MISSISSAUGA, ON, July 10, 2024 /PRNewswire/ - 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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SOURCE Cymat Technologies Ltd.
