TORONTO, Oct. 22 /CNW/ - Cymat Technologies Ltd. is pleased to announce a joint initiative between an independent military vehicle integrator and a major US armored vehicle OEM. Cymat's SmartMetal(TM) will be incorporated into a next generation vehicle as part of a comprehensive survivability solution. Prototype parts for this initiative are being delivered through the fall of this year with validation testing anticipated to be completed by the end of 2009.
The vehicle OEM, whose design and engineering team participated in Cymat's Industry Week in Nevada this past spring, will design, develop and test a next generation military vehicle configuration requested by the US military.
"It is anticipated that this joint initiative will lead to a full commercial military vehicle contract on a next generation vehicle. This and other next generation projects currently being tested represent revenue opportunities over and above our retrofit initiatives incorporating SmartMetal(TM) as a key component in state-of-the-art survivability solutions," said Tim Hardman, President of Cymat. He added "Cymat continues to collaborate with major US military OEM's and integrators as well as European OEM's engineering survivability solutions with SmartMetal(TM)."
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.
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