Business
Cymat Announces New CEO To Spearhead Commercialization Efforts, As Well As Funding Arrangements With Brompton And M Partners
Cymat Announces New CEO To Spearhead Commercialization Efforts, As Well As Funding Arrangements With Brompton And M Partners.
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\n\n\nListing: TSX\nSymbol: CYM\n\nTORONTO, June 8 /CNW/ - Cymat (TSX: CYM), announced today the appointment\nof Chris Skillen as the new President and CEO, to lead the transition of its\nproprietary aluminum foam technology (SAF) from the research and development\nphase to commercialization. \"The company is very pleased with the technology\nprogress that it has made over the last three years and now needs to\nconcentrate all its efforts on the commercialization of its technology,\" said\nDr. Paul Tichauer the former CEO of Cymat. \"It is appropriate to transition to\na new CEO at this stage of Cymat's development,\" he continued.\nThis evolution allows Cymat to streamline its operations by reducing\nexpenses in both research staffing and experimentation while devoting more\nresources to its commercialization efforts. \"This concentration of resources\ntoward developing multiple licensing partners within both the automotive and\nnon-automotive industries should help accelerate the adoption of this\nrevolutionary new material\" said Chris Skillen, the newly appointed President\nand CEO.\nCymat's SAF offers very good impact protection and is extremely\nlightweight. These key features make it an ideal material to lighten world\ntransportation fleets and reduce fuel consumption and greenhouse emissions.\nWith oil prices targeted at $100 per barrel and a focus on the environment SAF\nis an important material. Important safety aspects of its application should\nresult in less morbidity and mortality related to car accidents.\nWith this transition, Cymat has also moved to restructure its senior\nmanagement and board. Dr. Paul Tichauer will continue to support the company\nin technology and related matters in an executive capacity and as a director.\nChris Skillen brings his extensive experience in leading both public and\nprivate technology companies with particular experience in technology\ntransfers to large corporations and intellectual property development. Having\nraised over $30 million in Toronto and New York for ventures in which he has\nbeen involved, Chris' capital markets background should serve Cymat well at\nits present stage.\nIn addition, Board Chairman Terry Smith, long time board members Helgar\nBergman and Geoffrey Hampson will be stepping down. Michael Liik, a current\ndirector and previous Chairman and CEO of t...