The contract was let to Metal Storm for the purpose of conducting a study to determine capability specifications for a weapon system that will meet unique user requirements. The specific details of the contract remain confidential.
Metal Storm CEO, Mr David Smith said "The Boeing Company's interest in Metal Storm has now been converted into an initial contract, with the potential to secure more significant opportunities. We are very pleased to be able to introduce our technology to one of the Defense Industry's leading players.
"This contract is evidence that Metal Storm's technology has now been positioned to better target the specific requirements of prospective customers.
"It further supports our position that Metal Storm has already moved some way towards our goal of taking the systems we own or are developing and integrate them with other technologies.
"This contract rewards the significant engineering work undertaken recently by Metal Storm which has further readied our technology for commercial application," said David Smith.
www.metalstorm.com Investor Contact: Media Contact: David Smith Stefan Anikewich Metal Storm Limited Hill & Knowlton TEL: 703 248 8218 TEL: 212 885 0505 Email Contact Email Contact About Metal Storm
Metal Storm Limited is a defense technology company engaged in the development of electronically initiated ballistics systems using its unique "stacked round" technology. The company is headquartered in Brisbane, Australia and incorporated in the US, with an office in Washington DC. The company has invented a ballistics technology that has no known conventional equivalent. Metal Storm is working with government agencies and departments, as well as industry, to develop a variety of systems utilizing the Metal Storm non-mechanical, electronically fired stacked ammunition system.
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.
Web site: http://www.metalstorm.com/