Sigma Labs Furthers Strategic Alliance with Morf3D
March 30 2017 - 9:07AM
Sigma Labs, Inc. (NASDAQ:SGLB) (“Sigma Labs” or the “Company”), a
provider of quality assurance software under the PrintRite3D®
brand, today announced that it has made an investment in the
principal amount of $500,000 to Morf3D, a strategic partner,
pursuant to a secured convertible promissory note (the “Note”).
The Note further extends our strategic alliance
and supports Morf3D's leasing of an EOS M400 system to expand
production for contracts related to additive manufacturing (“AM”)
of high-precision aerospace & defense (“A&D”) components.
Morf3D currently one of a handful of companies qualified for
additive manufacturing of production flight hardware for key
Aerospace and Defense OEMs. This agreement strengthens Sigma Labs’
strategic alliance and is in contemplation of a possible merger of
combined interests with Morf3D.
“As we continue to cement our long-term
relationship, this convertible note will enable Morf3D to acquire
new equipment, increase its production capacity, and, in tandem,
use Sigma Labs’ PrintRite3D® QA software as it expands its additive
manufacturing offerings to customers,” said Mark Cola, President
and CEO of Sigma Labs. “Together with Morf3D, we are excited to
take this next step and assess ways to further align our businesses
to be able to provide a complete, integrated AM solution for
A&D customers and, potentially, build an organization that can
oversee the entire AM value chain – from material selection to
design and manufacturing, as well as in-process quality assurance.
We could then better serve the entire A&D industry, which is
rapidly transitioning to 3D metal manufacturing.”
Ivan Madera, Morf3D CEO, added, “This
transaction by Sigma Labs represents yet another significant step
in realizing our mutual industry vision in delivering an unmatched
and unique supplier-partner offering to the aerospace, defense and
industrial markets. Our objective is to deliver a
seamless and fully-integrated digital manufacturing enterprise
using the most advanced AM technologies. We’ve seen success with
our client-collaboration business model, and now we’ll expand this
with Sigma’s industry-leading quality assurance systems. It’s a
truly unique competitive advantage.”
About Sigma Labs, Inc. Sigma Labs, Inc. is a
provider of quality assurance software under the PrintRite3D® brand
and a developer of advanced, in-process, non-destructive quality
assurance software for commercial firms worldwide seeking
productive solutions for advanced manufacturing. For more
information please visit us at www.sigmalabsinc.com.
About Morf3DMorf3D is a privately held
corporation headquartered in El Segundo, CA. The company
specializes in additive engineering and manufacturing with metals
and provides advisory services in additive manufacturing strategy
and technology adoption road-mapping. Morf3D opened its Innovation
Center in September 2015 and received AS9100 certification and ITAR
approval in 2016. The company has received product development
contracts from aircraft, space, medical and automotive customers,
and expects to commence serial production contracts in 2017.
It has further scaled its business with the addition of
engineering staff, computerized scanning and inspection systems,
and post-process machining and finishing equipment. For more
information, please visit www.morf3d.com.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements often contain words such as
"expects," "anticipates," "intends," "believes" or "will." These
forward-looking statements are subject to a number of risks,
uncertainties and assumptions that could adversely affect us,
including that the contemplated acquisition of or merger with
Morf3D is not consummated, and the risks set forth in Sigma Labs'
most recent annual report on Form 10-K. The forward-looking
statements in this press release are made only as of the date of
this press release. Sigma Labs undertakes no obligation to update
any of these forward-looking statements, whether as a result of new
information, future events or otherwise.
Investor Relations Contact:
Chris Witty
cwitty@darrowir.com
646-438-9385
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