press release
METAL STORM SIGNS TEAMING AGREEMENT WITH STRATCOM INTERNATIONAL FOR
STRATOSPHERIC AIRSHIP TECHNOLOGY APPLICATIONS
ARLINGTON, VA – 25 November, 2002: Metal Storm Limited (ASX Code: MST
and NASDAQ Small Cap: MTSX), a pioneer of electronic ballistics
technology has signed an exclusive Teaming Agreement with StratCom
International, LLC for the development and production of specific Metal Storm
ballistic products as they apply to the StratCom stratospheric airship.
The Teaming Agreement recognises several near-term Metal Storm technology
applications for the stratospheric airship, which is a
very-high-altitude airborne vehicle, designed to provide command and control facilities
for asset protection and contains its own integral self defence
capabilities.
StratCom was formed by its principal, General James A. Abrahamson, USAF
(ret) to investigate and develop the benefits of stratospheric airships
for military and civil applications. StratCom negotiated an exclusive
arrangement with Lockheed Martin Naval Electronics and Surveillance
Systems (formerly Goodyear Aerospace Division), and has won several
contracts with the US Department of Defense. StratCom’s primary focus is in
military stratospheric airships and telecommunications.
General Abrahamson spent 33 years in the USAF. During his
distinguished military career he was Project Manager for Maverick guided missiles,
Director of the multinational F-16 program, Associate Administrator of
Space Flight for NASA where he ran the Space Shuttle program for three
years. He was also the First Director, Strategic Defense Initiative
‘Star Wars’ program.
In his civilian career General Abrahamson served as Chairman of Oracle
Corporation for three years, was President of Hughes Aircraft
Transportation Sector and also selected as Director, Task Force One for the FAA.
Mike O’Dwyer, President and CEO of Metal Storm said, “The exclusive
Teaming Agreement we have with StratCom is designed to lead to the
development and production of specific ballistic products that can be
integrated into StratCom’s stratospheric airship program. General Abrahamson’s
vast experience in both the military and commercial sector allows us to
establish a cooperative framework to pursue increasingly sophisticated
weapon systems employing Metal Storm technology with StratCom’s
extensive stratospheric airship experience”.
On signing the Teaming Agreement, General Abrahamson said, “I have been
following the progress of Metal Storm’s weapon system technology for
some time and find it to be one of the most exciting ballistic
developments with which I have been associated. Metal Storm’s technology
represents a real and new capability for utilisation in stratospheric
airships, particularly for homeland security and in missile defence and missile
intercept systems. It is also an extremely important development for
many agencies in the US Department of Defense”.
**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 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.
**About StratCom International, LLC**
StratCom was formed to investigate and develop the benefits of
stratospheric airships for military purposes and for civil telecommunications
applications. The company has an exclusive arrangement with Lockheed
Martin Naval Electronics and Surveillance Systems under which the high
altitude airship program for Defense has been developed since 1998.
StratCom is a Delaware company with its headquarters in Florida and a
Government Services Division located in Keedysville, MD.
**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 i!
nformation 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.
Further information:
Company Enquiries:
United States:
Chuck Vehlow – Chief Corporate Officer - Metal Storm, Inc. 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:
Chenoa Taitt - Lippert/Heilshorn & Assoc. Ph: 212 838 3777
Australia:
John Bayly - Bayly Willey Holt Ph: #61 (0) 7 3368 2355 |
