BRISBANE, AUSTRALIA (NASDAQ: MTSX).
Dear Shareholder,
I am currently in Singapore ensuring final arrangements are
complete for our exhibition at the Singapore Air Show. Singapore
Technologies Kinetics has kindly provided us with a significant
centrally located display area for 3GL and Redback(TM) within their
stand. Redback(TM) will be operational in the display, and the
latest 3GLs mounted to assault rifles will be available for
examination by military and law enforcement personnel from around
the world. While here I am also finalising the arrangements for our
next live firings of 3GL which are planned for March.
Since the last Bulletin in November, the Company has achieved a
number of significant milestones which it would like to inform you
about. Please see below for a succinct account of new developments.
Investors seeking more detail should refer to the attached CEO
Bulletin.
SUCCESSFUL CROWD CONTROL DEMONSTRATION
The Company has a current contract with the US Army to prove its
capabilities in the area of less-lethal technology. In mid-December
we teamed with iRobot to provide a particularly effective
demonstration of how Metal Storm can be used in a crowd control
situation.
The demonstration in Washington, DC was attended by
representatives from ARDEC, the US Army, the Joint Non-Lethal
Weapons Directorate and the Fairfax County, Virginia law
enforcement Civil Disturbance Unit.
SUCCESSFUL MAUL DEMONSTRATION
Metal Storm recently conducted a successful demonstration of its
18mm Multi-Shot Accessory Under-barrel Launcher (MAUL) weapon
system.
The outstanding result of the demonstration, which was conducted
in front of the US Marines, is a further necessary step in the
progress being made to develop a family of weapons with strong
military interest.
This demonstration of capability was the last of a series of
tests spanning 12 months that were conducted for design
verification of the weapon on a test bench. The system will be
transferred to the US Military for further testing at a Government
test range.
NEW DEFENCE COMPANY CONTRACT
Metal Storm announced on 16 January, 2008 that it had been
awarded a contract by a major US defence company in relation to a
significant defence program.
The contract is valued at approximately USD$220,000 and the
company believes it has further potential in the longer term. MSI
is currently restricted under the contract from releasing any
further information. As soon as more information can be released,
the company will provide this to the market.
CONFIRMATION OF POTENTIAL US NAVY CONTRACT
Metal Storm Inc. has confirmed that a potential US Navy Space
& Warfare Center (SPAWAR) contract for the production of one
anti-personnel unattended weapons pod system utilising Electronic
Ballistic Technology and one operator unit is still proceeding.
Metal Storm had advised the market on 17 November, 2006 of the
potential contract but following delays in awarding the contract a
number of shareholders had contacted the company with concerns that
it may have been cancelled.
NEW 40MM AMMUNITION TAILPIECE
The Metal Storm tailpiece is the critical component that
converts a conventional 40mm warhead into a Metal Storm ballistic
projectile. The Company has now designed a next generation
(NextGen) tailpiece which is smaller, stronger, uses almost all
moulded parts, shields the coil from any damage and involves a
simpler, lower-cost assembly process. This new design will be used
as the basis for refinement and qualification testing going
forward.
The company is at an advanced stage of discussions with third
parties to manufacture the ammunition once qualification is
achieved.
3GL RAPIDLY MATURING
Over the last six months the 3GL three-shot grenade launcher has
been undergoing a substantial upgrade, moving on its planned path
toward full production.
Over the last three months, four new 3GL test weapons have been
built. They incorporate many new design features, including
improved carbon-fibre barrels, an upgraded fire-control system and
a more compact design.
The 3GL is rapidly maturing by weapons-development standards. To
accommodate our testing program, we expect to build at least 12
more 3GLs over the next six months. The 3GL weapons testing will
proceed in an integrated fashion with the testing of our NextGen
munitions. As advised at the AGM last May, the company expects to
have 3GL weapons in production and able to be delivered to
customers before the end of 2009. We are still on track for
this.
REDBACK(TM) '501' SERIES GUNS, CONTROL SYSTEM COMPLETED
Metal Storm has completed the new "501" series guns and fire
control system for Redback(TM). Our partner, Electro Optic Systems
is currently working on the video and laser tracking components of
the system that would be used for anti-RPG actions.
OTHER CONTRACTS
Our contract work in the US is progressing and I am pleased to
announce that we have obtained customer acceptance and final
payment for all deliverables under our Crowd Control Contract with
the US Army. The effort culminated in the highly successful
demonstration of our Firestorm system at a test range, mentioned
above.
Our contract with the Office of Naval Research and SPAWAR is
nearing completion with one demonstration remaining. We are still
anxiously awaiting a follow-on contract that will further mature
the system over the next 12 months.
The Multi-Shot Under-barrel Launcher (MAUL) program for the
United States Marine Corps is nearing completion with final testing
occurring in February. We are awaiting the follow-on contract,
during which we will be furthering development of the launcher.
OUTLOOK
In the first half of 2008 the company's focus will be on
conducting qualification testing of our 3GL, Redback(TM) guns and
munitions in order to have qualified weapons available for user
trials and field demonstrations in the second half of the year.
This will involve firing many thousands of rounds as we take the
weapons systems through the ballistic, mechanical, electromagnetic
and environmental testing required.
We plan to be surefooted in our progress so that as we invest
our time and money in the extensive qualification testing required,
we can be confident that the weapons and munitions will exceed the
test requirements.
I look forward to providing further updates in the near
future.
Lee Finniear
CEO
Metal Storm
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 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.
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Company Contact: Australia & USA Dr. Lee Finniear Chief
Executive Officer Metal Storm Limited Ph: +61 7 3123 4700 Peter
Faulkner General Manager Metal Storm Inc. Ph: +1 703 248 8218
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