Listing: TSX
Symbol: CYM
TORONTO, July 17 /CNW/ - Cymat Corp. (the "Company") today reported
financial results for the fourth quarter of its fiscal year ended April 30,
2006.
The Company reported revenues of $128,535 for the quarter ended April 30,
2006, compared with $196,162 for the quarter ended April 30, 2005. The net
loss for the period was $1,076,968 or $0.02 per share, compared with
$1,444,508, or $0.03 per share for the same period in fiscal 2005. Cash
utilized in operating activities for the quarter ended April 30, 2006 totaled
$945,413 as compared to $433,031 for the same period in fiscal 2005. The
company has filed on Sedar its annual audited financial statements for the
fiscal year ended April 30, 2006 along with the Management Discussion and
Analysis.
Overview of Quarter
-------------------
In June of this year, Cymat Corp. announced that it had entered into a
letter of intent with Brompton Financial Group Ltd, to provide the Company
with a non-dilutive capital injection of approximately $2 million, less
expenses. This non-dilutive transaction is progressing as anticipated and the
Company mailed an information circular to shareholders and called a special
meeting of shareholders for August 2, 2006 to approve the transaction.
"After review of operations in the last month I am encouraged that we
will be able to accelerate the commercialization strategy", said Chris
Skillen, the new President and CEO of Cymat Corp. "The Company has unique
manufacturing techniques that are patent protected to provide key advantages
in both automotive applications and our flat panel products. Furthermore, the
company continues to enjoy the support of its automotive partners."
The following is a summary of key financial information for the fourth
quarter of fiscal 2006:
<<
Three Months ended: April 30, 2006 April 30, 2005
------------------- --------------- ---------------
Revenues $128,535 $196,192
Research and Development $748,693 $1,273,545
Net Profit (loss) $(1,076,968) $(1,444,508)
Net Profit (loss) per share(x) $(0.02) $(0.03)
Cash flow from operations $(945,413) $(433,031)
As at: April 30, 2006 April 30, 2005
------ --------------- ---------------
Cash and Cash equivalents $912,934 $563,571
Restricted cash $0 $1,647,505
Working Capital $639,359 $83,691
Shares Outstanding 51,454,437 47,510,047
(x) Net profit (loss) per share has been calculated using the weighted
average number of common shares outstanding during the quarter ended
April 30, 2006 and April 30, 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.
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.
