METAL STORM REVISES HANDGUN DEVELOPMENT TIMETABLES
BRISBANE, AUSTRALIA - 31 January 2005 – Metal Storm Limited (ASX trading code: MST and NASDAQ Small Cap ticker symbol MTSX).
Following discussions with project partners, the New Jersey Institute of Technology (NJIT) and Taurus International, Metal Storm Limited has revised the development timetables for its two handgun projects – the ‘Personalised Smartgun’ and ‘Electronic Handgun’.
The development timetable for the ‘Personalised Smartgun’ has been adjusted following the NJIT’s recent announcement that its dynamic grip recognition technology, which is core to the project, will not be ready for integration with Metal Storm’s technology until January 2006.
Revised estimates of the time required for all parties to complete product engineering and obtain regulatory approvals means that a marketable ‘Personalised Smartgun’ product is unlikely to be available until at least late 2007. It was previously estimated that revenues from this product would commence in 2006.
Metal Storm and NJIT have committed to signing a new collaborative agreement for the development of the ‘Personalised Smartgun’, which will replace the previous agreement that expired in November 2004.
Taurus International has also indicated its continued commitment to participate in the production and distribution of the ‘Personalised Smartgun’ once the product has reached an appropriate level of maturity for commercialisation.
The ‘Electronic Handgun’ project shares some common development work with the ‘Personalised Smartgun’. It is therefore contingent on similar regulatory approvals and its development timetable will also be affected. Metal Storm is exploring other opportunities for its ‘Electronic Handgun’ technology, including licensing it to a third party organisation.
About Metal Storm
Metal Storm Limited is a defence technology company, employing 60 staff, headquartered in Brisbane, Australia and incorporated in the US, with an office in Washington DC and a defence engineering capability located in Seattle, operating as ProCam Machine LLC. The Company has invented 100% electronic ballistics technology that has no known conventional equivalent. Metal Storm is working with government agencies and departments, and the defence industry to develop a variety of systems utilising the Metal Storm non-mechanical, electronically fired stacked ammunition system.
About New Jersey Institute of Technology
With its four-pronged mission of education, research, service and economic development, New Jersey Institute of Technology (NJIT) plays a critical role in shaping New Jersey's future. As a major public technological university, NJIT is an important conduit through which technology flows into society. The university's educational programs prepare students to be leaders in the technology-dependent economy of the 21st century. University researchers seek new knowledge to improve processes and products for industry. Through public and private partnerships and economic development efforts, the university helps to grow new business ventures that fuel the economy.
About Taurus
Taurus International Manufacturing, Inc. is a Florida Corporation that imports and distributes firearms manufactured by Forjas Taurus, in Brazil, as well as manufacturing firearms in their Miami facility. Taurus has led the industry in both technical innovation and firearms safety and security. In the area of innovation, Taurus was dominant with the introduction of forged Total Titanium handguns. Taurus introduced the Taurus Security System in 1996, the first integral locking device on production handguns.
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