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Listing: TSX
Symbol: CYM
TORONTO, July 24 /CNW/ - Cymat Technologies Ltd. (TSX: CYM), a Toronto-based manufacturer and licensor of stabilized aluminum foam ("SAF") products, targeting the automotive, architectural and blast mitigation markets, announced a revision to its press release dated July 23, 2008, involving a minor accounting reclassification.
Revenue
Combined revenue for the 12 months ended April 30, 2008 remained at $2.9 million, while the increase from the previous 12 month period decreased from 36 percent to 28 percent. The adjustment was a consequence of the reclassification of commissions paid on sales in the previous year from revenue to plant operating costs, in order to provide a consistent year-over-year comparison of results. For the same reason, revenue for the quarter ended April 30, 2008 is now reported as $0.4 million, a decrease of 62 percent from revenue in the same quarter in 2007. Quarterly revenue and the percentage decrease from 2007 were reported in the previous release as $0.5 million and 45 percent respectively.
The annual financial statements, management discussion and analysis and annual information form have been filed on SEDAR. Cymat Technologies Ltd. trades on the TSX stock exchange under the trading symbol CYM.
About Cymat:
Cymat develops innovative materials for industry. The company has worldwide rights, through patents and licenses, for producing Stabilized Aluminum Foam. The ultra-light metallic foam is manufactured by bubbling gas through molten alloyed aluminum containing a dispersion of fine ceramic particles and can be produced as either Near-net Shapes or Flat Panels. The result is a revolutionary material with a wide array of features including very low density, mechanical energy absorption, thermal and acoustic insulation, is recyclable, time and temperature insensitive and has a relatively low cost of production. Cymat is collaborating with a number of partners spanning the automotive, architectural and blast mitigation industries. For further information, visit the Web site www.cymat.com.
The foregoing press release contains forward-looking statements relating to the development of markets, development programs, future revenues and improvements in technology, which are subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include the availability of funding, existing and future relationships with suppliers and manufacturers, the results of research and development activities, risks of technological breakthroughs that make Cymat stabilized aluminum foam less attractive, risks relating to the breadth, scope and enforceability of intellectual property rights, general industry and market conditions, availability of qualified personnel, and reliance on co-development partners. For additional information with respect to these and other factors, see the reports filed by Cymat Technologies Ltd. with the Ontario Securities Commission. Cymat Technologies Ltd. disclaims any intention or obligation to update or revise any forward-looking statements.
%SEDAR: 00024103E