In c4388 sent at 11:24e today, the second bullet point has been corrected
to read "In addition to the above the shares of Cymat Corp. were
consolidated on the basis of one new share of Cymat Corp. for each 36
shares." rather than "In addition to the above the shares of Cymat
Technologies Ltd. were consolidated on the basis of one new share of
Cymat Technologies Ltd. for each 36 shares.". Full corrected copy
follows:
Cymat Technologies Ltd. announces completion of reorganization and
non-dilutive financing
Listing: TSX
Symbol: CYM
TORONTO, Aug. 9 /CNW/ - Cymat Technologies Ltd (TSX: CYM), announced
today that it had completed the previously announced reorganization of its
operations which has resulted in a non-dilutive capital injection of
approximately $1.8 million. The steps involved in the reorganization are as
follows:
<<
- Cymat Corp has transferred its operations including assets and
liabilities to Cymat Technologies Ltd. Cymat Technologies Ltd. will
continue commercialization of the company's aluminum foam technology.
The shares of Cymat Technologies Ltd. were distributed to
shareholders of Cymat Corp. on a 'one for one' basis.
- In addition to the above the shares of Cymat Corp. were
consolidated on the basis of one new share of Cymat Corp.
for each 36 shares. This resulted in Cymat shareholders also
participating in Duntroon Energy Ltd as described below.
- Cymat Technologies Ltd. shares will trade on the TSX under the symbol
CYM and Cymat Corp has changed its name to Duntroon Energy Ltd and
intends to de-list it's shares from the TSX. There is a good
probability that these shares will be listed in the future however it
is not a certainty.
>>
Cymat Technologies Ltd. is pleased that it has completed this transaction
and is appreciative of the hard work of those involved and support of its
security holders" said Chris Skillen. "I would be remiss not to thank our
employees and suppliers who also worked diligently during this uncertain time
for the company" he continued.
The Company now has financial resources that will allow it to continue
operations expand some of its production capability to meet orders and will
focus on short-term revenue opportunities as well as those on the longer term
in the automotive sector. "There has been important interest in our current
products in the last few months and there is a good possibility that we will
be able to increase sales this year". Chris Skillen said.
About Cymat Technologies Ltd.
------------------------
Cymat Technologies Ltd. (the "Company") develops innovative materials for
industry. The Company has exclusive worldwide rights to produce Stabilized
Aluminum Foam. The ultra-light metallic foam is manufactured by injecting gas
in a controlled manner into molten aluminum containing ceramic particles and
can be produced as either Near-net Shapes or Flat Panels. The result is a new
strategic material with a wide array of benefits, including low cost,
excellent impact energy absorption, excellent stiffness-to-weight ratio, radio
frequency and acoustic insulation. Cymat Technologies Ltd. is collaborating
with a number of partners spanning the automotive, transportation and
construction industries. The Company's principal market focus is automotive,
where aluminum foam is ideally suited to the industry's objectives to make
vehicles safer, lighter and better for the environment. For further
information, visit the Company's Web site at www.cymat.com.
Caution Regarding Forward-Looking Information
Certain statements contained in this press release constitute
forward-looking information within the meaning of applicable Canadian
provincial securities legislation (collectively, "forward-looking
statements"). These forward-looking statements relate to, among other things,
our objectives, goals, targets, strategies, intentions, plans, beliefs,
estimates and outlook, including, without limitation, our anticipated future
operating results, and can, in some cases, be identified by the use of words
such as "believe," "anticipate," "expect," "intend," "plan," "will," "may" and
other similar expressions. In addition, any statements that refer to
expectations, projections or other characterizations of future events or
circumstances are forward-looking statements.
These statements reflect management's current beliefs and are based on
information currently available to management. Certain material factors or
assumptions are applied in making forward-looking statements, and actual
results may differ materially from those expressed or implied in such
statements. Important factors that could cause actual results to differ
materially from these expectations include, among other things: the need for
additional capital and the effect of capital market conditions and other
factors on the availability of capital, the potential dilutive effects of any
financing, existing and future relationships with suppliers and manufacturers,
the results of research and development activities, the impact of competitive
products, market acceptance of products, risks relating to the breadth, scope
and enforceability of intellectual property rights, compliance with license
agreements, the regulatory environment, fluctuations in operating results,
availability of qualified personnel, reliance on co-development partners and
other risks detailed from time to time in Cymat's filings with Canadian
securities regulatory authorities, as well as Cymat's ability to anticipate
and manage the risks associated with the foregoing. Additional information
about these factors and about the material factors or assumptions underlying
such forward-looking statements may be found in the body of this news release,
as well as under the heading "Risk Factors" contained in Cymat's most recent
Annual Information Form. Cymat cautions that the foregoing list of important
factors that may affect future results is not exhaustive. When relying on
Cymat's forward-looking statements to make decisions with respect to Cymat,
investors and others should carefully consider the foregoing factors and other
uncertainties and potential events.
These risks and uncertainties should be considered carefully and
prospective investors should not place undue reliance on the forward-looking
statements. Although the forward-looking statements contained in this press
release are based upon what management believes to be reasonable assumptions,
Cymat cannot provide assurance that actual results will be consistent with
these forward-looking statements. Cymat undertakes no obligation to update or
revise any forward-looking statement.
