Harrington Group Limited will hold a general meeting of shareholders seeking to approve the acquisition of the ShockRounds "electric" munitions intellectual property and worldwide commercialisation rights. This Meeting will be held in Sydney at the CTA Business Club, MLC Centre - Cnr. Castlereagh and Martin Place on Friday, 22 October 2004 at 10am.
The ShockRounds technology is positioned as a major breakthrough in the munitions, military and law enforcement industries. This patent pending development introduces an "electric" charge to traditional ammunition and other projectiles such as rubber bullets through the combination of existing ballistic and piezoceramic technologies. The planned ShockRounds products have the potential to introduce to law enforcement and military, a new, more powerful, yet safer and less lethal level of stopping power combined with a product performance and versatility that is unmatched in today's market. A proof of concept prototype demonstration can be viewed at: www.comcourse.com/piezo_web_15fps.mov
A Prospectus seeking to raise up to $4 million in new capital through the issue of 20 million shares and 10 million options is currently being prepared and is expected to be available for shareholder and public distribution before the end of October 2004.
Over the past months, Harrington, in association with MDM Group, has substantially progressed the ShockRounds development program with the focus on establishing a professional management team and the necessary infrastructure to enable the next phase of product development upon transaction completion. During this time significant global relationships and ShockRounds product awareness have been established.
Subject to Harrington Shareholder approval of the ShockRounds transaction and the completion of the capital raising the company will be positioned to immediately scale-up the current development work with the following major milestones as key objectives:
-- November 2004: The successful completion of the Prospectus capital raising.
-- January/February 2005: Demonstrations featuring the next series of ShockRounds prototype.
-- April 2005: The commencement of formal fabrication and testing of the ShockRounds product range. This activity will continue through to September 2005.
-- Late 2005: The commencement of the first pilot manufacturing runs to support initial sales to pre-selected agencies.
-- 2006: The full scale commercial market launch of the ShockRounds "electric" munitions