BRISBANE, AUSTRALIA – 21 August 2003: Metal Storm Limited (ASX trading
code: MST and NASDAQ Small Cap ticker symbol: MTSX) announced today the
successful completion of another important stage in its product
development program, in preparation for planned firing demonstrations to the
defence industry in Australia and the USA.
On 20 August, the company successfully conducted:
- the live-fire test of a “rapid-reload multi-shot cartridge” for its
40mm pod system; and
- the test firing of 40mm projectiles using an “electronic inductive
ignition system” which eliminates in-barrel electrical contacts.
The 40mm rapid-reload multi-shot cartridge provides a simple and
effective means for rapid reload of both single-barrel shoulder fired
weapons, and larger multi-barrel Metal Storm pod systems.
The development of the electronic inductive ignition system equips
Metal Storm with a choice of firing systems, including a hard wired
electronic system and a shielded inductive system. The inductive ignition
system’s operation is also very resistant to the presence of moisture or
foreign matter in the barrels.
Metal Storm’s Director of Science and Innovation, Mike O’Dwyer said,
“These tests will be further refined, and the systems will then be
included in our ongoing multi-barrel pod development. The tested cartridges
are built to load four 40mm grenade rounds in each, and we expect that
this may later be increased to five or six 40mm rounds to provide
additional firepower capability.
“We have accelerated the development of our technology this year, with
the recent demonstration of our 16 barrel 40mm grenade pod, and stacked
‘explosive’ flash-bangs. We expect the rapid reload and inductive
firing system tests will enable us to maintain this pace.
“In the future, Metal Storm’s electronic inductive ignition system can
be developed to enable communication with "intelligent" projectiles,
providing autonomous target update information to each projectile, both
in the barrel and during flight.
"These developments have the potential to secure our technology in the
future as the ‘smart’ delivery system for ‘intelligent’ projectiles.
Among other things this enhances our ability to fire either lethal or
less-than-lethal munitions from the one multi barrel pod system,
including the ability to switch from one to the other in just a fraction of a
second,” said Mr O’Dwyer.
Visit www.metalstorm.com
**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.
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Further information:
Company Enquiries:
United States:
Chuck Vehlow – Chief Executive Officer - Metal Storm, Inc. Ph: 703 248
8218
Australia:
Ian Gillespie – General Manager Australia Ph: #61 (0) 7 3221 9733
Investor Enquiries:
United States:
Jody Burfening - Lippert/Heilshorn & Assoc. Ph: 212 838 3777
Australia:
Frank Sufferini - Orient Capital Pty Ltd Ph: #61 (0) 2 9964 0200
Media Enquiries:
United States:
Lippert/Heilshorn & Assoc. Ph: 212 838 3777
Australia:
Lisa Watson – Phillips Group Ph: #61 (0) 7 3230 5000 |
