Was this a hint? "with most interest in the company up to that...

Was this a hint? "with most interest in the company up to that point coming from the US military and law enforcement agencies."



Foreign buyer grabs Metal Storm stake: weaponry

October 21, 2009

Article from: Australian Associated Press
METAL Storm says it has reached agreement with an overseas investor about an equity investment in the defence technology company.

The Brisbane developer of projectile launchers yesterday requested a trading halt on its shares to allow time for a payment related to the transaction with the unnamed party.

"Metal Storm has reached agreement with an overseas investor regarding the terms of an equity investment in the company," it said.

Metal Storm was awaiting receipt of the first payment under the agreement, due to be received today.

It asked for the trading halt to allow time for the payment to be received, because of the differing time zones between Australia and the investor's country of origin.

The shares last traded at 2.6c.

In August, the company reported a net loss of $7.38 million for the first half of the year, largely due to finance expenses, and said it was seeking further funding to continue its operations.

It had raised more than $2.6m through a share purchase plan, which would assist discussions with potential investors about raising capital, chief executive Lee Finniear said.

The company was in talks last month with several potential investors, he said.

In May, Mr Finniear said there was a risk the company could end up owned by foreign interests, with most interest in the company up to that point coming from the US military and law enforcement agencies.

Metal Storm has previously received research and development funding from groups such as the US Marines.


http://www.theaustralian.news.com.au/business/story/0,28124,26238078-36418,00.html