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Metal Storm Commences Project to Develop and Commercialize 'Rapid Attack' Fire Fighting Systems.

Business Editors

ARLINGTON, Va.--(BUSINESS WIRE)--Sept. 25, 2003

Metal Storm Limited (NASDAQ: MTSX and ASX trading code: MST) announced today it has signed a heads of agreement with Pyrogen Corporation to proceed with the evaluation, development, and ultimate commercialization of 'rapid attack' fire fighting systems within an anticipated three-year period.

The project objective is to combine Pyrogen's aerosol fire suppressant products with Metal Storm's electronic ballistic delivery technology and to develop 'rapid attack' fire fighting systems capable of fast and effective deployment in a range of situations.

The systems will be designed to provide new and innovative capabilities for fire fighters to target fires that are difficult to access using conventional fire fighting methods.

The 'rapid attack' fire fighting system will provide firefighters with the ability to accurately deliver Pyrogen fire suppressant projectiles deep into a fire, repeatedly, in volume, and at very high rates, with projectiles fired from Metal Storm multi-barrel pods mounted on mobile or airborne platforms.

Metal Storm's Chief Executive Officer Charles Vehlow said he was very pleased that the company's ongoing relationship with Pyrogen - an international fire protection company which distributes its products through a worldwide network of distributors and dealers - had progressed to this stage.

"Metal Storm's existing medium caliber, multi-barrel pod systems are ideally suited to deliver fire suppressant products in unprecedented quantities with unmatched speed and precision to extinguish fires in a range of circumstances," Mr Vehlow said.

"The potential applications include fitting the Metal Storm system onto fire trucks, helicopters and ships for fighting fires at locations such as airports, in high rise buildings, oil rigs, naval and cargo ships as well as fighting industrial fuel fires and certain types of residential forest fires," he said.

"Metal Storm's internal product testing and development program provides significant technical leverage for the company to move forward in the fire fighting industry. The Metal Storm multi-barrel delivery systems applicable for use in fire fighting, and Pyrogen's fire suppressant products, are existing technologies with proven capabilities," he said.

Metal Storm had already developed non-metallic, non-flammable projectile casings required for such fire fighting applications said Mr Vehlow.

"Metal Storm and Pyrogen intend to progressively target specific applications in the multi billion dollar fire fighting markets in Australia, Asia, USA and Europe to take advantage of Pyrogen's existing market base," he said.

"The heads of agreement provides for a three stage development process. The first two stages target the execution of a formal commercial development agreement and a supporting project business plan. The final stage contemplated is the implementation of the business plan. Announcements will be made as each stage is completed or as developments occur.

"This project is designed to open up an important new market segment for the application of Metal Storm's electronic ballistic technology and further demonstrates its capacity to embrace non-military as well as military uses," Mr Vehlow said.

Pyrogen's Australian Manager, Dr Julia Berezovsky said the project was a very exciting development which had the potential to significantly extend Pyrogen's capabilities in the fire fighting industry.

"Our preliminary analysis indicates we can expect to dramatically increase fire combat effectiveness when Pyrogen's products are combined with Metal Storm's rapid delivery system," Dr Berezovsky said.

"We intend to involve our major USA distributor, Firepak Oil and Gas Industries, Ltd.

"Pyrogen's aerosol is a widely accepted non-ozone depleting alternative to Halon. Halon is due to be phased out by 2003 under the 'Montreal Protocol on Substances that Deplete the Ozone Layer'. Pyrogen's aerosol complies with international environmental standards," Dr Berezovsky said.

About Pyrogen Corporation Sdn. Bhd.: Pyrogen Corporation, an international company marketing and distributing Pyrogen fire suppression products. Pyrogen Corporation has offices in the UK, Malaysia and Australia and an extensive network of Product Distributors and Dealers worldwide. Pyrogen Australia Pty Limited, based in Sydney, Australia, is a subsidiary of Pyrogen Corporation. The Company's investment in their new technology has resulted in the Pyrogen Fire Suppression System being used extensively on sites worldwide. The Company is conducting ongoing research and development in the fire suppression market and opening new applications for Pyrogen aerosol technology. http://www.pyrogen.com/srtuc01.htm

About Firepak Oil and Gas: Firepak is the Pyrogen master distributor for the Americas, and is based in Houston, Texas. FO&GI's main focus is providing fire protection and safety related services to the Energy, Marine and Transportation markets. Through their expanding international distribution network and installer base, they provide new innovative solutions for fire protection. www.pyrogen.com

About Halon: Halon, a commonly used product in fire fighting, will be phased out by 2003 under the 'Montreal Protocol on Substances that Deplete the Ozone Layer'. This protocol is regulated through the United Nations Environment Program. Pyrogen aerosol is a widely accepted alternative to Halon and has proven to be an effective fire suppression and extinguishing agent.

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 technology, which has no known conventional equivalent. Metal Storm currently has 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 U.S. government's more urgent homeland defense needs. Recently, the U.S. Department of Defense has accelerated the programs under development as it strengthens its counter-terrorism capabilities.

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 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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Publication:Business Wire
Geographic Code:8AUST
Date:Sep 25, 2003
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