Listing: TSX
Symbol: CYM
TORONTO, Sept. 18 /CNW/ - Cymat Technologies Ltd. announced today that its manufacturing partner, Georg Fischer Automotive, a leading global automotive parts supplier, has received its first prototype order utilizing Cymat's proprietary aluminum foam technology (SAF).
A German-based producer of high performance automobiles is interested in utilizing SAF in a chassis component to enhance performance by reducing vibration and harshness as well as improving its stiffness. The prototype parts, which will be produced by Georg Fischer in Switzerland with Cymat's assistance, will be delivered by the end of Q3.
This part represents the first prototype order contemplated by our long-term auto licensing agreement with Georg Fischer announced in November, 2006. Cymat will begin to receive royalty payments for this part.
"I am very pleased with the achievement of this important milestone in Cymat's automotive initiative," said Michael Liik, Cymat's Executive Chairman. "This first prototype order is the result of several years of development work and collaboration with our manufacturing partner Georg Fischer," he added.
"This first prototype order is a key validation of Cymat's SAF technology," said Leopold Kniewallner, Director of Research and Development of Georg Fischer. He went on to say "We believe that this order and others will be a catalyst for commercialization of SAF and lead to accelerating acceptance of the technology among automakers."
The Company also reported that its partners Georg Fischer and Valeo are both profiling new applications for Cymat's SAF at the prestigious Frankfurt Auto Show (IAA). This is the first time that either partner has presented SAF in specific commercially-ready applications in such a large and prestigious forum. Both companies have thus far received significant customer interest in these applications.
About Georg Fischer:
GF Automotive, the automotive division of Georg Fischer AG, is an internationally oriented corporate group with thirteen production plants in four countries (Germany, Austria, China and Canada). Its activities focus on the development and production of highly stress-resistant die-castings for the automotive industry and its suppliers. GF Automotive is a technological pioneer and market leader within its segment in Europe for all casting processes (sand casting, gravity die casting, pressure die casting) and materials (iron, aluminum, magnesium) relating to series production. GF Automotive is one of the hundred largest automotive suppliers internationally. The corporate group has 5,778 employees worldwide and achieved a turnover of 1.93 billion Swiss francs (around 1.2 billion euros) in 2006.
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, blast mitigation and architectural 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 Technologies Ltd. disclaims any intention or obligation to update or revise any forward-looking statements.
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