TORONTO, March 16 /CNW/ - Cymat Technologies Ltd. is pleased to report
record quarterly revenue of $568,351 for the third quarter ended January 31,
2007 compared with revenue of $79,022 for the three month period ended
January 31, 2006.
This quarterly increase of over 600% was attributable to the large order
from the supplier to Audi showrooms as well as other architectural projects
throughout Europe and North America.
The net loss for the three-month period was $1,244,294 or $0.02 per
share, compared with $1,583,454 or $0.03 per share for the same period in the
Highlights for the quarter are:
- Change in strategic focus from a research to revenue-based commercial
operation continues to yield results.
- Significant quarter on quarter revenue growth.
- Plant operational improvements have yielded shorter product delivery
times and improved productivity.
- Automotive initiatives are promising.
Cymat closed its private placement on February 27, 2007 in which it
raised $2,340,000. The Company issued a total of 4,682,267 Units (comprising a
common share and a warrant to purchase a common share) at $0.25 per Unit and
4,682,267 Subscription Receipts. These receipts are subject to shareholder
Cymat's strategy to transition from research to a revenue-focused
enterprise is yielding good results as revenues are up significantly both
year-over-year and quarter-over-quarter. The private placement financial
resources will allow the Company to accelerate its planned business progress.
Cymat has a backlog of approximately $900,000 related to its architectural
product line. The Company foresees continued revenue growth in both Europe and
North America for its Alusion (architectural) products.
The company is encouraged with its entry into the blast mitigation market
and has had good results in product testing.
Automotive applications are on the horizon both in Europe and in North
America. Our recently announced agreement with Georg Fischer bodes well for
Cymat's low pressure foam casting (LPFCTM) process technology products in the
Key Financial Information
The following shows key financial information for the third quarter and
Three Months ended: January 31, 2007 January 31, 2006
Revenues $568,351 $79,022
SG&A ($406,403) ($586,878)
Net loss ($1,244,294) ($1,583,454)
Net loss per share(*) ($0.02) ($0.03)
Balance Sheet Items as at: January 31, 2007 April 30, 2006
Cash and Cash equivalents $361,727 $912,934
Working Capital ($146,431) $639,359
Shares Outstanding 51,934,437 51,421,094
(*) Net loss per share has been calculated using the weighted average
number of common shares outstanding during the quarter ended January 31,
2007 and January 31, 2006.
The interim financial statements and management discussion have been
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
exclusive 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
For further information:
For further information: Investors and Media: Christopher Skillen,
President and Chief Executive Officer, Cymat Technologies Ltd., Tel: (905)
696-2424, Email: firstname.lastname@example.org