Listing: TSX-V
Symbol: CYM
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."
About Cymat:
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.