TORONTO, Oct. 2 /CNW/ - Cymat Technologies Ltd. (TSX: CYM), a Toronto-based manufacturer and licensor of stabilized aluminum foam products targeting the automotive, blast mitigation, and architectural markets, announced today that it has received and delivered two orders totaling approximately $400,000 for its architectural product - Alusion. In both cases, the material was installed in high-profile, marquee projects.
One order was produced for a major venue at the 2010 Winter Olympics in Vancouver. Alusion will be installed in the lobby of the Vancouver Convention Centre, a focal point for gatherings at the Olympics.
Another order was produced for Microsoft, the world's largest software company. Alusion panels were purchased for use in its new office buildings in Massachusetts, USA.
"We are very excited about the exposure that Alusion will receive in these marquee projects - further validating Alusion's brand in the architectural industry," said Tim Hardman, President of Cymat. "With these orders and the pipeline of others that we have bid on, Cymat is well positioned to grow its architectural products business, in keeping with its aggressive strategy to reach profitability."
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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