Metal Storm (MST)

Shares / Stock Code

MST

Stock Exchange / Sharemarket

ax

Metal Storm Limited (MST) is a multi-national defense technology company primarily engaged in developing electronically ballistic systems with the use of the company's stacked projectile technology. MST was listed on the Australian Stock Exchange on the 8th of July 1999. Its average annual revenue reaches approximately $3 million out of its issued capital of $56 million. Its headquarters is located in Brisbane, Australia and to date; around 22 people are employed in the company.

Metal Storm Limited works with government departments and agencies as well as industries for the purpose of developing system that would utilise the non-mechanical and electronically fired stacked ammunition system of the company. Metal Storm focuses principally on the 40-mm weapons and munitions category particularly the munitions, the launcher, fire control processors, ignition and reloading systems.

The weapon technology of MST uses stacked projectiles system as well as computer-controlled electronic ignition in order to attain a high-mechanical, compact and light gun that would provide a high power to weight ratio. The technology MST uses is also capable of removing the mechanisms that are required to fire a conventional weapon. Efficiently, the projectiles within a barrel are the only parts that move in the technology of the company. This technology allows the projectile to be fired in sequence from the barrel.

Included in the subsidiaries of Metal Storm Limited are the Metal Storm USA, Metal Storm Inc., Procam Machine and Digigun.

Metal Storm Company History

Metal Storm was founded in 1994. Mike O'Dwyer, the company's Chief Executive Officer and former President devised the Metal Storm Technology. Metal Storm branch located in Arlington, Virginia was established in 2001. The company joined the Australian Stock Exchange in the middle part of 1999 and the NASDAQ Small cap Market in 2001.

ProCam Machine, a manufacturer in US was taken in 2003. This empowered the creation of prototype weapon systems for exhibit to potential customers and partners in the US. The company partnered with Lockheed Martin to administer technical and studies presentation in 2004. Metal Storm accepted a contract from the Boeing Company in the US in July 2005.

Monroe Machine Products purchased in May 2005 the ProCam Machine (ProCam) business of Metal Storm. Metal Storm Inc in US had an agreement with the US Army. The agreement's purpose was to produce and to fit in munitions for Metal Storm 40mm weapons systems in September 2005.

The company teamed with Singapore Technologies Kinetics in the production, enhancement and marketing of 40mm war materials for Metal Weapon systems in September 2005. Terry O'Dwyer was selected as Chairman and James Crunk as Director.

The company was listed in 2005 with US Department of Energy. In November 2005, Electro Optic Systems undersigned with Metal Storm to partner in producing and marketing a weapon system. Metal Storm in US accepted in December 2005 a contract for two years amounting to AUD$ 1.3 million from Department of Defense in US for the study and production of weapon system that will be operated remotely.

The company and Harmony Investment Fund had a facilitation agreement in July 2006. The company received a contract from US Marine Corps Warfighting Lab which is Ground Combat Element (GCE) for the production, development and test of 18mm firing systems. A contract amounting to $1.2 million was given to the company in May 2006 by US Company Star Chase. Lee Finnier was selected as the Chief Executive Officer in January 2007 but took effect only in February 2007. The trail of Redback weapon system was concluded in March 2007 by Electro Optic Systems and Metal Storm.