CYM Cymat Technologies Ltd

MISSISSAUGA, ON, Nov. 29, 2021 /CNW/ - Cymat Technologies Ltd. (TSXV: CYM) (the "Company" or "Cymat") is pleased to announce the appointment of Vince Benincasa as its new Chief Commercial Officer (CCO) and David Henry as its Head of U.S. Business Development.

Vince Benincasa is a seasoned executive with over 34 years of experience with a global auto parts conglomorate. Vince brings to Cymat an extensive background in sales and general management  spanning the automotive, specialtlty chemical and engineered materials sectors. Most recently, he was the GM of a global business unit that provides proprietary chemicals principally to the automotive industry. Vince will be responsible for overseeing all of Cymat's commercial activities including Alusion^TM, SmartMetal^TM and its sandwich panel venture with Alucoil in Spain.

David Henry, a senior, US-based sales executive, has built a 35 year career with a global auto parts conglomorate. Over the last 15 years, David was responsible for building and leading high-performing global sales and marketing teams in the automotive sector. Most recently, he was the Executive Director of Sales responsible for spearheading his company's sales initiatives into the electrice vehicle ("EV") market, with particular emphasis on developing relationships with the new EV car makers ("OEMs"). David will be responsible for driving both Cymat's sales initiatives with these new EV OEMs as well as expanding Cymat's Alusion^TM sales network in the US.

Also, Cymat has hired two additional engineers to provide technical sales support, supplement increased production activity, and support plant expansion and upgrading initiatives.

Michael Liik, CEO, commented, "Cymat is experiencing significant growth in Alusion^TM, its architectural products division, and expects to see material expansion in SmartMetal^TM sales, its automotive, military and industrial products division. With this expansion, the Company is now at a juncture where it needs to increase senior management, sales and technical teams to ensure that it can effectively execute on all of these initiatives." "We are pleased to be able to benefit from Vinces's diverse sales and general management experience to drive overall sales growth of the Company. We are also excited to be able to capitalize on David's recent success in developing significant new business in the EV sector, where Cymat believes that it can achive its most significant automotive penetration." further commented Mr. Liik.

Cymat previously announced a major capital investment program to upgrade and expand production in  its current Missisauga, Ontario facility. Over the last three months, Mario DeAngelis, Cymat's new COO, completed an extensive report on plant optimization. Cymat is pleased to announce that it has begun to implement these recommendations and expects to phase in plant upgrades, as well as capacity and efficiency initiatives, over the next 12 to 18 months. Once completed, annual production capacity will increase by approximately 50% to $75M, and Cymat will minimize production downtime while increasing manufacturing efficiency.

"It's been a long road for us to get here and I am excited to see that the years of hard work and product development are finally coming to fruition, " Mr. Liik stated. "As we see continued sales growth and penetration into our chosen verticals, Cymat will be well positioned to effectively execute in a timely manner."

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 Alusion^TM brand and its automotive and military SAF under the SmartMetal^TM 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  

SOURCE Cymat Technologies Ltd.