Palm Pistol and Tri-Cor Ammunition Status Report

Palm Pistol and Tri-Cor Ammunition Status Report
This update concerns both the Palm Pistol(r) and Tri-Cor(tm) ammunition.

Palm Pistol
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Palm Pistol

New Jersey –-(Ammoland.com)- PALM PISTOL – As reported in our last update, the physical design and safety testing of the first working prototype was completed.

A financial review by our accounting professionals recommended that we reduce our initial production run from 1000 to 500 units. This will have a positive effect on projected cash flow and allow for a more orderly introduction of the product.

After considering several production options such as licensing, equity investors and others, we decided to approach the three primary manufacturing specialties to form a consortium to bring the Palm Pistol(r) to market.

The proposed consortium agreement provides that the three key suppliers contribute the materials, workmanship and parts necessary for an intial production run of 500 Palm Pistol's(r) in exchange for a phased payment of the value contributed plus interest on that value, secured by collateral. The agreement is currently under discussion and the details are being negotiated.

Concurrently, we have submitted the full working prototype to ATF for additional review concerning the classification of the “as cast” receiver as a non-firearm. If ATF rules as we expect, it will allow the raw investment casting to be produced by a non-licensed manufacturer. The finish machining however will have to be performed by an ATF 07 licensee. A response from ATF is expected within a month or two.

We have received many inquiries concerning the projected retail cost of the finished product. In 2008, based purely on good faith estimates and some guesswork, we projected a retail cost of approximately $300. It is now clear this was overly optimistic. While we still are not in a position to determine the final retail price, since all our costs are not yet finalized, we now estimate the cost will be above $600 retail.

We currently have pre-production deposits of $25 for each of 313 units. If any customer who has submitted a deposit is unwilling to pay this estimated cost, please let us know immediately and your deposit will be promptly refunded. Conversely, if anyone who has not submitted a deposit and would like to reserve one or more of the remaining 187 units, kindly submit a check for $25 per unit reserved, made payable to Constitution Arms. Mailing address is 12 Hoffman Street, Maplewood, NJ 07040. These will be reserved on a first come first served basis. Reservations by phone, email or credit card will not be accepted. If deposits are received for more than the remaining 187 units, customers will have the option of being placed on the list for the second production run or having their deposit returned.

TRI-COR AMMUNITION
In our last update, we announced the availablity of a multi-projectile .38 special cartridge specifically designed for the Palm Pistol(r), snub nosed revolvers and and Bond Arm(r) handguns. There was a delay in shipping these due in part to an error by our trademark attorney who failed to identify that the former name Tri-Plex(r) was registered to a Swiss company. This forced us to rename the product to Tri-Cor(tm), preprint the packaging materials and revise the Palm Pistol website. The product is now shipping. Since this ammunition does not lend itself to automated assembly and the load is extremely sensitive to any variation, it must be hand loaded and as such, availability will be limited.

We commissioned high speed video of the Tri-Cor(tm) being fired at 10 feet from a S&W Model 60 with 2 inch barrel into 10% ballistic gel. This is posted at http://cts.vresp.com/c/?ConstitutionArms/bd4c52373a/94aa85caca/35b8ff2bd5 and clearly supports our findings that it produces a ballistic wound channel up to 49% larger than a comparable hollow point projectile. The video has sound so be certain to turn on your speakers.

If any customers wish to order Tri-Cor(tm), please fill out the order form on the website. Please note that we are advised by legal counsel that as a New Jersey company, we can only directly ship ammunition to another FFL. We realize this is an inconvenience but prudence dictates this requirement.

Again, our thanks for your patience and we will provide additional updates as appropriate.

Matt Carmel
President Constitution Arms
[email protected]
www.palmpistol.com
www.constitutionarms.com

Constitution Arms 12 Hoffman St. Maplewood, New Jersey 07040-1114 US

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