MISSISSAUGA, ON, Oct. 18, 2021 /CNW/ - Cymat Technologies Ltd.
(TSXV: CYM) (the "Company" or "Cymat") is
pleased to announce the appointment of Mario DeAngelis as its new Chief Operating
Officer (COO). In addition, Cymat announces that it has recently
embarked on a major capital investment program to increase both
plant capacity and efficiency, as well as improve production
reliability.
Mario DeAngelis, a professional
engineer, is a seasoned international automotive executive
with over 25 years of experience. Mario was most recently
responsible for the European operations of a major North American
automotive parts company with responsibility for 7 plants across
the continent. He is an accomplished business manager with
expertise in both production efficiency initiatives and new
technology deployments.
Cymat's major capital investment program is being undertaken to
accommodate significant anticipated growth in all of its three
major commercial verticals: architetural products, automotive and
military. The Company will invest approximately $2M, for which it is currently well capitalized
to execute, to upgrade and modernize its Mississauga Ontario plant and to facilitate
various R&D/product development initiatives. This program is
expected to increase the plant's output to approximately
$75M (on a staged basis) as well as
deploy automation and new technology to improve its overall cost
structure. The Company's production upgrades will address equipment
reliability issues that have intermittently hindered Cymat's
operations in the past. These initiatives are particularly germain
to Cymat's automotive aspirations as production capacity, output
reliability and process robustness are essential prerequisites for
successful entry into volume manufacturing opportunities in the
automotive industry.
Michael Liik, CEO, commented, "I
am excited to have a person of Mario's calibre and experience join
us at such a critical juncture in the Company's evolution. Mr. Liik
added, "We are currently in the midst of recruiting other seasoned
executives in the commercial area to assist with our growth
initiatives and Mario will be instrumental in the Cymat team's
successful execution of its major capital program."
About Cymat Technologies Ltd.
Cymat Technologies Ltd. has the global rights, through patents
and established know-how, to manufacture and sell 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 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.
SOURCE Cymat Technologies Ltd.