Business
Cymat Technologies Ltd. announces completion of reorganization and non-dilutive financing
Cymat Technologies Ltd. announces completion of reorganization and non-dilutive financing.
About this update from Cymat Technologies Ltd
[{"type":"text","content":"\n\n\n\n\nListing: TSX\nSymbol: CYM\n\nTORONTO, Aug. 9 /CNW/ - Cymat Technologies Ltd (TSX: CYM), announced\ntoday that it had completed the previously announced reorganization of its\noperations which has resulted in a non-dilutive capital injection of\napproximately $1.8 million. The steps involved in the reorganization are as\nfollows:\n\n>\n\nCymat Technologies Ltd. is pleased that it has completed this transaction\nand is appreciative of the hard work of those involved and support of its\nsecurity holders\" said Chris Skillen. \"I would be remiss not to thank our\nemployees and suppliers who also worked diligently during this uncertain time\nfor the company\" he continued.\n\nThe Company now has financial resources that will allow it to continue\noperations expand some of its production capability to meet orders and will\nfocus on short-term revenue opportunities as well as those on the longer term\nin the automotive sector. \"There has been important interest in our current\nproducts in the last few months and there is a good possibility that we will\nbe able to increase sales this year\". Chris Skillen said.\n\nAbout Cymat Technologies Ltd.\n------------------------\n\nCymat Technologies Ltd. (the \"Company\") develops innovative materials for\nindustry. The Company has exclusive worldwide rights to produce Stabilized\nAluminum Foam. The ultra-light metallic foam is manufactured by injecting gas\nin a controlled manner into molten aluminum containing ceramic particles and\ncan be produced as either Near-net Shapes or Flat Panels. The result is a new\nstrategic material with a wide array of benefits, including low cost,\nexcellent impact energy absorption, excellent stiffness-to-weight ratio, radio\nfrequency and acoustic insulation. Cymat Technologies Ltd. is collaborating\nwith a number of partners spanning the automotive, transportation and\nconstruction industries. The Company's principal market focus is automotive,\nwhere aluminum foam is ideally suited to the industry's objectives to make\nvehicles safer, lighter and better for the environment. For further\ninformation, visit the Company's Web site at www.cymat.com.\n\nCaution Regarding Forward-Looking Information\nCertain statements contained in this press release constitute\nforward-looking information within the meaning of applicable Canadian\nprovincial securitie...