TORONTO, Dec. 1 /CNW/ - Cymat Technologies Ltd. is pleased to announce that it has received and delivered two proto-type orders from a major US-based OEM of light vehicles. Cymat's SmartMetal(TM) will be integrated into a survivability solution for vehicle under belly protection.
This solution has been designed to accommodate both existing vehicles through an aftermarket retrofit kit, and new OEM vehicle production. The material's anticipated success in this application would mean access to numerous commercial opportunities within the group of NATO country Armed Forces who collectively retain a large fleet of this vehicle type.
It is anticipated that these retrofit kits will be produced in North America and shipped directly to vehicles in the field for installation.
"Cymat has made major strides over the past twelve months in gaining market recognition of its SmartMetal(TM) as an important material in military vehicle survivability solutions," said Tim Hardman, President of Cymat. He added "With the completion of detailed characterization of SmartMetal(TM) as a result of our blast tests in Nevada combined with prototype orders of this nature, Cymat is well on the way to commercialization of its proprietary technology."
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: For further information: Investors and Media: Michael Liik, Executive Chairman, Cymat Technologies Ltd., Tel: (416) 307-4015, Email: firstname.lastname@example.org; Trevor Sandler, Chief Financial Officer, Cymat Technologies Ltd., Tel: (905) 696-2427, Email: email@example.com