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Metal Storm Limited: Metal Storm Achieves Man-Firing Milestone

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^{Published in Stocks and Investing on Tuesday, February 3rd 2009 at 19:32 GMT, Last Modified on 2009-02-03 19:33:41 by Market Wire}  

BRISBANE, AUSTRALIA--(Marketwire - February 3, 2009) - Metal Storm Limited (ASX: [ MST ]) (PINKSHEETS: [ MTSXY ]).

Defence technology specialist Metal Storm Ltd has achieved a major milestone by successfully certifying its semi-automatic 3GL grenade launcher for safe man-firing.

Following extensive testing and successful certification, several 3 round semi-automatic volleys were man-fired at an outdoor range in Queensland. It was the first stacked-round shoulder firing of a certified grenade launcher from the Brisbane-based weapons developer.

Metal Storm CEO Dr Lee Finniear said the 3GL man-firing in Brisbane was the culmination of a lengthy process to move from initial research prototypes to a safe, certified, shoulder-fired weapon.

"This is a crucially important demonstration for us as part of the detailed process of developing the 3GL for production and sale.

"Up until now we have carried out our testing from the safety of a test firing bench. Today we completed a series of live shoulder-fire trials to demonstrate that the 3GL grenade launcher has been successfully certified safe to man-fire," Dr Finniear said.

The 3GL three-shot grenade launcher is a world first, being the only 40mm launcher which is light and compact enough to attach as an accessory to an assault rifle, while also providing a three-shot, semi-automatic firing capability.

The 3GL effectively trebles the reactive grenade firepower of an infantry squad, making it a competitive alternative to improve the effectiveness of ground troops worldwide.

Dr Finniear said 30 rounds of stacked non-explosive 40mm ammunition were shoulder-fired during the Brisbane tests, with high speed and conventional cameras recording the event for engineering analysis purposes. Video footage will soon be made available by Metal Storm.

He said Metal Storm aims to commence production of the 3GL in 2010.

"With the certification of the 3GL for safe man-firing behind us, we can now demonstrate the weapon to military forces," Dr Finniear said.

"Soon, with the completion of the high explosive dual purpose (HEDP) ammunition qualification that is currently in process, we will be able to demonstrate the man-firing of both training practice and high explosive ammunition which will further expedite the sales process.

"The 3GL has matured rapidly by weapons development standards, with the design of the first stand-alone 3GL prototypes commencing less than three years ago.

"We have fired thousands of rounds over the past two years and performed a range of environmental, electromagnetic, shock and ballistics testing to certify the weapon for man-firing.

"Our next engineering step with 3GL is to complete the detailed ruggedizing of the weapon to qualify it for full military trials, while in parallel conducting a series of live fire demonstrations for military customers."

Military evaluation company Nova Defence has independently reviewed the 3GL and reported that with appropriate planning and support Metal Storm's objectives for the weapon were "entirely achievable."

Notes:

Metal Storm's Australian Stock Exchange trading code: MST

Metal Storm's OTC Symbol: MTSXY

Company Contact:

Australia & USA

Dr Lee Finniear - Chief Executive Officer, Metal Storm Limited - Ph: +61 7 3123 4700

About Metal Storm

Metal Storm Limited is a multi-national defence technology company engaged in the development of electronically initiated ballistics systems using its unique "stacked projectile" technology. The company is headquartered in Brisbane, Australia and incorporated in Australia. Metal Storm Limited technology and products are represented in the USA by Metal Storm Inc., which has offices in Arlington, Virginia.

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.

Metal Storm's weapon technology uses computer-controlled electronic ignition and a system of stacked projectiles, to achieve a completely non-mechanical gun that is very lightweight and compact, providing a very high firepower to weight ratio. The Metal Storm weapons system utilizes multiple barrels mounted together on one platform which allows varying munitions types to be deployed in a single, low cost, lightweight weapon system. Firing the weapons by electronic ignition requires no moving parts, allowing reliable long term unattended weapon operation.

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.