Metal Storm Shares Surge 36% on Lockheed Martin Development Agreement

Shares in Metal Storm Ltd soared 36% yesterday after the company announced a development agreement with Lockheed Martin. Under the agreement, Lockheed Martin will conduct studies and technical development demonstrations to evaluate the feasibility of Metal Storm's torpedo defence system. The agreement marks a significant milestone for Metal Storm, with the company's shares closing at 32 cents after the announcement.

Key Takeaways:

• Metal Storm Ltd shares increased by 36% following the announcement of a development agreement with Lockheed Martin.
• The agreement involves Lockheed Martin conducting studies and technical development demonstrations to assess the feasibility of Metal Storm's torpedo defence system.
• The evaluation period is expected to last four months, after which Metal Storm hopes to begin early prototype development.
• Lockheed Martin expressed enthusiasm for the partnership, citing the potential for a combined solution to defeat torpedoes for surface and subsurface combatants.
• The project is sponsored by the US Defence and has received support from other defence and military organisations.
• Metal Storm has already been working with the US Navy on a project to create a defence against rocket propelled grenades.

Statistics:

• Metal Storm Ltd shares surged 8.5 cents to close at 32 cents on the day of the announcement.
• Lockheed Martin plans to conduct a four-month evaluation of Metal Storm's torpedo defence system.
• The evaluation involves studies and technical development demonstrations to assess the system's feasibility.
• The project has received sponsorship from the US Defence and support from other defence and military organisations.

Sources:

• Asia Pulse, Oct 19
• "Metal Storm signs deal with Lockheed Martin"