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Metal Storm Enters Agreement with Lockheed Martin for Torpedo Defense Project
TUESDAY, OCTOBER 19, 2004 9:52 AM
- BusinessWire

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ARLINGTON, Va., Oct 19, 2004 (BUSINESS WIRE) -- International ballistics company Metal Storm Limited (NASDAQ:MTSX and ASX:MST) today announced that it has entered into an agreement with Lockheed Martin (LMT) to conduct studies and technical demonstrations in order to establish the feasibility of the Metal Storm torpedo defense system over a four-month evaluation period. Terms of the agreement were not disclosed.

"This agreement is an important step forward in the advancement of our technology," said Metal Storm Limited's Chief Executive Officer Charles Vehlow. "Once we have completed the four-month evaluation of the design and concept, we hope to begin early prototype development. We are encouraged by the growing receptivity we have received from Lockheed Martin and other defense and military organizations."

"The Lockheed Martin approach to defeating torpedoes for both surface and subsurface combatants, coupled with Metal Storm's launch capability, offers an exciting opportunity to demonstrate the feasibility of our combined technologies for the benefit of naval personnel worldwide," said Dr. Joseph R. Mayersak, Advanced Projects general manager at Lockheed Martin Missiles and Fire Control in Manassas, VA. "Lockheed Martin is pleased to be working with Metal Storm on this special project for the U.S. Navy."

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 offices in Washington DC and a defence engineering capability located in Seattle, operating as ProCam Machine LLC. 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 utilising the Metal Storm non-mechanical, electronically fired stacked ammunition system.

About Lockheed Martin

Lockheed Martin, headquartered in Bethesda, Maryland, employs about 130,000 people worldwide and is principally engaged in the research, design, development, manufacture, and integration of advanced technology systems, products, and services. The company reported 2003 sales of $31.8 billion. More information about the company is available on the Internet at www.lockheedmartin.com.

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.

SOURCE: Metal Storm Limited

Metal Storm, Inc.
Charles Vehlow, 703-248-8218
[e-mail]
[e-mail]
or
Investors:
Lippert Heilshorn & Assoc
Jody Burfening/David Waldman, 212-838-3777
[e-mail]
or
Media:
Lippert Heilshorn & Assoc
Chenoa Taitt, 212-838-3777
[e-mail]