The vehicle shown, was released in 1994 by Playmates.
It is the only vehicle made for the action figures that actually transforms, and one of the few toys made for the Southern Cross saga.
It is for use with the Dana Sterling Action figure. She is visible sitting between the cannons in the image to the right.
It is a bizaar looking vehicle which makes it hard to tell if you've transformed it correctly, but at the same time it has a unique quality that makes it interesting to look at.
Overall it is a nice and unusual piece, and it seems to be one of the more sought after vehicles made for the action figures.