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Mar. 8, 2011 (Canada NewsWire Group) --
Listing: TSX
Symbol: CYM
TORONTO, March 8 /CNW/ - Cymat Technologies Ltd (TSX: CYM) today reported revenue of approximately $0.1 million for the third quarter ended January 31, 2011, compared with revenue of approximately $0.2 million for the same period in the prior fiscal year.
The net loss for the quarter was $0.9 million compared to $1.1 million for the same period in the prior year.
Highlights for the quarter were:
- On November 30th, 2010 the Company announced that its architectural product AlusionTM will be utilized in the construction of the National September 11 Memorial Museum at the World Trade Center site in New York. At the time of the announcement this project represented the single largest AlusionTM installation to date at approximately 55,000 square feet of material. The material for this order was produced in the third quarter with shipment scheduled for the fourth quarter of fiscal 2011.
- On February 1st, 2011, the Company announced that AlusionTM will be utilized to clad the exterior façade of the newly constructed Congress Center in Mallorca Spain. This contract, valued at approximately $2.2 Million, will utilize over 200,000 square feet of AlusionTM material in a 405,000 square foot building area. The AlusionTM materials will be delivered over a seven-month period commencing in March, 2011. AlusionTM was selected by the renowned Spanish architect Francisco Mangado for the Congress Center due to its unique random appearance, complex texture and brilliant silver colour. This project represents the single largest public project under construction in Spain and is prominently located in one of Europe's major tourist destinations. This project represents Cymat's largest exterior cladding application to date.
"We are very pleased with the progress made this year with our commercialization activities," said Michael Liik, Cymat's Executive Chairman. He added, "The inclusion of our AlusionTM product in such high profile projects as Congress Center in Mallorca and the 911 Memorial Museum in New York should serve to accelerate the penetration of our material into other high end applications." He went on to say that, "These major projects together with a healthy pipeline are the culmination of our recent efforts to reach a baseline profitability from our AlusionTM business in order to support Cymat's ongoing commercialization initiatives in the blast mitigation and automotive fields."
Key Financial Information
The following shows key financial information for the third quarter of fiscal 2011 and comparables.
| Three months ended: | Nine months ended: | |||||||
| 31-Jan-11 | 31-Jan-10 | 31-Jan-11 | 31-Jan-10 | |||||
| Revenue | $137,286 | $164,361 | $677,451 | $598,723 | ||||
| Plant operating costs | $62,501 | $325,974 | $853,590 | $1,086,605 | ||||
| Material testing costs and R & D | ($47,162) | ($18,754) | $44,807 | $252,991 | ||||
| SG&A | $618,712 | $606,147 | $2,425,688 | $2,035,212 | ||||
| Net loss | ($889,387) | ($1,148,241) | ($3,808,055) | ($3,970,811) | ||||
|
Loss per common share-basic and diluted |
($0.01) | ($0.01) | ($0.03) | ($0.05) | ||||
|
Weighted average no. of shares outstanding basic and diluted |
112,725,428 | 85,155,150 | 109,731,686 | 85,155,150 | ||||
| Balance Sheet Items as at: | 31-Jan-11 | 30-Apr-10 | ||||||
| Cash and Short-term investments | $441,882 | $2,043,016 | ||||||
| Working capital | $841,353 | $2,366,992 | ||||||
The interim financial statements and management discussion will be 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 Cymat's business, the development of markets, development programs, future revenues and improvements in technology, and management's objectives, strategies, beliefs and intentions which are subject to important risks and uncertainties. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "intend" and similar words referring to future events and results, including in respect of the completion of the offering , use of proceeds and the Company's revenue growth. 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. Readers are cautioned not to place undue reliance on these forward-looking statements as actual results may differ materially from those expressed or implied in the forward looking statements. Cymat Technologies Ltd. disclaims any intention or obligation to update or revise any forward-looking statements after the date of this press release or to revise such statements to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
Investors and Media:
Michael Liik
Executive Chairman
Cymat Technologies Ltd.
Tel: (905) 696-2424
Email: liik@cymat.com