Now this alleged technology has an interesting history, with the Chinese supposedly trying to buy the technology in 2006. linky and second link. This of course came to light after some um, ex agents became members of Falun Gong.
Anyway, what caught my eye was an article in the technology section of news.com.au, which shows that Metal Storm has gone bankrupt. Intrigued I did a bit of research and found the alleged Chinese espionage connection.
http://www.news.com.au/business/compani ... 6435689065
I am sure clearly he was patriotic choosing to work with the Australian government rather than take $100 million of imaginary money from imaginary Chinese agents, agents who were exposed by brave Chinese Australian citizens who just sooo happen to be Falun Gong members with an axe to grind. Clearly a brave noble and HONEST man, we need more of these white elephants brave people in the country.Weapons developer Metal Storm placed in voluntary administration
Save this story to read later
by: Liam Walsh
From: The Courier-Mail
July 26, 2012 1:30PM
BRISBANE weapons maker Metal Storm - which pitched ideas ranging from an electronic handgun to a three-shot grenade launcher - has finally run out of cash after 18 years of development.
Voluntary administrators were called in this morning to Metal Storm, which has chalked up $115 million in losses.
It followed stumbles in a recent financing deal involving Luxembourg-based Luxinvest Capital Advisers SA. Funding markets are tightening amid European turmoil.
Metal Storm's board is hoping to restructure the operation, or sell of the business as a going concern.
Metal Storm has had a tumultuous history since inventor Mike O'Dwyer developed the concept in 1994 of an electronic gun trumpeted as being able to unleash more than a million bullets a minute.
In 1999, the company listed with a prospectus to raise $12 million, featuring a Jeep with a roof-dome blasting rounds. The technology was promoted as one to shatter "traditional mechanical ballistics paradigms".
Shares rocketed initially, touching the equivalent now of $3.31 in July 2000 as hype surrounded the technology. They were frozen in a trading halt at 0.1c since last week.
Metal Storm in recent years has faced multiple financing crisis, including when a Filipino white knight failed to turn up with promised cash. Each time, it has scrounged adequate financing but the recent delay in financing involving Luxinvest pushed Metal Storm to the brink.
Metal Storm
"After considering all of the available options for Metal Storm and after carefully reviewing the company's financial position, the board has determined that the appointment of the administrators is necessary and in the best interests of Metal Storm's creditors and shareholders," the company said.
The Courier-Mail understands staff have been kept on by the administrators from Dean Willcocks Shepard Recovery & Strategy.
Metal Storm has faced doubters about the validity of its technology. It has missed milestones and switched the focus of weapons development.
One example was of inventor Mike O'Dwyer in 2000 speaking of getting the handgun "to market" within two years. By 2005, Metal Storm benched the gun, saying it needed to focus on systems that deliver revenues faster.
Its latest focus was on a mini-shotgun slung underneath guns.
Metal Storm chairman Terry O'Dwyer told The Courier-Mail today's appointment of administrators was not a reflection on the technology.
"The company has been under financial stress because the company's funding comes from capital that it can raise ... the company's problem is not the technology," he said.
In case its not obvious, I suspect a) the technology didn't work b) he played the Chinese bogey man card to get funding, and did it in such a way which smacks of lying.