Listing: TSX Symbol: CYM
TORONTO, Feb. 2 /CNW/ - Cymat Technologies Ltd (symbol CYM, TSX) is pleased to announce receipt of its first preproduction development award from the Canadian Department of National Defence (DND) for its unique blast mitigation material SmartMetal(TM). DND will be testing SmartMetal(TM) as part of a retrofit kit to increase blast survivability of a specific military vehicle platform operating in Afghanistan.
It is anticipated that delivery of this order and subsequent successful blast/field testing shortly thereafter will lead to a production order by mid to late 2009.
"This is a major milestone in Cymat's road to commercialization," said Tim Hardman, Cymat's President. "Based on independent testing completed in the US, Cymat's SmartMetal(TM) can play a key role in increasing troop survivability when "up-armoring" military vehicles. He went on to say "We believe that our ongoing collaboration with key US military and defence partners will yield similar commercial awards for large scale projects in the US in 2009. We are honoured to play a major role in increasing Canadian, US and NATO's troop safety capabilities," he added.
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 the development of markets, development programs, future revenues and improvements in technology, which are subject to important risks and uncertainties. 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. Cymat Technologies Ltd. disclaims any intention or obligation to update or revise any forward-looking statements.
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