BRISBANE, AUSTRALIA (NASDAQ: MTSX) has entered into a
Collaboration Agreement with Singapore Technologies Kinetics (ST
Kinetics) to take its 3GL three-shot grenade launcher and 40mm
ammunition to manufacture.
Metal Storm CEO Dr. Lee Finniear said the Agreement is a
critical next step in the company's progress and provides a clear
path to the commercial production of Metal Storm weapons, with the
goal of producing military-standard trial products within ten
months.
"This Agreement delivers appropriately-qualified munitions and
3GL weapons for soldiers to trial and goes on to take Metal Storm
weapons to full-scale production," Dr. Finniear said.
"This is a clear indication that we have developed our
technology to the stage where we can partner with a major defence
company to collaboratively deliver final production weapons."
Under the terms of the Agreement, Metal Storm and ST Kinetics
have agreed to "collaborate in the design, development, testing,
qualification, manufacture of prototypes and demonstration weapons
and munitions as well as the commercial production and marketing of
munitions and selected Metal Storm ballistic weapons that only use
those munitions."
ST Kinetics will contribute funds toward completing the
demonstration and trial 3GL weapons and munitions.
Dr. Finniear said the deal would deliver munitions that are
compatible with all of Metal Storms' 40mm weapons, not just the
3GL, and would allow it to expand its operationally-ready munitions
to additional types.
The Agreement provides for design enhancement, integration
testing and qualification stages totaling ten months, a
demonstration and user trial stage, and a production stage. It also
provides for a joint marketing plan broken down by regions and
further collaboration options, including potentially with other
products.
Singapore-based ST Kinetics is the land systems and specialty
vehicles arm of Singapore Technologies Engineering Ltd (ST
Engineering). It is one of Asia's leading defence and specialty
vehicles companies, with a strong portfolio of products and
services for the defence, homeland security and commercial
markets.
ST Kinetics is the world's leading provider of 40mm solutions,
empowering the user with a wide range of end-effects, including
high and low velocity rounds, less-than-lethal rounds, insensitive
and self-destruct munitions. ST Kinetics has a global focus on 40mm
solutions and is also recognised as one of the first in the world
to demonstrate a ready and working 40mm air bursting munitions
system.
Dr. Finniear said that STK had strong production and
manufacturing facilities as well as international marketing, sales
and distribution capabilities. "This Agreement builds on the
established and very good working relationship that already exists
between our companies," Dr. Finniear said.
ST Kinetics President Sew Chee Jhuen said the Agreement expanded
on the very good work already undertaken between the two
companies.
"This Agreement complements ST Kinetics' objective of
maintaining our position as the international market leader in 40mm
munitions," Mr. Sew said. "Metal Storm's systems fit with ST
Kinetics' approach of being at the forefront of new and innovative
technologies that can provide a capability advantage, enhancing the
soldier's effectiveness."
Mr. Sew said that in addition to development and manufacture, ST
Kinetics plans to also market, distribute and support the Metal
Storm weapons and munitions.
Notes:
Metal Storm's Australian Stock Exchange trading code: MST
Metal Storm's NASDAQ Small Cap ticker symbol: MTSX
About ST Kinetics
ST Kinetics is the land systems arm of Singapore Technologies
Engineering. It provides integrated systems, specialty vehicles and
their related services for defence, government and commercial
applications. This includes design and development, systems
integration, production, operations & support and life cycle
management. Through its subsidiary, Advanced Material Engineering
Pte Ltd, ST Kinetics also designs and manufactures a comprehensive
suite of 40 mm munition solutions, conventional and smart
munitions, advanced protective materials as well as guided system
components. It also provides consultancy, design and engineering
services for homeland security solutions.
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.
Company Contact: Australia & USA Dr. Lee Finniear Chief
Executive Officer Metal Storm Limited Ph: +61 7 3123 4700
Metal Storm Limited ADS (MM) (NASDAQ:MTSX)
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