TORONTO, Dec. 13 /CNW/ - Cymat Technologies Ltd (symbol CYM, TSX) today reported revenue of approximately $0.1 million for the second quarter ended October 31, 2010, compared with revenue of approximately $0.4 million for the same period in the prior fiscal year.
The net loss for the quarter was $1.5 million compared to $1.3 million for the same period in the prior year.
Highlights for the quarter were:
- On September 9, 2010, the Company announced the appointment of David Fowler as its new President and Chief Operating Officer. Mr. Fowler was Group Vice President of Woodbridge Foam Corporation and brings extensive executive leadership experience with particular expertise in technical foam products with long sales cycles.
- Significant progress was made in the blast mitigation and the military arena with the Company continuing to work very closely with OEM's, armor integrators and US officials on specific retrofit programs. The Company has been diligently working with its military partners ensuring that their dynamic timelines and high standards are met during their evaluation phase of each program.
- On August 11, 2010 Cymat shareholders approved (the "Approval") the conversion of subscription receipts into common shares and common share purchase warrants issued as part of the private placement that closed on April 19, 2010. As a result of the Approval, Cymat issued 3,912,388 new common shares and warrants and the net proceeds previously held in escrow were paid to the Company.
- On November 30th, 2010 the Company reported its architectural product Alusion will be utilized on the construction of the National September 11 Memorial Museum at the World Trade Center site in New York. At more than 55,000 square feet this project represents the single largest Alusion installation to date.
"We are very pleased with the progress made this year with our commercialization activities," said Michael Liik, Cymat's Executive Chairman. He added, "The inclusion of our Alusion product in such high profile projects as the 911 Memorial Museum in New York and the Vanke Center in China should serve to accelerate the penetration of our material into other high end applications."
"The on-going integration of SmartMetal™ by several military vehicle OEM's and armour integrators into their specific IED solutions continues to show positive results," said David Fowler, Cymat's new President and COO. He went on to say that "We are optimistic that these commercialization initiatives will continue to gain momentum through the remainder of the year."
Key Financial Information
The following shows key financial information for the first quarter and comparables.
|Three months ended:||Six months ended:|
|Plant operating costs||$279,240||$459,906||$791,089||$760,630|
|Material testing costs and R & D||$55,903||$152,537||$91,969||$271,745|
|Loss per common share - basic and diluted*||($0.01)||($0.02)||($0.03)||($0.04)|
|Weighted average no. of shares outstanding basic and diluted||102,277,391||79,758,565||98,941,147||79,758,565|
|Balance Sheet Items as at:||31-Oct-10||30-Apr-10|
|Cash and Short-term investments||$951,774||$2,043,016|
*Net loss per share has been calculated using the weighted average number of common shares outstanding during the quarter ended October 31, 2010 and October 31, 2009.
The interim financial statements and management discussion will be filed on SEDAR. Cymat Technologies Ltd. trades on the TSX stock exchange under the trading symbol CYM.
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 Cymat's business, the development of markets, development programs, future revenues and improvements in technology, and management's objectives, strategies, beliefs and intentions which are subject to important risks and uncertainties. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "intend" and similar words referring to future events and results, including in respect of the completion of the offering, use of proceeds and the Company's revenue growth. 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. Readers are cautioned not to place undue reliance on these forward-looking statements as actual results may differ materially from those expressed or implied in the forward-looking statements. Cymat Technologies Ltd. disclaims any intention or obligation to update or revise any forward-looking statements after the date of this press release or to revise such statements to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
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