Listing: TSX
Symbol: CYM
TORONTO, March 10 /CNW/ - Cymat Corp. today reported financial results
for the third quarter of its fiscal year ending January 31, 2006
The Company reported revenues of $79,022 for the quarter ended January
31, 2006, compared with $107,570 for the quarter ended January 31, 2005. The
net loss for the period was $1,583,454 or $0.03 per share, compared with
$1,469,432, or $0.03 per share for the same period in fiscal 2005. Cash
utilized in operating activities for the quarter ended January 31, 2006
totaled $905,711 as compared to $695,927 for the same period in fiscal 2005.
Highlights from the Third Quarter:
----------------------------------
- Received repeat SAF (Stabilized Aluminum Foam) order from NASCAR
- Achieved excellent test results on use of SAF for structural
reinforcement
- Completed commissioning of commercial-scale pilot aluminum foam
production system at Georg Fischer Automotive in Switzerland
Cymat is continuing to advance its strategy to commercialize the use of
Stabilized Aluminum Foam (SAF) in the automotive sector. During the third
quarter, the Company received a repeat order from NASCAR who specify the use
of Cymat SAF in their superspeedway vehicles to protect the fuel tank from
rupture during a crash. This repeat order confirms the safety enhancing
capability of Cymat SAF for protection of vehicle fuel tanks.
In Q3, L&L Products, Cymat's Michigan-based development partner,
completed broad-based comparative mechanical testing of Cymat SAF for
reinforcement of structural components. This testing was carried out as part
of Cymat's joint program with L&L to develop cost-effective solutions that can
help automotive OEMs meet the more stringent structural requirements that will
be contained in forthcoming new vehicle safety standards, particularly in the
area of side impact and vehicle rollover protection.
As previously disclosed, during the third quarter Cymat and Georg Fischer
Automotive successfully commissioned the new, commercial-scale pilot aluminum
foam production system located at Georg Fischer's facility in Schaffhausen,
Switzerland. This system can be used by Georg Fischer to produce near-net
shape aluminum foam components for both automotive and non-automotive
applications.
The following is a summary of key financial information for the third
quarter of fiscal 2006:
<<
Three Months ended: January 31, 2006 January 31, 2005
------------------- ---------------- -----------------
Revenues $79,022 $107,570
Research and Development $1,085,217 $1,138,058
Net Profit (loss) $(1,583,454) $(1,469,432)
Net Profit (loss) per share(x) $(0.03) $(0.03)
Cash flow from operations $(905,711) $(695,927)
As at: January 31, 2006 January 31, 2005
------ ---------------- ----------------
Cash and Cash equivalents $1,872,434 $2,277,690
Working Capital $1,113,852 $2,263,799
Shares Outstanding 51,454,437 46,926,047
(x) Net profit (loss) per share has been calculated using the weighted
average number of common shares outstanding during the quarter ended
January 31, 2006 and January 31, 2005.
About Cymat:
Cymat develops innovative materials for industry. The company has
exclusive 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 construction industries.
The company's principal market focus is automotive, where aluminum foam is
ideally suited to the industry's objectives to make vehicles lighter, safer
and better for the environment. 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 Corp.
with the Ontario Securities Commission. Cymat Corp. disclaims any intention or
obligation to update or revise any forward-looking statements.
>>
