facilities, thereby providing local security for berthed ships.
The Metal Storm weapon system provides options for responding to
different threat levels, including the ability to select a less-than-lethal
capability as a first response, with the ability to immediately select a
lethal response to meet increasing levels of threat.
Mike O’Dwyer, Metal Storm’s Chief Executive Officer and President said,
“This SBIR from the US Navy again highlights the utility of our weapon
systems to meet a broad range of defence needs in all three services.
It follows two Missile Defense Agency SBIRs for defending against a
space launched missile attack, and an Army Research Office SBIR providing
for the delivery of special projectiles in a pod-system. Taken
together, these research programs are an indication of our success in
promoting our technology to appropriate contacts within the US defence
industry, which has led to an unprecedented number of inquiries regarding our
technology.”
Schappell Automation Corporation (SAC) has extensive experience in
robotics and automated weapon systems. The company has been responsible
for a series of remotely controlled and autonomous land vehicle programs
including the design, building and testing of DARPA’s Autonomous Land
Vehicle as well as a number of other key programs.
The Department of Defense (DoD) SBIR program funds early stage R&D
projects which serve defence needs and have the potential for
commercialisation in private sector or military markets. SBIR proposals pass
through three phases. Phase I is a six-month commercial feasibility concept
stage. Success at this level can lead to an invitation to participate
in a Phase II award of up to $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 4 DoD dollars for every 1 dollar of private
contribution, thereby leveraging private sector investment.
www.metalstorm.com
==About Office of Naval Research==
www.onr.navy.mil
==About SBIRs==
www.Acq.osd.mil/sadbu/sbir
www.navysbir.com
==About SAC==
SAC have extensive experience in dealing with unique weapons systems.
This dates back to early shipboard AAA weapons systems, DARPA's Smart
Weapons Program, and currently, applications of the Metal Storm
technology as a result of joint activities with DARPA, SAIC and Metal Storm,
Inc. SAC have also developed robotic vehicles as potential weapons
platforms. SAC personnel have also been responsible for the development of
targeting systems, weapons stabilisation platforms, area correlation
systems, as well as target ranging and imaging systems for reconnaissance
and target acquisition and tracking.
==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 US$50 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 US government's more urgent
homeland defence needs. Recently, the US 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:
Silvie Moser-Savage - Company Secretary 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:
Michael Hopkins - Lippert/Heilshorn & Assoc. Ph: 212 838 3777
Australia:
John Bayly - Bayly Willey Holt Ph: #61 (0) 7 3368 2355
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