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Technology Stocks : Metal Storm Ltd

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To: Ben Wa who started this subject5/20/2004 11:35:03 AM
From: Saulamanca  Read Replies (1) of 75
 
BRISBANE, AUSTRALIA - 11 May 2004 – Metal Storm Limited (ASX trading code: MST and NASDAQ Small Cap ticker symbol MTSX)

International ballistics company Metal Storm Limited will play a key role in the development of a new program designed to defend US naval ships from multiple airborne and surface threats.

As part of a Phase I Small Business Innovation Research (SBIR) program award granted by the US Navy, Metal Storm will work with US engineering and technology company Foster-Miller Inc., (Foster-Miller) in a funded program designed to circumvent new and serious threats that are difficult to defeat with existing shipboard weapons and countermeasures.

Metal Storm Chief Executive Officer Charles Vehlow said the award would enable the company to develop its relationships with both Foster-Miller and the US military.

“Working with Foster-Miller in this SBIR program is a very exciting opportunity for Metal Storm to further demonstrate the broad applications of our technology,” said Mr Vehlow.

“Foster-Miller has extensive experience in harnessing emerging science and technology in the development of capabilities for the US military. The company is a primary contributor to the US Army’s Objective Force Warrior (OFW) program, and has developed remotely operated robots currently in service in Afghanistan and Iraq.”

Termed the ‘Thunder and Lightning Shield’ (TLS), the program proposes to employ both Metal Storm and Foster-Miller technology to protect US vessels from close range threats such as sea skimming cruise missiles and small, fast boats containing explosives.

Mike O’Dwyer, Director of Scientific Innovation at Metal Storm said, “The TLS program concept involves a two-pronged defensive approach. Metal Storm’s multi-barrel pods would provide the ‘thunder’ via concentrated bursts of fire against potential threats, while the ‘lightning’ option would be provided by developing a combination of Metal Storm technology with Foster-Miller’s Stingray incapacitating net technology.”

Foster-Miller’s President Dr William Ribich said he believed that Metal Storm’s innovative technology would contribute to the development of a very responsive and defensive weapon system for US naval vessels.

“Given that both Metal Storm and Foster-Miller technology has already been demonstrated, I am very confident that our companies can combine to provide a greatly enhanced capability for the US Navy,” said Dr Ribich.

metalstorm.com
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