TORONTO, Dec. 7, 2015 /CNW/ - Today Cymat Technologies Ltd. ("Cymat") announced that it has received an initial order from Panhard General Defense ("Panhard"), a division of Renault Trucks Defense and part of the Volvo Group, for 250 SmartMetalTM vehicle blast mitigation kits. The kits will be installed on the underside of Panhard's light armoured protected 4X4 wheeled class of vehicles. The SmartMetalTM panels have been engineered to provide a lightweight solution offering occupant protection from blast energy such as that resulting from the detonation of Improvised Explosive Devices. The approximate value of this order is $400,000 with delivery expected during the first half of calendar 2016.
Panhard has supplied over 18,000 wheeled military vehicles to 50+ countries. Panhard's current stable of light protected 4x4 wheeled vehicles includes the PVP, VBL, and the next-generation VBR and CRAB, of which there are currently over 3,500 in service. Renault Trucks has over 30,000 military vehicles operating around the world with a group of vehicles that includes the 4X4 armoured Sherpa and the six-wheeled armoured VAB.
"This initial order is the gratifying result of a 4 year development process with Panhard, while also validating the Company's military strategy and establishing the military sector as a significant new vertical market we will focus on," stated Michael Liik, Cymat's Executive Chairman. Mr. Liik added: "Our expectation is that such a significant resource commitment by a major global military player like Panhard is likely to yield further SmartMetalTM deployment with this group of military vehicle manufacturers In addition to Panhard. Cymat also continues to be actively engaged with several other Defense and Security Industry OEM's in the development of energy absorption systems for vehicles."
"This order, combined with the nuclear application order announced on November 30, 2015 and the Alusion business announced on October 6, 2015 has significantly improved Cymat's cash flow and puts us in a solid position as we move toward our fiscal year-end," stated Darryl Kleebaum, Cymat's Chief Financial Officer. Mr. Kleebaum added: "Cymat's management team is pleased with our robust pipeline of new business opportunities which is the strongest we have worked with in a number of years."
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 architectural, blast mitigation and automotive industries. For further information, visit the Web site www.cymat.com.
SOURCE Cymat Technologies Ltd.
For further information: Investors and Media: Michael Liik, Executive Chairman, Cymat Technologies Ltd., Cell: (416) 704 6217, Email: [email protected]