The ArmaLite AR-15 is a select-fire, gas-operated, air-cooled, magazine-fed rifle manufactured in the United States between 1959 and 1964. Designed by American gun manufacturer ArmaLite in 1956, it was based on its AR-10 rifle. The ArmaLite AR-15 was designed to be a lightweight rifle and to fire a new high-velocity, lightweight, small-caliber cartridge to allow infantrymen to carry more ammunition. In 1959, ArmaLite sold its rights to the AR-15 to Colt due to financial difficulties.