Listing: TSX
Symbol: CYM
TORONTO, Sept. 5 /CNW/ - Cymat Technologies Ltd. ("Cymat") today announced that it has confirmed additional orders from Isaria Corporate Design GmbH for Cymat's architectural Alusion product used in Audi dealer showroom's Highlight Platforms. The Highlight Platforms have been an important component of the new Audi R8 launch worldwide.
These orders, valued at $1.6 million, are part of the continuing program to supply Audi dealers worldwide with Highlight Platforms. These orders are an important confirmation of Cymat's transition into a revenue focused operation and success in transitioning its R&D facility into a production operation.
Cymat worked diligently to meet previous quantity demands for Isaria and Audi. This follow on order affirms our ability to keep a volume customer satisfied.
"Delivering on the initial order from Isaria posed many challenges that we overcame and these follow-on orders bode well for more sales to Isaria, Audi and other users of Cymat aluminum foams." said Philip Neukom, Executive Vice President of Operations at Cymat.
Audi has approximately 3,000 showrooms worldwide. Cymat's Alusion product is employed to showcase Audi's lead in the use of light-weight materials and advanced technologies in their vehicles.
Cymat has additional demand for its Alusion products making headway in both its automotive and blast mitigation initiatives previously announced.
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 new strategic material with a wide array of benefits, including a good stiffness-to-weight ratio, mechanical energy absorption at low stress levels, thermal and acoustic insulation, recyclability and relatively low cost of production. Cymat is collaborating with a number of partners spanning the automotive, transportation and blast mitigation construction industries.
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 disclaims any intention or obligation to update or revise any forward-looking statements.
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