METAL STORM SIGNS COOPERATIVE AGREEMENT WITH U.S. NATIONAL INSTITUTE OF JUSTICE FOR SMART GUN PROJECT
ARLINGTON VA - 21 October, 2002: Metal Storm Limited (ASX Code "MST" and NASDAQ ticker symbol ìMTSX"), a pioneer of electronic ballistic technology, announced today that it has signed a Cooperative Agreement with the National Institute of Justice for a project to develop a plan for the development of the companyís 100% electronic handgun system into a ìsmart gunî. The agreement is valued at $396,000 (US$218,000), with NIJ providing $336,000 (US$185,000), and will provide the basis for the next generation of handguns incorporating ësmart guní technology and will extend from the companyís successful law enforcement prototype, the OíDwyer VLeÆ handgun.
The project is due for completion in the first half of 2003 and will provide in-depth analysis into the design, use, manufacturing processes and cost elements of delivering a production safe firearm to the law enforcement community of the United States and potentially other friendly police and military forces internationally. Metal Storm will lead the project serving as ëprimeí contractor.
The NIJís goal for its own ìsmart gunî program is to develop a handgun that operates in a normal manner for authorized law enforcement users, but disables itself when in the possession of an unauthorized user. The NIJ is the research and development arm of the US Department of Justice. Since 1994 the NIJ have been working to develop, test and incorporate ësmart guní technologies that will reduce deaths and injuries resulting from the use of weapons taken from law enforcement officers.
ìThe NIJ evaluation process is very competitive and provides recognition of the unique capabilities that the VLe ësmart guní offers the law enforcement community,î said Mike OíDwyer, President and Chief Executive Officer. ìFor Metal Storm this represents a significant opportunity to commercialize our technology into law enforcement markets while providing a capability that will become the weapon of the future for law enforcement communities internationally.î
ìWhat differentiates Metal Storm technology from conventional mechanical firing systems, is that the 'smart' technology is actually embedded in our VLe and is therefore seamless and transparent to authorized users,î Mike OíDwyer said. ìThis makes redundant the need for an interface between mechanical and electronic components. Future models of the VLe will incorporate layered power sources to ensure power availability in all circumstances. In addition, layered ësmart guní authorization will also be included to cover the broad range of environmental circumstances in which law enforcement officers are expected to operate.î
Mr OíDwyer added, ìThe next generation of ësmart guní VLe handguns will also provide a unique capability of lethal and less-than-lethal rounds ensuring that ëspecialistí law enforcement officers have an option other than lethal as a first response. In undertaking the project, Metal Storm will interact with appropriate government agencies as well as consulting with the community to ensure that the range of new capabilities that can be integrated into an electronic VLe ësmart guní are beneficial, desirable and appropriate.î
**About - National Institute of Justice **
The National Institute of Justice (NIJ) is the research and development arm of the U.S. Department of Justice. Created by Congress in 1968, the Institute is charged with investing public funds to develop knowledge that will reduce crime, enhance public safety, and improve the administration of justice. Under its enabling legislation, NIJ is authorized to assist State and local justice systems. NIJ conducts and sponsors basic and applied research into the causes, prevention, and detection of crime by supporting research, demonstrations, and validations to develop new approaches, techniques, systems, and equipment to improve law enforcement and the administration of justice. The NIJ maintains a major, on-going research and development function, which is maintained via alliances with technologists and practitioners; Federal, State and local policymakers; and partnerships with other public and private organisations.
A review conducted in 1994 of the FBIís Law Enforcement Officers Killed and Assaulted Uniform Crime Report showed that of the police officers killed in the line of duty during a 10 year period, one in six were killed with their own firearm after being disarmed by a suspect. An additional 113 firearms were stolen from police officers in that same period of time. To address the growing concern for the safety of the Nationís police officers, NIJ funded Sandia National Laboratories to study the problem of police firearm take-aways, identify the extent to which officers are assaulted and killed with their own firearms, and identify the requirements officers would want in a ìsmart gun.î
**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 $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 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 - Metal Storm, Inc. Ph: 703 248 8218
Australia:
Peter Wetzig - Company Secretary/General Manager ñ 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 |
