WEAPONS developer Metal Storm Inc (MSI) has finally hit its target with around US$1.5 million worth of contracts with the US Army and Navy.
The Brisbane-based defence technology specialist has been awarded a development agreement worth more than US$500,000 with the US Army, as well as a $1 million 12-month contract with the US Office of Naval Research.
CEO Dr Lee Finniear says the US deals will auger well for the company given recent attempts to raise $2 million in capital from concerned shareholders who were waiting to see commercialisation. The share purchase plan closes on July 3.
“The Metal Storm board encourages shareholders who wish to participate in the SPP to complete their application forms and submit them as soon as possible,” says Finniear.
General manager Peter Faulkner, says the $500,000 US Army project will incorporate advanced optical fusing components into a 40mm warhead to increase the battle effectiveness of grenades.
“One of the applications of advanced optical fusing is for triggering airborne detonation. This provides enhanced lethality and an improved fragmentation pattern that is particularly useful for targets under cover,” says Faulkner.
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