Listing: TSX-V
Symbol: CYM
TORONTO, Oct. 11, 2017 /CNW/ - Today, Cymat Technologies Ltd. (the "Company" or "Cymat") provided an update regarding its joint venture (the "Venture") with Alucoil, SA. ("Alucoil") to develop a metallurgically bonded aluminum foam based sandwich panel.
Comprehensive engineering evalutions recently concluded with a series of technical meetings held in Spain. As a result, the "proof of concept" phase regarding the viability of metallurgically bonding aluminum sheets to an aluminum foam core has now been successfully established.
Cymat and Alucoil have agreed to proceed with a pilot production line, located in Spain, to refine the industrialization of the bonding process. The pilot line is projected to be operational by the end of the first calendar quarter of 2018 with the decision on whether to proceed to a full-scale manufacturing facility to follow shortly thereafter.
"Although the technical examination period lasted longer than initially expected, I am pleased with the outcome of the Venture team's work and look forward to moving to full-scale production in the near future" stated Michael Liik, Cymat's Executive Chairman.
"There are encouraging indications across multiple markets for the unique sandwich panels contemplated by the Venture" added Clemente Gonzalez Soler, President of Aliberico Group, Alucoil's parent company, "and with Alucoil's extensive distribution channels, we are well poised to take advantage of this anticipated demand."
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 either continuously produced in flat panels or as near-net shapes. 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.
About Alucoil:
ALUCOIL is a multinational company with factories on 4 continents and sales presence across 60 countries, specialized in the manufacturing of advanced materials for building, transportation and industrial applications. ALUCOIL manufactures high quality products such as larson® composite panels, larcore® honeycomb panels, anolac® corrugated aluminum sheets, and termolac® powder coating.
For further information, visit the Web site www.alucoil.com.
SOURCE Cymat Technologies Ltd.
For further information: Investors and Media: Michael Liik, Executive Chairman, Cymat Technologies Ltd., Cell: (416) 704 - 6217, Email: Liik@cymat.com
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