Sep 11, 2019, 08:30 ET
TORONTO, Sept. 11, 2019 /CNW/ - Cymat Technologies Ltd. (the "Company" or "Cymat") is pleased to provide an update of activities within the Company's SmartMetalTM aluminum foam division and an update of its funding activities.
Cymat has recently shipped prototype SmartMetalTM composite panels to a major international military Original Equipment Manufacturer ("OEM"). These lightweight SmartMetalTM composite panels are in support of the OEM's development program targeting a vehicle with expected sales in excess of one thousand units. Use of SmartMetalTM in such a composite system represents a new area of application for SmartMetalTM with the potential to broaden the market for Cymat aluminum foam.
Additionally, an Asian material supplier recently engaged Cymat in an exploration of the application of SmartMetalTM for an electro-magnetic interference ("EMI") shielding solution targeted to the defense industry. Currently in the investigative engineering stage, SmartMetalTM shows promise for providing a light-weight EMI shielding component especially advantageous for use in vehicles that would benefit from increased efficiency and manoeuvrability through weight reduction.
"Receiving an unsolicited request for product from one of the world's leading military manufacturers further validates the appeal of Cymat's unique product line in the provision of solutions for the defense industry. The program potential for this composite panel system has the possibility to provide a transformative level of revenue for Cymat, said Michael Liik, Cymat CEO, "Over the last several years Cymat has become firmly engaged with several of the world's largest military players. We are excited by the broader array of SmartMetalTM applications for the global defense market represented by these projects."
Finally, Cymat is pleased to announce that it has been awarded a grant from the Federal Economic Development Agency for Southern Ontario under the federal government's Steel and Aluminum Initiative. The non-repayable grant will provide up to $220,000 in proceeds towards the funding of 45% of eligible expenses. The grant will support Cymat's continuing development of a new aluminum foam for its Spanish sandwich panel venture and for Cymat's new premium version of architectural aluminum foam, AlusionTM Plus. AlusionTM Plus will be manufactured from a new aluminum alloy and will provide enhanced material characteristics and aesthetics.
"We are grateful to have Cymat's innovation recognized in this manner by the Canadian government," said Mr. Liik. "And we appreciate the meaningful contribution that this grant provides towards our development efforts."
Cymat Technologies Ltd. is an innovative materials technology company employing a proprietary process to manufacture our unique Stabilized Aluminum Foam ("SAF"). Cymat SAF is an advanced lightweight recyclable material with a wide array of features including customizable density and dimensions, energy absorption and thermal and acoustic insulation. Cymat is focused on producing SAF for architecture, blast mitigation, automotive, transportation and industrial markets.
Cymat's architectural brand, AlusionTM, has become an accepted choice for superior and unique cladding and façade alternatives for the building industry. The AlusionTM brand is recognized globally, having completed projects on almost every continent.
Cymat's SmartMetalTM division has developed proven products for energy absorption applications including blast mitigation for the military sector and impact reduction for the nuclear energy sector. Cymat is working with numerous manufacturers and solution providers around the world for the integration of SmartMetalTM into kinetic energy management systems.
Cymat is based in Mississauga, just outside Toronto, where it operates a 2.400 sq. metre plant. For further information on Cymat, please visit our Web site www.cymat.com.
SOURCE Cymat Technologies Ltd.
For further information: Investors and Media, Michael Liik, CEO, Cymat Technologies Ltd, 416-704-6217, [email protected]; Investor Cubed Inc.: Neil Simon, CEO, 647-258-3310, [email protected]
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