Colt evaluates Metal Storm MAUL for Manufacturing Arrangement

Metal Storm Limited announced today that Colt Defense LLC is working with it to evaluate the possible manufacture of Metal Storm's MAUL(tm) accessory shotgun system by Colt, the world renowned firearms manufacturer, as a key component of a potential relationship between the two companies. Colt Defense LLC, together with its Colt Canada Corporation subsidiary, is one of the world's leading designers, developers and manufacturers of small arms weapons systems for individual soldiers and law enforcement personnel. Colt's portfolio of products and services meets evolving military and law enforcement requirements around the world. Colt has supplied small arms weapons systems to the United States Government and other governments throughout the world for more than 160 years. The Metal Storm MAUL(tm) is a small multi-shot 12 gauge launcher that weighs less than 800 grams (1.8 lbs). It was developed by Metal Storm as a non-lethal accessory to Colt's venerable M4 Carbine or as a standalone weapon when fitted to a shoulder stock. Colt and Metal Storm are working together to evaluate manufacturing options for the MAUL(tm) and related products. Metal Storm CEO Dr Lee Finniear welcomed the relationship with Colt Defense. "Colt is renowned for its innovation, history and extraordinary quality of manufacture", he said. "We are very pleased to be working with the Colt team in this venture". Metal Storm Inc President Mr Peter Faulkner said "Colt's expertise in firearms is second to none, and its recent plant modernization program makes it ideally suited to the manufacture of an advanced weapon like the MAUL(tm). A partnership with Colt would advance our time to market and allow us to reach out to Colt's installed base of customers worldwide."

Source: Metal Storm Limited (ASX: MST)
Date: May 30, 2011