The Australian-based company that built its empire around a weapon that fires a million-rounds-a-minute could be on its last legs, according to an Australian newspaper. Metal Storm, the name of the company and the technology it markets, was the brainchild of Mike O'Dwyer, an amateur inventor in Australia who came up with Metal Storm's unique stacked projectile configuration. He built the company from a one-man operation to a publicly traded company with R&D contracts from the U.S. Defense Department. The late Wayne Downing, a retired four star general, was one of Metal Storm's most high-profile and enthusiastic backers.
Terry O'Dwyer, a cousin of Mike O'Dwyer who now serves as Metal Storm's chairman, continues to tell shareholders to be patient, even as their shares plummet it value. But could time be finally running out for the would-be gun maker? The Sydney Morning Herald seems to think so:
When I interviewed company founder and Metal Storm father Mike O'Dwyer a couple years ago, I was genuinely struck by his sincerity; but he had also long since extricated himself from the business end. Despite early enthusiasm from investors and some military officials, Metal Storm has yet to make a significant dent in the weapons market. The technology suffered developmental problems, and perhaps most significantly, faced a fundamental dilemma: most experts looked at Metal Storm as interesting, albeit niche technology. Yet to garner investment, the company needs to convince people that it had the potential to make large sales. I'm sure there's a lesson in here somewhere....
[Image: Metal Storm]
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