TORONTO, Sept. 29 /CNW/ - Cymat Technologies Ltd (symbol CYM, TSX) a leading aluminum foam producer is pleased to announce that it has received a non-repayable contribution of up to $280,000 from the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP), a federally-funded program that supports the commercialization of innovative Canadian technologies.
The contribution will support Cymat's development program in securing its metal matrix composite ("MMC") raw material supply, reducing raw material costs and developing new industrial markets for its SAF. In addition, NRC-IRAP will also provide both technical and business-oriented advisory services.
"We are pleased to secure funding and advisory support from NRC-IRAP," stated Tim Hardman, Cymat's President. "This is the first phase of an anticipated multi-phased government funding initiative. Work completed under this program should significantly enhance Cymat's commercialization efforts in our 3 lines of business: blast mitigation, architectural and automotive" he added.
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 Cymat's business, the development of markets, development programs, future revenues and improvements in technology, and management's objectives, strategies, beliefs and intentions which are subject to important risks and uncertainties. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "intend" and similar words referring to future events and results, including in respect of the completion of the offering , use of proceeds and the Company's revenue growth. 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. Readers are cautioned not to place undue reliance on these forward-looking statements as actual results may differ materially from those expressed or implied in the forward looking statements. Cymat Technologies Ltd. disclaims any intention or obligation to update or revise any forward-looking statements after the date of this press release or to revise such statements to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
SOURCE Cymat Technologies Ltd.
For further information: For further information: Investors and Media: Michael Liik, Executive Chairman, Cymat Technologies Ltd., Tel: (905) 696-2424, Email: firstname.lastname@example.org; Trevor Sandler, Chief Financial Officer, Cymat Technologies Ltd., Tel: (905) 696-2427, Email: email@example.com