MISSISSAUGA, ON, Jan. 24, 2024 /PRNewswire/ - Cymat Technologies Ltd. (TSXV: CYM) (OTCQB: CYMHF) (the "Company" or "Cymat") is pleased to announce that it has received its first order to provide AlusionTM stabilized aluminum foam panels for installation in the Kingdom of Saudi Arabia's NEOM project, currently the largest construction project in the world.
NEOM is a massive commercial, residential, recreational, and cultural land development project underwritten by a US$ 500 billion investment from the Public Investment Fund of the Kingdom of Saudi Arabia. For more information, please go to https://www.vision2030.gov.sa/en/projects/neom/.
Cymat's AlusionTM panels will form an important design element for the water park located in the Sindalah district of the NEOM development. Sindalah will be the first region of NEOM to be completed and will act as the gateway for visitors to the entire NEOM development. This AlusionTM order has a contract value of CA$ 725,000 and is expected to be produced and shipped before March 31, 2024.
"While this contract is the culmination of several years of work and significant delays, we are excited to finally see our material so prominently utilized in this prestigious international development," said Michael Liik, Cymat's CEO and Chairman. He added, "Cymat has issued AlusionTM quotations for three additional installations in this mega development with a contract value exceeding CA$ 20 million. As well, we anticipate the incorporation of our foam panels into many additional projects in this development in the years to come."
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.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Certain material assumptions regarding such forward-looking statements may be discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
View original content to download multimedia:https://www.prnewswire.com/news-releases/cymat-announces-major-alusion-order-for-neom-project-302043395.html
SOURCE Cymat Technologies Ltd.
