Sigma Labs Awarded Contract by Major Oil and Gas Services Company

Rhea-AI Summary

Sigma Labs (NASDAQ:SGLB), a leading developer of quality assurance software for the 3D printing industry, announced a contract with a major global energy technology provider to begin production deployment of its PrintRite3D software. This follows a successful testing phase on EOS and SLM machines. The partnership aims to enhance additive manufacturing capabilities, responding to a growing market projected to reach $11.9 billion with a CAGR of 27.8% from 2020-2027. Sigma's solutions address critical needs in metal 3D printing, promoting flexibility and cost-effectiveness in production.

Positive

• Contract awarded for production deployment of PrintRite3D software.
• Successful Rapid Test and Evaluation program with an industry leader.
• Growing market potential in the additive manufacturing sector, with a projected CAGR of 27.8%.

Negative

• None.

Leading Global Energy Technology Provider Begins Production Use of PrintRite3D In-Process Quality Assurance

SANTA FE, NM / ACCESSWIRE / September 29, 2020 / Sigma Labs, Inc. (NASDAQ:SGLB) ("Sigma Labs"), a leading developer of quality assurance software for the commercial 3D printing industry, has been awarded a contract for an initial system by a leading global energy technology provider, to begin production deployment of PrintRite3D® in-process quality assurance software, following a successful Rapid Test and Evaluation (RTE) program. The extensive evaluation process involved running PrintRite3D® on an EOS single laser machine and a SLM dual laser machine. The customer's engineers worked in collaboration with Sigma's engineering team to address issues specific to their application of the PrintRite3D technology.

"The conversion from our RTE program to beginning production deployment is a testament to the traction our enabling technology is garnering in the additive manufacturing industry," said Mark Ruport, Chief Executive Officer of Sigma Labs. "The customer is a well-respected industry leader known for their innovative technology and superior service. We look forward to working with their additive manufacturing team to drive improved and serial printing quality on their production lines."

This contract follows a recent announcement by Sigma Labs regarding the sale of an initial production system to Mitsubishi Heavy Industries. Both customers have aggressive additive manufacturing initiatives that will provide them with the flexibility to address the on-demand production of critical metal parts. According to The Wohlers Report 2020, the 2019 additive manufacturing (AM) industry consisting of all AM products and services worldwide, grew 21.2 percent to $11.9 billion and is expected to grow at a compound annual growth rate (CAGR) of 27.8% from 2020 to 2027. Increasing penetration of metal 3D printing owing to greater design flexibility, low waste, and cost effectiveness in the overall manufacturing landscape is estimated to be a key factor driving the market.

"I am very pleased with the manner in which our engineers addressed each company's specific requirements," said Darren Beckett, Sigma Labs CTO. "It demonstrates the flexibility and adaptability of the PrintRite3D architecture as well as our ability to meet the ever-increasing demands of a growing and dynamic industry."

About Sigma Labs
Sigma Labs Inc. (NASDAQ:SGLB) is a leading provider of quality assurance software to the commercial 3D metal printing industry under the PrintRite3D® brand. Sigma specializes in the development and commercialization of real-time monitoring solutions known as PrintRite3D® for 3D metal advanced manufacturing technologies. PrintRite3D detects and classifies defects and anomalies real-time during the manufacturing process and informs the production manager of quality issues. Sigma Labs believes its software product will be a major catalyst for the acceleration and adoption of 3D metal printing. For more information, please visit www.sigmalabsinc.com.

Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs such as "will," "should," "would," "may," and "could" are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors, including, but not limited to, the uncertain effect of the COVID-19 pandemic on Sigma Labs' business, results of operations and financial condition, which may cause the Company's actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see the Company's Annual Report on Form 10-K (including but not limited to the discussion under "Risk Factors" therein) filed with the SEC on March 24, 2020 and which may be viewed at www.sec.gov.

CONTACTS:
Investor Contact:
Chris Tyson
Managing Director
MZ Group - MZ North America
949-491-8235
SGLB@mzgroup.us
www.mzgroup.us

Company Contact:
Steven Gersten
Sigma Internal IR
813-334-9745
investors@sigmalabsinc.com

SOURCE: Sigma Labs, Inc.

View source version on accesswire.com:
https://www.accesswire.com/607914/Sigma-Labs-Awarded-Contract-by-Major-Oil-and-Gas-Services-Company

FAQ

What is the new contract awarded to Sigma Labs related to?

Sigma Labs was awarded a contract for the production deployment of its PrintRite3D software by a major global energy technology provider.

What is the expected growth rate of the additive manufacturing industry?

The additive manufacturing industry is expected to grow at a compound annual growth rate (CAGR) of 27.8% from 2020 to 2027.

What technology did Sigma Labs test during its evaluation program?

Sigma Labs conducted its evaluation program on EOS single laser machines and SLM dual laser machines.

What is the significance of the PrintRite3D software for Sigma Labs?

PrintRite3D software is designed to improve quality assurance in the 3D metal printing process, addressing defects and anomalies in real time.

How does the new contract impact Sigma Labs' market position?

The contract enhances Sigma Labs' position as a key player in the additive manufacturing sector, aligning with industry growth trends.