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CYMAT Announces Collaboration with ALUCOIL, SA
CYMAT Announces Collaboration with ALUCOIL, SA CYMAT Announces Collaboration with ...
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\n\nCYMAT Announces Collaboration with ALUCOIL, SA\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCYMAT Announces Collaboration with ALUCOIL, SA\nCanada NewsWire\nTORONTO, Nov. 1, 2016\n\n\n\nListing: TSX-V Symbol: CYM\n\n\n\nTORONTO, Nov. 1, 2016 /CNW/ - Today, Cymat Technologies Ltd. (the \"Company\" or \"Cymat\") announced the signing of a Memorandum of Understanding (the \"MOU\") with Alucoil, SA. (\"Alucoil\"). Alucoil is a wholly-owned subsidiary of Aliberico SL (\"Aliberico\") and a significant participant in the recently completed Cymat equity private placement. With headquarters in Spain, Aliberico is the largest privately-owned family company in Europe engaging in the manufacture of aluminum products.  \n\nThe MOU outlines a venture whereby Cymat and Alucoil will jointly deploy their respective proprietary technologies and expertise to develop, design, build and operate a manufacturing facility for the continuous production of unique aluminum foam composite panels. The factory will be located in Spain with an intended initial annual production capacity of 500,000 square meters. Venture ownership will be split on a 49% - 51% basis between Cymat and Alucoil, respectively. The MOU incorporates a schedule that anticipates the production of market-ready panels by the latter part of calendar 2017.\n\n\"Alucoil's philosophy and track record of continuous innovation fits well with Cymat's pioneering aluminum foam production process\" stated Michael Liik, Cymat's Executive Chairman. Mr. Liik added: \"Alucoil's extensive reach and distribution capability into the international architectural panel market provides Cymat with a low-risk entry into this new sector and bodes well for a quick ramp-up of the Venture.\"\n\n\"By combining Cymat's proprietary foam process technology with Alucoil´s proprietary metallurgical bonding technology to manufacture aluminum composite panels with a foam core, the Venture will be making a significant technological breakthrough\" stated Clemente Gonzalez Soler, President of Aliberico Group. Mr. Soler added \"The unique properti...