Business
CYMAT Signs Debt Settlement Agreement with Industry Canada
Listing:  TSX Symbol:  CYM TORONTO, April 22, 2013 /CNW/ - Cymat Technologi...
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\n\n\n\nListing: TSXSymbol: CYM\n\n\nTORONTO, April 22, 2013 /CNW/ - Cymat Technologies Ltd. (the \"Company\"\n or \"Cymat\") announced today that it has signed a debt Settlement\n Agreement with Industry Canada regarding the funds repayable under a\n contribution agreement through the Technology Partnerships Canada\n (\"TPC\") Program.  Under the former TPC arrangement, the Company was\n required to make an annual royalty payment of 3.45% on aluminum foam\n sales.  Under this arrangement, approximately $6,366,000 remained to be\n paid.  This obligation was reflected on Cymat's January 31, 2013\n financial statements as a $2,148,000 liability - an amount equal to the\n present value of the forecast royalty payment stream.\n\n\nUnder the Settlement Agreement, Industry Canada has agreed to accept\n payments in the aggregate amount of $175,000 in settlement of Cymat's\n entire obligation under the TPC program. The settlement is payable in\n 35 monthly installments of $5,000 each, commencing on May 15, 2013.  In\n addition, once three installment payments have been made, the Company\n has the option of settling the remaining amount owing with a lump sum\n payment of $100,000.  This lump sum payment option is available to\n Cymat up July 15, 2014.\n\n\nAbout Cymat:\n\n\nCymat develops innovative materials for industry. The company has\n worldwide rights, through patents and licenses, for producing\n Stabilized Aluminum Foam. The ultra-light metallic foam is manufactured\n by bubbling gas through molten alloyed aluminum containing a dispersion\n of fine ceramic particles and can be produced as either Near-net Shapes\n or Flat Panels. The result is a revolutionary material with a wide\n array of features including very low density, mechanical energy\n absorption, thermal and acoustic insulation, is recyclable, time and\n temperature insensitive and has a relatively low cost of production.\n Cymat is collaborating with a number of partners spanning the\n architectural, blast mitigation and automotive industries. For further\n information, visit the Web site www.cymat.com.\n\n\nThe foregoing press release contains forward-looking statements relating\n to the development of markets, development programs, future revenues\n and improvements in technology, which are subject to important risks\n and unce...