Cymat announces resignation of David Fowler, President and COO
TORONTO, Nov. 1, 2012 /CNW/ - Cymat Technologies Ltd. today announced that David Fowler, President and COO will be leaving the Company as of November 9, 2012. His duties and responsibilities will be assumed by Michael Liik, Executive Chairman, until such time as a replacement is found. David will continue to provide the Company with continuity assistance and guidance during a three-month transition period.
"This was a difficult decision for me to make" said David Fowler. "I believe that Cymat is well positioned to efficiently produce its unique product to satisfy an expanding market."
"It has been a pleasure working with David, and we would like to express our thanks for his extensive contributions," said Michael Liik. "Cymat continues to progress on a focused path towards profitability through sales growth and improved manufacturing efficiency.
Cymat develops innovative materials for industry. The company has worldwide rights, through patents and licenses, for producing Stabilized Aluminum Foam. The ultra-light metallic foam is manufactured by bubbling gas through molten alloyed aluminum containing a dispersion of fine ceramic particles and can be produced as either Near-net Shapes or Flat Panels. The result is a revolutionary material with a wide array of features including very low density, mechanical energy absorption, thermal and acoustic insulation, is recyclable, time and temperature insensitive and has a relatively low cost of production. Cymat is collaborating with a number of partners spanning the automotive, architectural and blast mitigation industries. For further information, visit the Web site www.cymat.com.
The foregoing press release contains forward-looking statements relating to the development of markets, development programs, future revenues and improvements in technology, which are subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include the availability of funding, existing and future relationships with suppliers and manufacturers, the results of research and development activities, risks of technological breakthroughs that make Cymat stabilized aluminum foam less attractive, risks relating to the breadth, scope and enforceability of intellectual property rights, general industry and market conditions, availability of qualified personnel, and reliance on co-development partners.
For additional information with respect to these and other factors, see the reports filed by Cymat Technologies Ltd. with the Ontario Securities Commission. Cymat Technologies Ltd. disclaims any intention or obligation to update or revise any forward-looking statements.
SOURCE: Cymat Technologies Ltd.For further information:
Investors and Media:
Cymat Technologies Ltd.
Tel: (416) 704 6217