TORONTO, June 1 /CNW/ - Cymat Technologies Ltd. is pleased to announce that its SmartMetal(TM) has been selected for use in vehicle programs produced by a major Middle East-based OEM of light-armored vehicles. Cymat's SmartMetal(TM) will be integrated into a number of survivability solutions for vehicle underbelly protection.
Otokar, a member of the Koc Group of companies (172nd largest company in Fortune Global 500), is a major automotive manufacturer in Turkey providing world-class commercial and military vehicle products for the global military market.
"Otokar's decision to select Cymat's SmartMetal(TM) in their military vehicle survivability programs, is an important step in the commercialization of SmartMetal(TM)", said Tim Hardman, President of Cymat. He added, "We are honored to work with Otokar as an industry partner creating world class survivability solutions."
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