CYMAT Signs Debt Settlement Agreement with Industr
Cymat Technologies Ltd. (the "Company" or "Cymat") announced today that it has signed a debt Settlement Agreement with Industry Canada regarding the funds repayable under a contribution agreement through the Technology Partnerships Canada ("TPC") Program. Under the former TPC arrangement, the Company was required to make an annual royalty payment of 3.45% on aluminum foam sales. Under this arrangement, approximately $6,366,000 remained to be paid. This obligation was reflected on Cymat's January 31, 2013 financial statements as a $2,148,000 liability - an amount equal to the present value of the forecast royalty payment stream.
Under the Settlement Agreement, Industry Canada has agreed to accept payments in the aggregate amount of $175,000 in settlement of Cymat's entire obligation under the TPC program. The settlement is payable in 35 monthly installments of $5,000 each, commencing on May 15 , 2013. In addition, once three installment payments have been made, the Company has the option of settling the remaining amount owing with a lump sum payment of $100,000 . This lump sum payment option is available to Cymat up July 15, 2014 .
https://finance.yahoo.com/news/cymat-signs-debt-settlement-agreement-213600098.html
About Cymat:
Cymat develops innovative materials for industry. The company has worldwide rights, through patents and licenses, for producing Stabilized Aluminum Foam. The ultra-light metallic foam is manufactured by bubbling gas through molten alloyed aluminum containing a dispersion of fine ceramic particles and can be produced as either Near-net Shapes or Flat Panels. The result is a revolutionary material with a wide array of features including very low density, mechanical energy absorption, thermal and acoustic insulation, is recyclable, time and temperature insensitive and has a relatively low cost of production. Cymat is collaborating with a number of partners spanning the architectural, blast mitigation and automotive industries. For further information, visit the Web sitewww.cymat.com.