Cymat Announces Major Nuclear Order
MISSISSAUGA, ON, Aug. 12, 2024 /PRNewswire/ - Cymat Technologies Ltd. (TSXV: CYM) (OTCQB: CYMHF) (the "Company" or "Cymat") is pleased to announce that it has received its first major order for SmartMetal™ panels used inside the NuFoam™ solution developed with our partner NUVIA. These panels will protect sensitive nuclear industry equipment in France against external aggression. This order of approximately $1M is the first phase of a total $2.7M order from NUVIA.
Cymat has been collaborating with NUVIA to integrate SmartMetal™ panels within Nufoam™ solutions to protect nuclear facilities against external threats including extreme weather and terrorism while also reducing the consequences of seismic events. NUVIA has worked for years to qualify solutions that fulfill nuclear industry requirements/processes and to provide solutions for nuclear operator needs to maintain and secure their installations.
France has the largest share of domestic electricity derived from nuclear power at 70% and is in the process of refurbishing a significant portion of its aging nuclear plants. New regulations require plants destined for life extension programs to now protect against external threats as described above.
Cymat CEO and Chairman Michael Liik stated "We are very excited to receive this first major order for a new application in the nuclear industry. Our partner, NUVIA, has advised that they expect to be placing similar size orders on a regular basis to service the extensive ongoing life extension programs for nuclear plants in France." He went on to say that "This new line of business lays a strong foundation Cymat SmartMetal™ panel sales for 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
Alusion™ brand and its automotive and military SAF under the SmartMetal™ 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.
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SOURCE Cymat Technologies Ltd.
