MISSISSAUGA, ON, Oct. 18, 2021 /CNW/ - Cymat Technologies Ltd. (TSXV: CYM) (the "Company" or "Cymat") is pleased to announce the appointment of Mario DeAngelis as its new Chief Operating Officer (COO). In addition, Cymat announces that it has recently embarked on a major capital investment program to increase both plant capacity and efficiency, as well as improve production reliability.
Mario DeAngelis, a professional engineer, is a seasoned international automotive executive with over 25 years of experience. Mario was most recently responsible for the European operations of a major North American automotive parts company with responsibility for 7 plants across the continent. He is an accomplished business manager with expertise in both production efficiency initiatives and new technology deployments.
Cymat's major capital investment program is being undertaken to accommodate significant anticipated growth in all of its three major commercial verticals: architetural products, automotive and military. The Company will invest approximately $2M, for which it is currently well capitalized to execute, to upgrade and modernize its Mississauga Ontario plant and to facilitate various R&D/product development initiatives. This program is expected to increase the plant's output to approximately $75M (on a staged basis) as well as deploy automation and new technology to improve its overall cost structure. The Company's production upgrades will address equipment reliability issues that have intermittently hindered Cymat's operations in the past. These initiatives are particularly germain to Cymat's automotive aspirations as production capacity, output reliability and process robustness are essential prerequisites for successful entry into volume manufacturing opportunities in the automotive industry.
Michael Liik, CEO, commented, "I am excited to have a person of Mario's calibre and experience join us at such a critical juncture in the Company's evolution. Mr. Liik added, "We are currently in the midst of recruiting other seasoned executives in the commercial area to assist with our growth initiatives and Mario will be instrumental in the Cymat team's successful execution of its major capital program."
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.
SOURCE Cymat Technologies Ltd.
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