live firing range day

Just a little Report for those that couldn't make it to the shareholder event yesterday. I see metooaswell has already made a brief note, but I thought he won't mind if a proper heading was the go.

Again, this was a good occasion for those that participated, and it kinda worked well that we all had the opportunity for a bit of well supervised and safe fun on the handgun range. In keeping with current MST austerity - the refreshments were a choice between bottled water or softdrink!!

It was interesting to see the 3GL hit a target at 200m, although in reality with high explosive grenades you would only need to be as close as all the (MST trained staff) shots were at 50m,100m, 200m.

The Maul wasn't fired, but it's development was discussed and is a no-brainer in context. The talk from Breon (Taser) was enthusiastic about the teaming with Maul. In the context of a similar non-lethal weapons 'establishment' story - the sale of standard Tasers was noted on some butchers paper. I believe this stuff is on their website, so nothing sensitive here. Anyway, over 8 yrs 2003-2011 I understand they sold some 750,000 Tasers into the non-lethal market, and are looking at some $100M annual revenue for a current market cap of $330M. Hmmm. Nobody official was claiming likely Maul sales, but it was noted that Maul does door breaching and lethal, as well as non-lethal. It was also noted that Maul is positioned for both the Enforcement (police, prisons etc) and the Military markets, and that the reality is the Enforcement market is way more capable of making flexible budget provisions in months or 'next year' to generate shorter-term cashflow for the Company. Lee mentioned that even if Maul sales were only 50,000 over 5 yrs (very conservative versus Taser's record) that would be say $100M of income - but the real issue is ammo which would be expected to be at least that figure again, but on an 'annual' basis. Hmmm. And as we know the Maul is only one part of the MST product story....

Oh - the positives of the current Rights issue were also discussed, but you know that story and we don't need to go into it here in this informal range report.

I have to say the MST people still have a glint in the eye and a firm handshake, and it was good to see the Breon boss was very positive too. For what it's worth, I came away with no sense that the show was going anywhere but forward, and the current shareholders have a future if they choose to continue to hang in there.