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Symbol: TSXV: CYM
MISSISSAUGA, ON, March 22, 2021 /CNW/ - Cymat Technologies
Ltd. (TSXV: CYM) (the "Company" or "Cymat"). Today
Cymat Technologies reported the results of their unaudited third
quarter of fiscal 2021, ending January 31,
2021.
The Company is pleased to announce revenue of over $1.1 million for the quarter, an increase of more
than 400% over the same period last year. The driving force behind
this explosive growth is sales of AlusionTM, Cymat's
architectural aluminum foam. Cymat also anticipates increased
revenue from its SmartMetalTM division in subsequent
quarters as a number of its initiatives in the automotive and
military sectors appear poised to significantly advance.
Cymat is also pleased to announce that Blair Alton, a senior auto industry executive,
with over 40 years experience, has joined its business development
team. Blair will draw upon his extensive contacts in the automotive
manufacturing community to tout the capabilities of
SmartMetalTM to automotive producers.
Third Quarter Highlights
- Revenue for the quarter of $1.1M,
lead by architectural sales, approx. a 430% increase year over
year
- Year-to-date revenue (three quarters) of $2.5M, an increase of close to 90% over the same
period last year
- Positive income from operations for Q3 and for the
year-to-date;
- Positive cash flow generated from year-to-date operations.
|
Three Months
Ended
January
31
|
Nine Months
Ended
January
31
|
|
|
|
|
|
|
2021
|
2020
|
2021
|
2020
|
|
($)
|
($)
|
($)
|
($)
|
|
|
|
|
|
Interim Statements
of Operations
|
|
|
|
|
|
|
|
|
|
Revenue
|
1,125,737
|
212,457
|
2,497,050
|
1,329,863
|
|
|
|
|
|
Plant operating
expenses
|
657,497
|
273,792
|
1,321,446
|
1,037,333
|
|
|
|
|
|
Research and material
testing expense
|
30,525
|
21,010
|
98,043
|
91,416
|
|
|
|
|
|
Selling, general and
administrative expenses
|
432,391
|
419,460
|
1,068,721
|
1,495,779
|
|
|
|
|
|
Income (loss) from
operations
|
5,324
|
(501,805)
|
8,840
|
(1,294,665)
|
|
|
|
|
|
Net loss
|
(69,950)
|
(536,309)
|
(172,413)
|
(1,438,983)
|
|
|
|
|
|
Cash provided by
(used in) operating activities
|
(280,244)
|
(393,244)
|
16,565
|
(1,161,227)
|
|
|
|
|
|
|
|
AlusionTM
Despite the ongoing disruption caused by Covid-19, the sales
pipeline for AlusionTM remains robust. In the final
quarter of fiscal 2021, which ends April
30th, Cymat again expects to ship in excess of
$1M of AlusionTM
orders.
"In the midst of the worst outbreak of modern times, Cymat is
poised to report a historical best level of annual sales," said
Michael Liik, CEO of Cymat, "which I
believe is a testament to our many years of effort in building
AlusionTM into an internationally recognized brand."
SmartMetalTM - Automotive
Market
Cymat continues to promote its SmartMetalTM foam in
tandem with its automotive engineering partner – Tesseract
Structural Innovations Inc. Tesseract has developed a patented
Uniform Deceleration Unit ("UDU") that utilizes
SmartMetalTM as a key component to manage/mitigate crash
energy for vehicles. The UDU design can be adapted to protect
vehicle occupants and key components - such as batteries - from a
large variety of collision events.
Management is strongly convinced that the unique properties of
SmartMetalTM provide an ideal option to the automotive
industry searching for light-weight and cost-effective engineering
solutions.
"Our recent dialogue with the auto sector indicates to us that
vehicle electrification has greatly expanded the receptiveness of
OEMs to engineering solutions that employ innovative materials that
dramatically reduce vehicle weight," said Michael Liik. "Blair's addition to the Cymat
team is particularly timely, and we are confident in his ability to
leverage his industry experience to further Cymat's engagement with
this important market."
About Cymat Technologies Ltd.
Cymat Technologies Ltd. has the global rights, through patents
and established know-how, to manufacture Stabilized Aluminum Foam
("SAF"), a unique, ultra-light, cellular metallic material. The
proprietary production process entails the injection of gases
through a molten bath of alloyed aluminum infused with ceramic
particles. The result is an advanced, lightweight, recyclable
material that exhibits unique characteristics including:
customizable density and dimensions; mechanical energy absorption;
thermal and acoustic insulation; and time, temperature and
strain-rate insensitivity. A key benefit of this continuous foam
production process is its scalability and resultant low cost of
production. SAF is used in such industries as architectural design,
military and automotive. Cymat markets its architectural SAF under
the AlusionTM brand and its automotive and military SAF
under the SmartMetalTM brand. For further information ,
please visit our website at https://www.cymat.com.
Certain information set forth in this news release may
contain forward-looking statements that involve substantial known
and unknown risks and uncertainties. All statements other than
statements of historical fact are forward-looking statements,
including, without limitation, statements regarding future
financial position, business strategy, use of proceeds, corporate
vision, proposed acquisitions, partnerships, joint-ventures and
strategic alliances and co-operations, budgets, cost and plans and
objectives of or involving the Company. Such forward-looking
information reflects management's current beliefs and is based on
information currently available to management. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "predicts", "intends",
"targets", "aims", "anticipates" or "believes" or variations
(including negative variations) of such words and phrases or may be
identified by statements to the effect that certain actions "may",
"could", "should", "would", "might" or "will" be taken, occur or be
achieved. A number of known and unknown risks, uncertainties and
other factors may cause the actual results or performance to
materially differ from any future results or performance expressed
or implied by the forward-looking information. These
forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of the
Company including, but not limited to, the impact of general
economic conditions, industry conditions and dependence upon
regulatory approvals. Certain material assumptions regarding such
forward-looking statements may be discussed in this news release
and the Company's annual and quarterly management's discussion and
analysis filed at www.sedar.com. Readers are cautioned that the
assumptions used in the preparation of such information, although
considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on
forward-looking statements. The Company does not assume any
obligation to update or revise its forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as required by securities laws.
No securities regulatory authority has either approved or
disapproved of the contents of this news release. The Shares have
not been, nor will they be, registered under the United States
Securities Act of 1933, as amended, or any state securities laws,
and may not be offered or sold in the
United States, or to or for the account or benefit of any
person in the United States,
absent registration or an applicable exemption from the
registration requirements. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy any common
shares in the United States, or in
any other jurisdiction in which such offer, solicitation or sale
would be unlawful. We seek safe harbour.
Neither the Toronto Venture Exchange (TSXV) nor its Market
Regulator (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this news
release.
SOURCE Cymat Technologies Ltd.