SOURCE: Metal Storm Limited

September 09, 2007 23:11 ET

/ CORRECTION - Metal Storm Limited -- 3GL Video Release

BRISBANE, AUSTRALIA--(Marketwire - September 9, 2007) - In the news release, "Metal Storm Limited -- 3GL Video Release," issued earlier today by Metal Storm Limited (ASX: MST) and (NASDAQ: MTSX), we are advised by the company that the second sentence of the fifth paragraph should read "The video footage documents recent live firings using explosive, spitback and inert warheads at firing ranges in Singapore and Australia." rather than "The video footage documents recent live firings using, and explosive, spitback and inert warheads at firing ranges in Singapore and Australia." as originally issued. Also, the two "About Electro Optic Systems Limited" paragraphs have been removed in their entirety. Complete corrected text follows.


Metal Storm Limited -- 3GL Video Release

BRISBANE, AUSTRALIA--(September 9, 2007) - Metal Storm Limited (ASX: MST) and (NASDAQ: MTSX).

Metal Storm is pleased to release the latest video footage of the Metal Storm 3GL 40mm three shot grenade launcher in action.

The 3GL is the first semi automatic, multiple shot 40mm grenade launcher specifically designed to be mounted under a conventional assault weapon. By using Metal Storm's patented technology to stack multiple rounds into a barrel and fire them electronically, the 3GL dispenses with mechanical loading mechanisms, resulting in a light, simple, powerful infantry weapon that will multiply a soldiers' effectiveness on the open battlefield and in urban combat.

By providing 3 shots instead of 1 before reload, the 3GL triples the "first-response" grenade firepower of a squad or platoon. This can have a dramatic impact in a firefight, where each soldier can deliver three high explosive (HE) or enhanced blast (EBX) grenades onto a target without reloading, whilst still being able to fire his automatic rifle.

The Metal Storm 3GL is now a fully integrated, fully functional prototype weapon. The video footage documents recent live firings using explosive, spitback and inert warheads at firing ranges in Singapore and Australia.

The video includes semi-automatic firing of 3 shots, firing HE and EBX warheads at a range of 50 metres, man firing from the shoulder using the 3GL shoulder stock, and the unique stacked round loading and unloading process.

The development of the 3GL weapon system is proceeding on schedule. Further refinement of the weapon is currently underway at the Metal Storm engineering facility in Queensland, Australia.

The 3GL video can be viewed from the website at http://www.metalstorm.com

Notes:

Metal Storm's Australian Stock Exchange trading code: MST

Metal Storm's NASDAQ Small Cap ticker symbol: MTSX


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 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.

Contact Information

  • Company Contact:
    Australia & USA
    Dr. Lee Finniear
    Chief Executive Officer
    Metal Storm Limited
    Ph: +61 7 3123 4700