Business
Cymat reports results from Q4 of fiscal 2006
Cymat reports results from Q4 of fiscal 2006.
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\n\n\nListing: TSX\nSymbol: CYM\n\nTORONTO, July 17 /CNW/ - Cymat Corp. (the \"Company\") today reported\nfinancial results for the fourth quarter of its fiscal year ended April 30,\n2006.\nThe Company reported revenues of $128,535 for the quarter ended April 30,\n2006, compared with $196,162 for the quarter ended April 30, 2005. The net\nloss for the period was $1,076,968 or $0.02 per share, compared with\n$1,444,508, or $0.03 per share for the same period in fiscal 2005. Cash\nutilized in operating activities for the quarter ended April 30, 2006 totaled\n$945,413 as compared to $433,031 for the same period in fiscal 2005. The\ncompany has filed on Sedar its annual audited financial statements for the\nfiscal year ended April 30, 2006 along with the Management Discussion and\nAnalysis.\n\nOverview of Quarter\n-------------------\nIn June of this year, Cymat Corp. announced that it had entered into a\nletter of intent with Brompton Financial Group Ltd, to provide the Company\nwith a non-dilutive capital injection of approximately $2 million, less\nexpenses. This non-dilutive transaction is progressing as anticipated and the\nCompany mailed an information circular to shareholders and called a special\nmeeting of shareholders for August 2, 2006 to approve the transaction.\n\"After review of operations in the last month I am encouraged that we\nwill be able to accelerate the commercialization strategy\", said Chris\nSkillen, the new President and CEO of Cymat Corp. \"The Company has unique\nmanufacturing techniques that are patent protected to provide key advantages\nin both automotive applications and our flat panel products. Furthermore, the\ncompany continues to enjoy the support of its automotive partners.\"\nThe following is a summary of key financial information for the fourth\nquarter of fiscal 2006:\n\n>\n\nAbout Cymat:\n\nCymat develops innovative materials for industry. The company has\nexclusive worldwide rights, through patents and licenses, for producing\nStabilized Aluminum Foam. The ultra-light metallic foam is manufactured by\nbubbling gas through molten alloyed aluminum containing a dispersion of fine\nceramic particles and can be produced as either Near-net Shapes or Flat\nPanels. The result is a new strategic material with a wide array of benefits,\nincluding a good stiffness-to-weight ratio, mechanical energ...