Meta Materials Receives $2.2 Million Additional Central Bank Purchase Orders

Rhea-AI Summary

Meta Materials (NASDAQ:MMAT) has secured an additional $2.2 million in purchase orders through its subsidiary, Nanotech Security Corp, under a development contract with a confidential central bank. This brings the total awarded purchase orders for fiscal year 2022 to $9.2 million, up from approximately $7 million. The orders include $1 million for development services and $1.2 million for sample products, highlighting the company's progress in developing secure nano-optic authentication features for future banknotes.

Positive

• Secured additional purchase orders worth $2.2 million, boosting total for fiscal 2022 to $9.2 million.
• Developing unique security features for a confidential central bank customer, indicating strong client trust.

Negative

• None.

HALIFAX, NS / ACCESSWIRE / April 5, 2022 / Meta Materials Inc. (the "Company" or "META®") (NASDAQ:MMAT)(FSE:MMAT) a developer of high-performance functional materials and nanocomposites, today announced that it has been awarded $2.2 million in additional purchase orders under the development contract between its wholly owned subsidiary, Nanotech Security Corp. ("Nanotech") and a confidential central bank. The new orders include approximately $1 million for development services and approximately $1.2 million for sample product.

On October 1, 2021, just ahead of its merger with META, Nanotech announced that it had renewed its frame agreement to continue development of a unique security feature for its confidential G10 central bank customer. The frame agreement has a maximum value of $41.5 million over a period of up to five years. For fiscal year 2022, the awarded purchase orders under the contract have now increased from approximately $7 million to $9.2 million.

"We are proud to receive additional orders from this important customer, reflecting the significant progress we are making developing secure and memorable nano-optic authentication features for potential future banknotes," said George Palikaras, President and CEO.

About Meta Materials Inc.
META® delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Our nano-optic technology provides anti-counterfeiting security features for government documents and currencies and authentication for brands. Our achievements have been widely recognized, including being named a Lux Research Innovator of the Year in 2021. Learn more at www.metamaterial.com.

Forward-Looking Information
This press release includes forward-looking information or statements within the meaning of Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, regarding the Company, which may include, but are not limited to, statements with respect to the business strategies, product development, expansion plans and operational activities of the Company. Often but not always, forward-looking information can be identified by the use of words such as "pursuing", "potential", "predicts", "projects", "seeks", "plans", "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", "should", "would" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of the Company and are based on assumptions and subject to risks and uncertainties. Although the management of the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, the capabilities of our facilities and the expansion thereof, research and development projects of the Company, the market potential of the products of the Company, the market position of the Company, the scalability of the Company's production ability, capacity for new customer engagements, material selection programs timeframes, the ability to reduce production costs, enhance metamaterials manufacturing capabilities and extend market reach into new applications and industries, the ability to accelerate commercialization plans, the possibility of new customer contracts, the continued engagement of our employees, the technology industry, market strategic and operational activities, and management's ability to manage and to operate the business. More details about these and other risks that may impact the Company's businesses are described under the heading "Forward-Looking Information" and under the heading "Risk Factors" in the Company's Form 10-K filed with the SEC on March 1, 2022, with an SEC filing date of March 2, in the Company's Form 10-Q filed with the SEC on November 15, 2021, and in subsequent filings made by Meta Materials with the SEC, which are available on SEC's website at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by law.

Media Inquiries
Rob Stone
Vice President, Corporate Development and Communications
Meta Materials Inc.
media@metamaterial.com

Investor Contact
Mark Komonoski
Senior Vice President
Integrous Communications
Phone: 1-877-255-8483
Email: ir@metamaterial.com

SOURCE: Meta Materials Inc.

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FAQ

What is the significance of the $2.2 million purchase orders awarded to Meta Materials (MMAT)?

The $2.2 million purchase orders increase Meta Materials' fiscal year 2022 contract value with a confidential central bank to $9.2 million, underscoring strong business growth.

How does the new contract impact Meta Materials' (MMAT) financial outlook?

The new contract enhances Meta Materials' revenue outlook and reflects the company's progress in advanced security technologies.

What recent developments have been made by Meta Materials (MMAT) regarding central bank contracts?

Meta Materials has received additional orders to develop nano-optic authentication features for future banknotes, indicating substantial ongoing projects.

How much is the total value of the development contract between Nanotech and the central bank?

The maximum value of the frame agreement with the central bank is $41.5 million over five years.