Metal Storm Continues Marketing Electronic Ballistics Technology Agreement With SAIC
Thursday October 17, 9:07 am ET
ARLINGTON, Va.--(BUSINESS WIRE)--Oct. 17, 2002--Metal Storm Limited (NASDAQ Small Cap: MTSX and ASX Code: MST), a pioneer of electronic ballistics technology, today announced the signing of a modification that continues the marketing/teaming agreement with Science International Applications Corporation (SAIC) under a non-exclusive business development agreement.
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This arrangement allows Metal Storm to continue its agreement with SAIC as well as develop business relationships with other major defense or commercial companies.
Metal Storm and SAIC have been teamed for the last four years in an exclusive agreement to advance the Metal Storm technology through defense and commercial applications in the United States. Metal Storm and SAIC will continue a relationship that will allow each to grow their business opportunities, and have signed a non-exclusive agreement to continue the business relationship. SAIC is the nation's largest employee-owned research and engineering company, providing information technology, systems integration and eSolutions to government and commercial customers.
Mike O'Dwyer, president and CEO of Metal Storm said, "The past agreement with SAIC allowed Metal Storm to expand into numerous defense and commercial opportunities in the United States. Examples are an Area Denial Weapons System (ADWS) that has an objective of replacing anti-personnel land mines in a manner that does not leave residue in the ground after a tactical operation, counter-terrorism initiatives that can defend buildings or naval vessels against potential adversaries with a lethal or less-than-lethal response, and a firefighting application of Metal Storm technology could be very beneficial in suppressing skyscraper or high-rise fires. SAIC engineers and scientists work to solve complex technical problems in national security, homeland defense, energy, the environment, and telecommunications. We desired to continue working with SAIC on identifying additional opportunities for the application of the Metal Storm technology, and are therefore very pleased with the continuation of our relationship. Additionally, we now welcome the opportunity to move forward with other major participants in the United States defense industry."
Ray Johnson, senior vice president and manager of the SAIC Advanced Technologies and Analytic Solutions Operation said, "SAIC continues to look for new and innovative solutions to our Nation's defense needs - Metal Storm technology is well suited to be a component of those solutions. We are very pleased to continue this relationship with Metal Storm."
About Metal Storm
Metal Storm Limited is a research and development company based in Brisbane, Australia. The Company is capturing attention from defense organizations 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 defense-related agencies in Australia and the United States. Additionally, the company is well positioned to support the U.S. government's more urgent homeland defense needs. Recently, the U.S. Department of Defense has accelerated the programs under development as it strengthens its counter-terrorism capabilities.
About SAIC
SAIC is the nation's largest employee-owned research and engineering company, providing information technology, systems integration and eSolutions to commercial and government customers. SAIC engineers and scientists work to solve complex technical problems in national and homeland security, energy, the environment, space, telecommunications, health care and transportation. With annual revenues of $6.1 billion, SAIC and its subsidiaries, including Telcordia Technologies, have more than 40,000 employees at offices in more than 150 cities worldwide. More information about SAIC can be found on the Internet at www.saic.com.
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 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.
Contact:
Metal Storm, Inc.
Charles Vehlow, 703/248-8218
ms@metalstorm.com
or
Lippert/Heilshorn & Assoc.
Investor:
Jody Burfening, 212/838-3777
jks@lhai.com
Media:
Chenoa Taitt, 212/838-3777
ctaitt@lhai.com
Source: Metal Storm, Inc. |
