MISSISSAUGA, ON, Aug. 30,
2022 /CNW/ - Cymat Technologies Ltd. (TSXV: CYM)
(OTCQB: CYMHF) (the "Company" or "Cymat") is
pleased to announce its results for the fiscal year ended
April 30, 2022.
Sales for the year were approximately $1M less than the record-high sales of
$4.2M in the previous fiscal year.
Sales for the current year would have been higher by $569,000, were it not for supply chain
interruptions associated with COVID-19 at a number of customers
that resulted in panels that were manufactured before Cymat's year
end, not reaching the delivery destination until after April 30, 2022.
The loss from operations of $4.3
Million (2021 – income of $62,000) included non-cash charges of
$2M, a number that was $1.8M higher than similar non-cash charges for
the prior fiscal year. The valuation of stock options issued to
employees and consultants accounted for most of this differential.
Additionally, operating expenses for the current period were
increased as a result of management's decision to expand business
development initiatives targeting the automotive industry.
Increased resources focusing on the automotive market led to
the hiring of senior industry executives to the new roles of Chief
Operating Officer and Chief Commercial Officer, a senior US-based
consultant, two engineering staff and the addition of production
workers for a second shift.
Subsequent to year end, this increased investment in automotive
initiatives is demonstrating positive results. As Cymat recently
announced, the Company signed a component development agreement
with a global automotive manufacturer to optimize an element of a
battery enclosure system for an existing electric vehicle ("EV")
platform. Management believes that this is a tangible milestone in
its plan to achieve a serial automotive part production contract.
Cymat plans to continue to use proceeds from the $5M private placement financing closed at the
beginning of the April 30, 2022
fiscal year to manufacturing infrastructure in order to exhibit its
high-volume production readiness to automotive OEM's and Tier 1
suppliers.
Key financial data for the year ended April 30, 2022 and the two previous fiscal years
include the following (All items in $ 000's, except net loss per
share):
|
2022
|
2021
|
2020
|
|
|
|
|
Revenue
|
3,124
|
4,152
|
1,687
|
Income (loss) from
operations
|
(4,338)
|
62
|
(1,694)
|
Cash flow provided by
(used in) operations
|
(4,318)
|
433
|
(1,333)
|
Net Loss
|
(4,747)
|
(543)
|
(1,815)
|
Net Loss per Share,
basic and diluted
|
(0.09)
|
(0.01)
|
(0.04)
|
Total Assets
|
6,172
|
6,583
|
1,862
|
Non-current Financial
Liabilities
|
1,678
|
1,748
|
1,392
|
Michael Liik, Chairman and CEO
stated that "While the financial results from the last fiscal year
were unfortunately impacted by COVID-related supply chain issues as
well our conscious decision to significantly expand our senior
management team, we are pleased with the early results emanating
from this investment." He went on to say that "We also expect to
see significant progress in our military and architectural
verticals this coming year despite an uncertain macro
environment"
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
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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
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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
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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.
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and may not be offered or sold in the
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SOURCE Cymat Technologies Ltd.