Army Research Office Selects Metal Storm Technology For U.S. Department of Defense Small Business Innovation Research Project.Business Editors ARLINGTON, Va.--(BUSINESS WIRE)--Dec. 16, 2002 Project Represents Third Small Business Innovation Research Program for Metal Storm Metal Storm Limited and ((NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors : MTSX) and (ASX ASX See: Australian Stock Exchange Code: MST See micro systems technology. )), announced today that the U.S. Army Research Office (ARO) has made a Small Business Innovation Research (SBIR SBIR Small Business Innovation Research (program/grant) SBIR Space Based Infra-Red SBIR Speaker-Boundary Interference SBIR Site Backsurface-referenced Ideal Plane/Range (silicon wafers) ) Phase 1 award to Metal Storm's partner, Schappell Automation Corporation, Inc. For Metal Storm, this award marks the third SBIR program success in the current round of awards. The basis for the awards is to employ the company's technology as the ballistic component of US Department of Defense systems. The primary objective of this SBIR program is to develop the capability of Metal Storm's electronic ballistic technology to deliver special projectiles from a Metal Storm pod-system. The system has several options including mounting on robotic vehicles or as a hand held weapon. More and more, US and allied forces are finding themselves in situations other than wartime conflict, such as peacekeeping operations, homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States or other anti-terrorist operations. These forces need a capability that will reduce or eliminate this new threat but in a manner that limits injury when used as a first warning; prior to having to apply lethal force. Special Metal Storm projectiles will be developed in conjunction with the unique Metal Storm weapons delivery system to provide this less-than-deadly force capability. Mike O'Dwyer, Metal Storm's Chief Executive Officer and President said, "In the last six weeks Metal Storm has received three SBIR contract awards for different applications of its technology. The previously announced Missile Defense Missile defence is an air defence system, weapon program, or technology involved in the detection, tracking, interception and destruction of attacking missiles. Originally conceived as a defence against nuclear-armed ICBMs, its application has broadened to include shorter-ranged Agency awards include development of a capability for a new defense system against land and space-launched missile attack. This new ARO award takes advantage of Metal Storm technology in a quite unique manner compared to previous Metal Storm technology applications. For example, this product can be mounted on a robot to deliver special projectiles for use by US and allied forces in current style military operations This is a list of missions, operations, and projects. Missions in support of other missions are not listed independently. World War I ''See also List of military engagements of World War I
"As US and allied forces are asked to respond to these new and challenging situations around the world with varying degrees of force, Metal Storm technology can address these requirements. That's very good for our future business as we move this identified defense requirement from a technology concept and position it for commercial production." Schappell Automation Corporation (SAC) has extensive experience in robotics and automated weapon systems. The company has been responsible for a series of remotely controlled and autonomous land vehicle programs including the design, building and testing of DARPA's Autonomous Land Vehicle as well as a number of other key programs. The Department of Defense (DoD) SBIR program funds early stage R&D projects which serve defense needs and have the potential for commercialization in private sector or military markets. SBIR proposals pass through three phases. Phase I is a six-month commercial feasibility concept stage. Success at this level can lead to an invitation to participate in a Phase II award of up to $750,000 over two years to develop the proposal to prototype stage. Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA requires private sector funding to take the technology to commercialization. In addition, the SBIR program provides for private funding into Phase II which can fast-track approvals and attracts up to 4 DoD dollars for every 1 dollar private contribution, thereby leveraging private sector investment. www:metalstorm.com About Army Research Office: www.aro.army.mil/arowash/rt/sbir/phase1_2.htm About SBIRs: www.Acq.osd.mil/sadbu/sbir About SAC: SAC have extensive experience in dealing with unique weapons systems. This dates back to early shipboard ship·board n. 1. The condition of being aboard a ship: on shipboard. 2. Archaic The side of a ship. adj. AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. weapons systems, DARPA's Smart Weapons Program, and currently, applications of the Metal Storm technology as a result of joint activities with DARPA DARPA: see Defense Advanced Research Projects Agency. (Defense Advanced Research Projects Agency) The name given to the U.S. Advanced Research Projects Agency during the 1980s. It was later renamed back to ARPA. , SAIC SAIC - http://saic.com. and Metal Storm, Inc. SAC have also developed robotic vehicles as potential weapons platforms. SAC personnel have also been responsible for the development of targeting systems, weapons stabilization platforms, area correlation systems, as well as target ranging and imaging systems for reconnaissance and target acquisition and tracking. About Metal Storm: Metal Storm Limited is a research and development company based in Brisbane, Australia. The Company is capturing attention from defense organizations worldwide with its revolutionary 100% electronic ballistics ballistics (bəlĭs`tĭks), science of projectiles. Interior ballistics deals with the propulsion and the motion of a projectile within a gun or firing device. technology, which has no known conventional equivalent. Metal Storm currently has approximately US$50 million in research and development funding in place to develop its technology from leading government defense-related agencies in Australia and the United States. Additionally, the company is well positioned to support the US government's more urgent homeland defense needs. Recently, the US Department of Defense has accelerated the programs under development as it strengthens its counter-terrorism capabilities. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 U.S., 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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