Skip to comments.Office of Naval Research Awards Contract to Metal Storm
Posted on 06/06/2008 2:11:09 PM PDT by BGHater
Project Advances Development on Innovative Weapon System
Metal Storm (ASX: MST) (NASDAQ: MTSX) is pleased to announce that Metal Storm Incorporated (MSI) has been awarded a major contract worth almost $US1 million to progress the development of one of its weapon systems for the U.S. military.
MSI has been contracted by the Office of Naval Research (ONR) for the further development of a 12-gauge, Multi-shot Grenade Launcher. The Cost Plus Fixed Fee (CPFF) contract is valued at $US936,695. Work commences immediately with delivery scheduled in under 12 months.
The project will extend the work performed previously under a contract with the United States Marine Corps for a Multi-Shot Accessory Underbarrel Launcher (MAUL). The MAUL is a lightweight grenade launcher and shotgun attachment that fits under the barrel of a combat weapon such as the M-16 or M-4. It is capable of shooting 4 rounds from a single cartridge.
The MAUL was recently demonstrated before an audience of more than a hundred people at one of world's premier small arms events, the International Infantry and Joint Services Small Arms Symposium in Dallas, Texas.
Peter D. Faulkner, Metal Storm Inc. General Manager, said: "In the early phases of this project we will be consulting with the Operational Commanders to determine mission needs and to identify the relevant current and future operational areas that the MAUL must address to be successful on the battlefield. This emphasis will bring the warfighter an auxiliary weapon with advanced capabilities beyond that of legacy weapons and enhance the effectiveness of the individual infantryman in both lethal and non-lethal scenarios."
The MAUL design incorporates Metal Storm Limited's patented, electronically initiated stacked projectile technology. It is capable of firing munitions across the spectrum, from fragmenting and door breaching grenades to non-lethal projectiles for law enforcement applications.
(Excerpt) Read more at money.cnn.com ...
Meanwhile, look what China was prepared to do:
Kind of risky, but if MTSX can take that $1 million contract and turn it into something better, this could be a good investment. If anything, another mfgr may buy them up. At a buck a share, I am going to go buy some for the heck of it. It is hovering around its 52 week low.
It looks neat on TV.
Not this sh!t again.
Do you guys own stock in the company?