Listing: TSX Symbol: CYM TORONTO, June 8 /CNW/ - Cymat (TSX: CYM), announced today the appointment of Chris Skillen as the new President and CEO, to lead the transition of its proprietary aluminum foam technology (SAF) from the research and development phase to commercialization. "The company is very pleased with the technology progress that it has made over the last three years and now needs to concentrate all its efforts on the commercialization of its technology," said Dr. Paul Tichauer the former CEO of Cymat. "It is appropriate to transition to a new CEO at this stage of Cymat's development," he continued. This evolution allows Cymat to streamline its operations by reducing expenses in both research staffing and experimentation while devoting more resources to its commercialization efforts. "This concentration of resources toward developing multiple licensing partners within both the automotive and non-automotive industries should help accelerate the adoption of this revolutionary new material" said Chris Skillen, the newly appointed President and CEO. Cymat's SAF offers very good impact protection and is extremely lightweight. These key features make it an ideal material to lighten world transportation fleets and reduce fuel consumption and greenhouse emissions. With oil prices targeted at $100 per barrel and a focus on the environment SAF is an important material. Important safety aspects of its application should result in less morbidity and mortality related to car accidents. With this transition, Cymat has also moved to restructure its senior management and board. Dr. Paul Tichauer will continue to support the company in technology and related matters in an executive capacity and as a director. Chris Skillen brings his extensive experience in leading both public and private technology companies with particular experience in technology transfers to large corporations and intellectual property development. Having raised over $30 million in Toronto and New York for ventures in which he has been involved, Chris' capital markets background should serve Cymat well at its present stage. In addition, Board Chairman Terry Smith, long time board members Helgar Bergman and Geoffrey Hampson will be stepping down. Michael Liik, a current director and previous Chairman and CEO of the corporation, will assume the role of Executive Chairman, working closely with Chris on the implementation of its commercialization strategy. Jon Gill has joined the board along with Chris Skillen while Paul Tichauer and Martin Mazza will continue to serve as directors. Rick Rogers Cymat's CFO will also join the board. To help finance this initiative, the company has entered into a letter of intent with Brompton Financial Limited to recapitalize and reorganize the Company's business, providing Cymat with a non-dilutive capital injection of approximately $2 million of new capital, less expenses. This non-dilutive transaction is anticipated to close this summer. The company will be mailing an Information Circular to shareholders in the near future that describes this transaction in detail and will schedule a shareholder meeting to approve that transaction. In addition to the Brompton financing, M Partners has agreed to assist Cymat in raising an additional $1 to 3 million on a best efforts basis. These changes and announcements are viewed as key to the company actualizing on its technology and products and delivering value to its stakeholders. About Cymat ----------- Cymat 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 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.