CYMAT ANNOUNCES FIRST HIGH VOLUME MILITARY ORDER FOR UNDERBELLY KITS TO ASIAN MILITARY
Cymat Technologies (TSXV: CYM, OTCQB: CYMHF) announced its first high-volume order for SmartMetal™ stabilized aluminum foam underbelly kits from an Asian military vehicle manufacturer. This order includes 24 kits, with expectations of a total 350 kits over three years for about 700 vehicles. Cymat has been supplying these kits in low volumes for 18 months and now moves to full-rate production. The estimated contract value is $4M-$5M. CEO Michael Liik anticipates this order will boost Cymat's prospects with other military vehicle manufacturers and accelerate business opportunities globally.
- First high-volume military order for SmartMetal™ underbelly kits.
- Initial order of 24 kits, with an expected total of 350 kits over three years.
- Contract estimated between $4M and $5M.
- Potential for further orders from other major militaries using the same vehicle.
- Current order still on a quoted-price basis, not yet a definitive contract.
Cymat has been working with the Asian military vehicle manufacturer to develop underbelly blast protection kits for this vehicle for several years. For the past 18 months the kits have been supplied on a low-volume basis. Our customer has now transitioned to full-rate production of its initial 350 vehicle order. While this order is still on a quoted-price basis, Cymat expects to transition imminently to a definitive 3-year supply contract. The full value of the contract is anticipated to be in the
Michael Liik, Cymat CEO and Chairman said "We are very satisfied to finally be transitioning to high-volume production on our first military vehicle opportunity. As this vehicle is already utilized by numerous major militaries around the world, we are particularly excited about the likely prospect that they will also opt to upgrade their fleets." He went on to say, "We believe that this first military vehicle order will act as a catalyst to accelerate progress with other vehicle manufacturers with whom we are in advanced discussions to provide similar protection."
About Cymat Technologies Ltd.
Cymat Technologies Ltd. has the global rights, through patents and established know-how, to manufacture and sell Stabilized Aluminum Foam ("SAF"), a unique, ultra-light, cellular metallic material. The proprietary production process entails the injection of gases through a molten bath of alloyed aluminum infused with ceramic particles. The result is an advanced, lightweight, recyclable material that exhibits unique characteristics including customizable density and dimensions; mechanical energy absorption; thermal and acoustic insulation; and time, temperature and strain-rate insensitivity. A key benefit of this continuous foam production process is its scalability and resultant low cost of production. SAF is used in such industries as architectural design, military and automotive. Cymat markets its architectural SAF under the AlusionTM brand and its automotive and military SAF under the SmartMetalTM brand. For further information, please visit our website at www.cymat.com.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Certain material assumptions regarding such forward-looking statements may be discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
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SOURCE Cymat Technologies Ltd.
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