CYMAT ANNOUNCES FIRST SIGNIFICANT MILITARY SERIAL PRODUCTION ORDER
Cymat Technologies Ltd. has received a purchase order for military under-belly blast protection kits from an Asian manufacturer for the Singaporean military. This initial order encompasses three kits, part of a potential total of 700 kits, valued between $5 million and $7 million. Following successful testing of previous kits, Cymat's SmartMetal™ stabilized aluminum foam has proven effective against IEDs. CEO Michael Liik expressed optimism regarding the company's credibility and long-term production base as a result of this breakthrough in the military sector.
- First production order received for military blast kits valued between $5 million and $7 million.
- Potential total order of up to 700 kits enhances future revenue prospects.
- Successful testing of previous kits solidifies customer commitment to product installation.
- Improved credibility with military vehicle manufacturers may lead to additional contracts.
- None.
MISSISSAUGA,ON, Sept. 7, 2022 /PRNewswire/ - Cymat Technologies Ltd. (TSXV: CYM) (OTCQB: CYMHF) (the "Company" or "Cymat") is pleased to announce that the Company has received a purchase order for military under-belly blast protection kits ("blast kits") from an Asian military vehicle manufacturer for use by the Singaporean military. This order for three blast kits represents the first production order of ultimately up to 700 blast kits by this military. The final value of the purchase orders is anticipated to be between
Cymat previously announced the delivery of two underbelly kits (see press release dated September 20, 2021). Those kits were delivered for the purposes of conducting further testing and evaluation by the manufacturer and military with the objective of retrofitting their fleet of troop and supply carrying vehicles. With testing now completed, our customer has confirmed the military's commitment to moving forward to install the blast kits on their vehicles and the commencement of Low Rate Initial Production ("LRIP").
Cymat has been working for years on developing blast kits for various military patrol vehicles in active use. These blast kits are designed to mitigate the usually fatal effects of Improvised Explosive Devices ("IEDs") or very powerful land mines. Cymat's SmartMetal™ stabilized aluminum foam ("SAF") has been proven to be particularly effective at absorbing and reducing the energy of the compressed air wave that precedes these explosions.
Cymat CEO, Michael Liik commented, "This is truly an exciting breakthrough for Cymat in the military sector. The successful testing and resulting long-term production order, has provided our customer with the impetus to now expand marketing of their improved vehicle design, incorporating our blast kit, to other military organizations that deploy this vehicle." Mr. Liik further added, "By obtaining this order, Cymat will achieve a solid long-term base load for its factory, as well as enhance its credibility with other vehicle manufactures with whom we are currently in discussions."
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 Alusion™ brand and its automotive and military SAF under the SmartMetal™ brand. For further information, please visit our website at www.cymat.com.
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SOURCE Cymat Technologies Ltd.
FAQ
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