December 11, 2003
Metal
Storm acquires ProCam
BRISBANE,
AUSTRALIA – December 11, 2003 – Metal Storm
Limited (NASDAQ Small Cap ticker symbol MTSX and
ASX trading code: MST) has completed the acquisition
of ProCam Machine LLC (ProCam). The acquisition enables Metal Storm
to accelerate its development of prototype weapon systems for demonstration
to potential US defense industry customers and partners.
Metal Storm’s Chief Executive Officer, Mr
Charles Vehlow said ProCam’s engineering, metallurgy and prototyping
expertise and state-of-the art equipment has strengthened Metal
Storm’s development and production capabilities.
“ProCam’s founders Ray Prokorym and
Bruce Campbell have built a highly reputable organization that consistently
delivers quality products and excellent service under long term
defense contracts,” said Mr Vehlow.
“In addition, ProCam’s customer base
complements our own development efforts. We now have a foundation
in the US defense engineering sector to build upon as we move toward
our goal of securing commercial production contracts,” he
said.
About
Metal Storm:
Metal Storm Limited is a research and development company based
in Brisbane, Australia. The company is capturing attention from
defense and non-military organizations worldwide with its revolutionary
100% electronic ballistics technology, which has no known conventional
equivalent. Metal Storm currently has research and development funding
in place to develop its technology from leading government defense-related
agencies in Australia and the United States. Additionally, the company
is well positioned to support the U.S. government's more urgent
homeland defense needs.
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