Business & Finance
Business and Finance
Business and Finance
Thu, July 2, 2009
Wed, July 1, 2009
Tue, June 30, 2009 Metal Storm Limited: Metal Storm Awarded Directional Fragmentation and Advanced Fuzing Project
ARLINGTON, VA--(Marketwire - July 1, 2009) - Metal Storm Limited (
Metal Storm Incorporated (MSI) today announced that it has entered into an agreement valued at US$514,709 with the United States Army Joint Munitions and Lethality Contracting Center. Under the terms of the agreement, Metal Storm Inc. will incorporate advanced optical fuzing components into a 40mm warhead.
Mr. Peter D. Faulkner, General Manager for MSI, said that the objectives for the project were to develop and demonstrate new and innovative technologies that are capable of providing significant improvements in lethality over current inventory warheads by controlling the directionality of the fragmentation pattern.
The project is to be conducted in five phases over the next twelve months.
Notes:
Metal Storm's Australian Stock Exchange trading code: MST
Metal Storm's OTC Symbol: MTSXY
About Metal Storm
Metal Storm Limited is a multi-national 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 Australia. Metal Storm Limited technology and products are represented in the USA by Metal Storm Inc., which has offices in Arlington, Virginia.
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.
Metal Storm's weapon technology uses computer-controlled electronic ignition and a system of stacked projectiles, to achieve a completely non-mechanical gun that is very lightweight and compact, providing a very high firepower to weight ratio. The Metal Storm weapons system utilizes multiple barrels mounted together on one platform which allows varying munitions types to be deployed in a single, low cost, lightweight weapon system. Firing the weapons by electronic ignition requires no moving parts, allowing reliable long term unattended weapon operation.
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.
