Cymat Reports First Quarter 2009 Financial Results



    
    Listing: TSX
    Symbol: CYM
    

    MISSISSAUGA, ON, Sept. 15 /CNW/ - Cymat Technologies Ltd. ("Cymat"),
announced its results for the three months ended July 31, 2008.
    Revenue for the three months ended July 31, 2008 was $324,709 compared to
$736,769 for the three months ended July 31, 2007, a 56 percent decrease
versus the same period last year.
    The quarterly decrease is primarily as a result of decreased
architectural sales of the Company's aluminum foam panels sold as the display
platform for the new Audi models in their worldwide showrooms. The demand for
this application decreased due to negative economic conditions but is expected
to return to prior levels by the end of the current calendar year.
    Cymat incurred a net loss of $1,131,721 in Q1 2009 compared to a net loss
of $1,533,278 for the same period in the prior year.
    "Looking ahead to the next 2 quarters, we anticipate that our efforts and
initiatives in both of our automotive and blast mitigation businesses will
begin to generate tangible results," said Tim Hardman, Cymat's newly appointed
President and COO. He went on to say that "Our renewed focus on and increased
support for our Alusion distributors should lead to growing architectural
revenues as well."

    
    Key Financial Information

    The following shows key financial information for the first quarter and
comparables.

    -------------------------------------------------------------------------
    Canadian $                                          Q1 2009      Q1 2008
    -------------------------------------------------------------------------
    Revenue                                             324,709      736,769
    -------------------------------------------------------------------------
    Plant operating costs                               361,388      959,674
    -------------------------------------------------------------------------
    SG&A                                                702,512      917,532
    -------------------------------------------------------------------------
    Depreciation and amortization                       404,932      453,434
    -------------------------------------------------------------------------
    Net loss                                         (1,131,721)  (1,533,278)
    -------------------------------------------------------------------------
    Weighted Average no. of shares outstanding basic
     and diluted                                     69,367,445   54,902,615
    -------------------------------------------------------------------------
    Loss per Common Share-basic and diluted (*)           (0.02)       (0.03)
    -------------------------------------------------------------------------
    Cash and Cash equivalents                         1,955,974    2,641,636
    -------------------------------------------------------------------------
    Working Capital                                   1,877,466    2,447,607
    -------------------------------------------------------------------------
    (*) Net loss per share has been calculated using the weighted average
        number of common shares outstanding during the quarter ended July 31,
        2008 and July 31, 2007.
    

    The interim financial statements and management discussion have been
filed on SEDAR. Cymat Technologies Ltd. trades on the TSX stock exchange under
the trading symbol CYM.

    About Cymat:

    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.

    %SEDAR: 00024103E




For further information:

For further information: Investors and Media: Michael Liik, Executive
Chairman, Cymat Technologies Ltd., Tel: (905) 696-2424, Email: liik@cymat.com;
Trevor Sandler, Chief Financial Officer, Cymat Technologies Ltd., Tel: (905)
696-2427, Email: tsandler@cymat.com


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