Cymat reports 2008 year-end results

About this update from Cymat Technologies Ltd

[{"type":"text","content":"\n\n\n\nListing: TSX\n\n\nSymbol: CYM\n\n\nTORONTO, July 23 /CNW/ - Cymat Technologies Ltd. (TSX: CYM), a\nToronto-based manufacturer and licensor of stabilized aluminum foam ("SAF")\nproducts, targeting the automotive, architectural and blast mitigation\nmarkets, announced record fiscal year-end results for the year ending April\n30, 2008.\n\n\nFiscal 2008 Highlights\n\n- Revenues increased 36 percent to a record $2.9 million\n- Net loss reduced by 10 percent to $4.3 million\n- Loss per share remained constant from 2007 at $0.06\n\n\nIn 2008 the company accelerated its transformation from a research-based\nmaterials company to a revenue-focused operation.\n\n\nMichael Liik, Executive Chairman of Cymat noted that "the company has\nmade significant operational and financial progress in a very challenging\neconomic environment. We successfully completed a milestone automotive project\nfor a high-performance German auto maker; expanded our Audi showroom\ninitiative to a multi-year arrangement; made considerable progress on our\nblast mitigation initiatives; and completed a private placement".\n\n\nHe went on to say that "we also instituted a senior management change\nwith the hiring of a new President and COO, Tim Hardman, whose significant\nexperience in the sales of aluminum to Cymat's targeted industries, bodes well\nfor the next stage of our evolution."\n\n\nTrevor Sandler, Cymat's CFO, added that "the increased revenue\nattributable to the Audi contract has contributed to a declining burn rate\nand, along with the proceeds from the private placement, has helped move the\ncompany closer to a sustainable cash flow position".\n\n\nCymat anticipates that considerable progress will be made in each of its\n3 targeted industry segments in the coming year. Automakers continue to be\ninterested in the noise/vibration reduction and stiffness enhancing properties\nof SAF. The company expects that more OEM programs will be undertaken together\nwith its Swiss partner Georg Fischer, leading to initial royalty payments this\nyear. More advanced product-specific testing by the military and numerous\ndefense contractors continues to validate the efficacy of SAF in blast\nmitigation applications. Cymat expects that these efforts will lead to initial\nrevenues this fiscal year. The company also plans to in...

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