MISSISSAUGA, ON, April 3,
2024 /CNW/ - Cymat Technologies Ltd. (TSXV: CYM)
(OTCQB: CYMHF) (the "Company" or "Cymat") is pleased
to announce its first commercial order for SmartMetalTM
Stabilized Aluminum Foam ("SAF") cylinders, to be used in
non-lethal bullets, from their customer Nobel Sport. Nobel Sport is
a French-based law enforcement specialty manufacturer of a wide
range of ammunition and ancillary products for sport, law
enforcement and military customers. This first order, destined for
the French Armed Forces, is for 21,000 cylinders with a contract
value of approximately $200,000.
Cymat previously issued a press release on November 25, 2019, announcing that the French
Armed Forces had certified the use of non-lethal bullets utilizing
Cymat's SmartMetalTM. Rigorous testing of these bullets
had determined them to be safer, more accurate and less harmful
compared to current products in the market.
Non-lethal bullets are primarily used for crowd control and as a
deterrent in both civilian and military situations where
less-than-lethal force is determined to be the best course of
action. While rubber bullets have traditionally been used in these
situations, there have been numerous instances where their use has
resulted in serious physical harm and fatalities. As such, there is
significant interest by law enforcement agencies and military
forces around the world to find a suitable replacement.
Cymat is also pleased to report that its order backlog for
AlusionTM, its architectural and design product, has
grown to over $2M. The company is
particularly pleased that the order book is geographically
diversified, indicating that weakness in global construction
markets, caused largely by significant cost inflation, has begun to
abate. As well, Cymat's Chinese distributor has begun restocking
after a lengthy hiatus.
Michael Liik, Cymat's CEO,
stated, "We are excited to receive our first commercial order for
non-lethal bullet cylinders from Nobel Sport, an established leader
in their field. This represents a large market opportunity for
Cymat and a potentially substantial new revenue stream." He added,
"The dramatic turn around in AlusionTM sales, after an
unprecedented six-month lull, is very gratifying. The combination
of a strong sales pipeline and continued robust quoting activity
bodes well for the continued recovery and growth in
AlusionTM sales."
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",
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(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.
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SOURCE Cymat Technologies Ltd.