Metal Storm Limited -- Potential Contract With US Navy
Friday November 17, 1:58 pm ET
ARLINGTON, VA--(MARKET WIRE)--Nov 17, 2006 -- Metal Storm Limited (Australia:MST.AX - News) and (NASDAQ:MTSX - News).
Metal Storm advises that the Space and Naval Warfare Systems Center, San Diego (SSC-SD) has placed a notice on the US Federal Business Opportunities website, that it intends to award a Sole Source research and development contract to Metal Storm for the production of one (1) 40mm anti-personnel unattended weapons pod utilizing Electronic Ballistic Technology (EBT) and one (1) operator control unit.
The USMC is required to place such a notice where it intends to solicit and negotiate with only one source before confirming a contract award. The amount currently set aside for this contract is subject to negotiation.
Metal Storm expects to be advised of the outcome of this process, and whether the Government will proceed to the negotiating and awarding of the proposed contract, by December 20, 2006.
Additional information may be found on the US Federal Business Opportunities website: fbo.gov
Notes
Metal Storm's Australian Stock Exchange trading code: MST
Metal Storm's NASDAQ Small Cap ticker symbol: MTSX
About Metal Storm
Metal Storm Limited is a defence technology company engaged in the development of electronically initiated ballistics systems using its unique "stacked projectile" technology. The company is headquartered in Brisbane, Australia and incorporated in the US, with an office in Washington, DC. Metal Storm is working with government agencies and departments, as well as industry, to develop a variety of systems utilising the Metal Storm non-mechanical, electronically fired stacked ammunition system.
Safe Harbour
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 US, 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:
For further information, please contact:
Australia
Jim MacDonald
Chief Financial Officer
Ph: +1 571 226 6337
US
Peter Faulkner
SVP US Operations
Ph: +1 703 248 8218
Source: Metal Storm Limited
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