MISSISSAUGA, ON, Jan. 24,
2024 /CNW/ - Cymat Technologies Ltd. (TSXV: CYM)
(OTCQB: CYMHF) (the "Company" or "Cymat") is pleased
to announce that it has received its first order to provide
AlusionTM stabilized aluminum foam panels for
installation in the Kingdom of Saudi
Arabia's NEOM project, currently the largest construction
project in the world.
NEOM is a massive commercial, residential, recreational, and
cultural land development project underwritten by a US$ 500 billion investment from the Public
Investment Fund of the Kingdom of Saudi
Arabia. For more information, please go to
https://www.vision2030.gov.sa/en/projects/neom/.
Cymat's AlusionTM panels will form an important
design element for the water park located in the Sindalah district
of the NEOM development. Sindalah will be the first region of NEOM
to be completed and will act as the gateway for visitors to the
entire NEOM development. This AlusionTM order has a
contract value of CA$ 725,000 and is expected to be produced and
shipped before March 31, 2024.
"While this contract is the culmination of several years of work
and significant delays, we are excited to finally see our material
so prominently utilized in this prestigious international
development," said Michael Liik,
Cymat's CEO and Chairman. He added, "Cymat has issued
AlusionTM quotations for three additional installations
in this mega development with a contract value exceeding CA$ 20
million. As well, we anticipate the incorporation of our foam
panels into many additional projects in this development in the
years to come."
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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information currently available to management. Often, but not
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(including negative variations) of such words and phrases or may be
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"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.
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SOURCE Cymat Technologies Ltd.