Utilising the company's electronic, rapid fire technology, the initial "Very-Close-In Ship Defence" prototype system ("VCSD"), will be funded, developed and built by Metal Storm in Australia, and is intended to provide naval vessels with comprehensive security against attacks at very short range, such as attacks by small craft loaded with explosives.
The VCSD system is designed to provide an effective response with unparalleled reaction time against a stealth attack, at a low cost of procurement and maintenance.
The VCSD project team has this month successfully fired the first specially designed 16mm projectiles from a single barrel prototype. The first multi-barrel prototype, due for testing early next year, is intended to prove that the system can be effective against a number of simultaneous attacks.
Mike O'Dwyer, President and CEO of Metal Storm said, 'The VCSD system design provides an innovative protection capability offering a better solution for very-close-in ship self-defence for a wide range of naval vessels. The system is versatile and can be modified for other purposes such as perimeter defence and vehicle self-defence.'
'The capital recently raised by the company has allowed us to accelerate the development of this application of our technology. This project is yet another example of applying Metal Storm's technology to transform weaponry.'
About Metal Storm
Metal Storm Limited is a research and development company based in Brisbane, Australia. The Company is capturing attention from defence organisations worldwide with its revolutionary 100% electronic ballistics technology, which has no known conventional equivalent. Metal Storm currently has approximately US$50 million in research and development funding in place to develop its technology from leading government defence-related agencies in Australian and the United States. Additionally, the company is well positioned to support the U.S. government's more urgent homeland defence needs. Recently, the U.S. Department of Defense (DoD) has accelerated the programs under development as it strengthens its counter-terrorism capabilities.
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.