MISSISSAUGA, ON, July 10,
2024 /CNW/ - Cymat Technologies Ltd. (TSXV: CYM)
(OTCQB: CYMHF) (the "Company" or "Cymat") is pleased
to announce that SmartMetalTM, a division of Cymat, has
received its first serial production order to provide stabilized
aluminum foam underbelly kits to an Asian military vehicle
manufacturer. This initial order is comprised of 24 kits for an
expected 350 kit order over 3 years. These kits are destined for
the customer's national military fleet which totals approximately
700 vehicles.
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 $4M - $5M range.
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.
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forward-looking statements may be discussed in this news release
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SOURCE Cymat Technologies Ltd.