Office of Naval Research Awards Contract to Metal Storm
June 04 2008 - 1:46AM
Marketwired
ARLINGTON, VA (NASDAQ: MTSX) is pleased to announce that Metal
Storm Incorporated (MSI) has been awarded a major contract worth
almost $US1 million to progress the development of one of its
weapon systems for the U.S. military.
MSI has been contracted by the Office of Naval Research (ONR)
for the further development of a 12-gauge, Multi-shot Grenade
Launcher. The Cost Plus Fixed Fee (CPFF) contract is valued at
$US936,695. Work commences immediately with delivery scheduled in
under 12 months.
The project will extend the work performed previously under a
contract with the United States Marine Corps for a Multi-Shot
Accessory Underbarrel Launcher (MAUL). The MAUL is a lightweight
grenade launcher and shotgun attachment that fits under the barrel
of a combat weapon such as the M-16 or M-4. It is capable of
shooting 4 rounds from a single cartridge.
The MAUL was recently demonstrated before an audience of more
than a hundred people at one of world's premier small arms events,
the International Infantry and Joint Services Small Arms Symposium
in Dallas, Texas.
Peter D. Faulkner, Metal Storm Inc. General Manager, said: "In
the early phases of this project we will be consulting with the
Operational Commanders to determine mission needs and to identify
the relevant current and future operational areas that the MAUL
must address to be successful on the battlefield. This emphasis
will bring the warfighter an auxiliary weapon with advanced
capabilities beyond that of legacy weapons and enhance the
effectiveness of the individual infantryman in both lethal and
non-lethal scenarios."
The MAUL design incorporates Metal Storm Limited's patented,
electronically initiated stacked projectile technology. It is
capable of firing munitions across the spectrum, from fragmenting
and door breaching grenades to non-lethal projectiles for law
enforcement applications.
Metal Storm Limited CEO, Dr Lee Finniear, said the ONR contract
provides a catalyst for the next stage of taking MAUL on its path
to commercial production.
"It is clear from this latest U.S. Navy contract that the MAUL
weapon has the potential to provide a capability needed by today's
fighting soldier," Dr Finniear said.
"I am very pleased that Metal Storm technology is embedded at
the core of this unique weapon, and that the potential benefits of
MAUL appear clear to the US Military."
Notes:
Metal Storm's Australian Stock Exchange trading code: MST
Metal Storm's NASDAQ Small Cap ticker symbol: MTSX
About Metal Storm
Metal Storm Incorporated is an engineering services company,
licensed to utilize Metal Storm Limited Stacked Projectile
Electronic Ballistics Technology within the United States defense
and homeland security markets.
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.
Company Contact: Australia Dr Lee Finniear Chief Executive
Officer Metal Storm Limited Ph: +61 7 3123 4700 USA Peter Faulkner
General Manager Metal Storm Inc. Ph: +1 703 248 8218
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