METAL STORM, DSTO AND TENIX TO DEVELOP PROTOTYPE OF HIGH-TECH WEAPON FOR ARMY
Brisbane, Australia ñ October 10, 2002: Metal Storm Limited (ASX code: MST and NASDAQ Small Cap: MTSX), a pioneer of electronic ballistics technology is pleased to attach a release issued by Tenix Pty Ltd (Tenix) regarding the signing of a collaborative agreement with the Defence Science & Technology Organisation (DSTO) and Metal Storm in relation to the Advanced Individual Combat Weapon (AICW).
In May 2001, Metal Storm announced that approval of funding for the program had been received from the ADF under a Defence Capability and Technology Demonstration Program. Further details on this program were announced by Metal Storm following the DSTO sponsored Land Warfare Conference held in Sydney in November 2001. Since that time ongoing development has continued under the companyís Research Agreement with DSTO, the outcomes of which flow directly into the AICW program. The Tenix release formalises their participation as a consortium partner in the further development of the weapon system.
**TENIX ANNOUNCEMENT**
TENIX, METAL STORM AND DSTO TO DEVELOP PROTOTYPE OF HIGH-TECH WEAPON FOR ARMY
Tenix Electronic Systems Division has signed a collaborative agreement with the Defence Science & Technology Organisation (DSTO) and Metal Storm to develop the prototype of a new high technology weapon for evaluation by the Australian Army.
The development of the Advanced Individual Combat Weapon (AICW) is being undertaken as a Concept Technology Demonstrator.
The AICW could provide soldiers with significant improvements in capability by combining the standard issue rifle with an advanced fire control system and a grenade launcher based on electrically fired, axially stacked technology.
The fire control system will use a laser range finder and other sensors to provide Australian soldiers with a corrected sight picture of the target as well as improved target acquisition and engagement.
Tenix Defence CEO Robert Salteri said that the investment of over $3 million in the project by the DSTO, Tenix and Metal Storm reflects the potential future sales of this technology both in Australia and internationally.
ìOf immediate interest in Australia is the Future Soldier Program ìWundurraî which has strong linkages back to the US Land Warriorî Mr Salteri said.
The work follows a successful systems engineering study undertaken by Tenix which identified the critical technologies required in such a weapon.
Mr Salteri said that the agreement is another example of Tenixís Electronic Systems Division using its strong systems engineering and research skill base to develop research concepts.
ìThe Division takes a strategic approach to R&D and has a portfolio ranging from breakthrough technology developments to incremental product enhancements,î he said.
Visit Tenix website: www.tenix.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 US$50 million in research and development funding in place to develop its technology from leading government defence-related agencies in Australian 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 ìestimateî, ìprojectî, ìintendî, ìexpectî, ìbelieveî 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 companyís 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 companyís technology, the market for the companyís 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 companyís business, reference is made to the companyís reports filed from time to time with the Securities and Exchange Commission, including the companyís Form 20-F.
Further information:
Company Enquiries:
United States:
Chuck Vehlow ñ Chief Corporate Officer
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:
Lippert/Heilshorn & Assoc.
Ph: 212 838 3777
Australia:
John Bayly - Bayly Willey Holt
Ph: #61 (0) 7 3368 2355 |
