SOURCE: Metal Storm Limited

June 30, 2008 21:05 ET

Metal Storm Limited -- Director Appointment

BRISBANE, AUSTRALIA--(Marketwire - June 30, 2008) - Metal Storm Limited (ASX: MST) (NASDAQ: MTSX) is pleased to announce that it has appointed Mr. Trevor Tappenden as a director of the company and chairman of the board's Audit & Risk Committee effective from today.

Mr Tappenden is an experienced public company director, a Chartered Accountant, and was previously Managing Partner of Ernst & Young, a big four chartered accounting firm, Melbourne until retiring in 2003 to pursue non-executive director interests. Mr Tappenden holds a number of directorships on Public, Government, and Private boards, including Bionomics Ltd, RMIT University, Dairy Food Safety Victoria, VitsLanguagelink, and Heide Museum of Modern Art [Chairman].

Mr Tappenden brings considerable experience in chairing and advising audit and risk committees.

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 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.

Contact Information

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