Metal Storm Announces Technological Breakthrough in Testing of New Firing System
Wednesday October 23, 8:36 am ET
New Generation System Has Potential for Broad Applications
ARLINGTON, Va.--(BUSINESS WIRE)--Oct. 23, 2002--Metal Storm Limited (NASDAQ ticker symbol `MTSX' and ASX Code `MST'), a pioneer of electronic ballistic technology, announced today the successful live fire testing of a newly developed firing system, representing major technological breakthrough.
This test with 16mm projectiles was performed in conjunction with the company's development of the digital ballistic system for the "Very Close in Ship Defense" (VCSD) system first announced just last month. With this milestone, the company remains on track to demonstrate a multi-barrel system designed for ship defense in early 2003, as previously announced.
"This successful test marks the most significant advance in the company's technology since the original rapid-fire technology was first announced in 1995," said Mike O'Dwyer, Metal Storm's Chief Executive Officer and President. "The new firing system will form a key element of Metal Storm's expanding family of digital ballistic systems, by providing significant advances in manufacture, safety and performance. It retains the infinitely variable rate of fire and the multi barrel capabilities that so clearly define the existing Metal Storm technology. We anticipate this new generation firing system will have applications across a wide range of weapon systems, well beyond our initial focus on VCSD."
The new Metal Storm firing system dramatically reduces external barrel wiring and leads, eliminates barrel ports and external primers, while also greatly reducing susceptibility to system damage by electromagnetic interference and unintentionally firing out of sequence. The company believes the combination of the original rapid fire Metal Storm technology with the new firing system, also has the potential to significantly reduce collateral damage, which is often associated with the use of high explosive conventional projectiles. The new system also provides for safer storage and transport.
O'Dwyer continued, "We believe the substantially reduced complexity of the system fire control unit will allow for a more rapid military qualification of Metal Storm weapon systems, as well more rapid commercialization. The military application of this development will be a high priority for us as the system can be applied to many important Metal Storm defense applications, such as vehicle self defense, perimeter defense and homeland security."
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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 (DoD) has accelerated the programs under development as it strengthens its counter-terrorism capabilities.
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 Contact:
Jody Burfening
jks@lhai.com
or
Media Contact:
Chenoa Taitt
ctaitt@lhai.com
212/838-3777
Source: Metal Storm, Inc. |
