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Metal Storm Awarded US$331,426 Contract to Develop 18mm Stacked Round Firing Systems

Posted on: Thursday, 13 July 2006, 00:00 CDT

Metal Storm Limited (ASX: MST) (NASDAQ: MTSX). Metal Storm announced today it was awarded a US$331,426 (approximately A$442,125) contract by the United States Marine Corps Warfighting Lab, Ground Combat Element (GCE) Branch for the design, fabrication and test of 18mm stacked round firing systems.

Under the terms of the contract, Metal Storm will explore the feasibility of employing 18mm fin stabilized high explosive projectiles from an accessory under-barrel weapon for the M-16A4 service rifle. The firing technology will be a test bed potentially leading to Marine Corps experimentation with larger diameter finned projectiles than are possible with shotgun-launched munitions.

The signing of the contract follows previous advice to the market on 10 May 2006 that the US Marine Corps (USMC) Systems Command had placed a notice on the US Federal Business Opportunities website that it intends to award a Sole Source Research and Development Contract to Metal Storm.

 Notes: Metal Storm's Australian Stock Exchange trading code: MST Metal Storm's NASDAQ Small Cap ticker symbol: MTSX Company Contact: Australia Ian Gillespie -- Chief Operating Officer -- Ph: +61 (0) 7 3221 9733 US Peter Faulkner -- SVP US Operations -- Ph: +1 703 248 8218 

About Metal Storm

Metal Storm Limited is a multi-national defense 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, with an office in Arlington, Virginia.

Metal Storm is working with government agencies and departments, as well as industry, to develop a variety of systems utilizing 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 Harbor

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.

 Company Contact: Australia Ian Gillespie Chief Operating Officer Ph: +61 (0) 7 3221 9733  US Peter Faulkner SVP US Operations Ph: +1 703 248 8218  

SOURCE: Metal Storm Limited

Source: MARKET WIRE

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