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MISSISSAUGA, ON, Feb. 16, 2022 /CNW/ - Cymat Technologies Ltd. (TSXV: CYM) (the "Company" or "Cymat") is pleased to announce that, in collaboration with design partner Tesseract Structural Innovations Inc. ("Tesseract"), Cymat has formally joined the Automotive Parts Manufacturing Association's ("APMA") new zero-emission concept vehicle initiative – Project Arrow.
Project Arrow, launched by the APMA, is the first Canadian original, full-build, zero emissions electric concept vehicle ("EV"). This all-Canadian joint effort will be designed engineered and built by Canada's world-class automotive supply sector and post-secondary institutions. Details of this initiative can be found at www.projectarrow.ca.
Cymat and Tesseract will design and supply a number of components for specific areas of this new and innovative EV. The EV will utilize several next generation crash components developed by Tesseract that incorporate Cymat's light weight, energy-absorbing SmartMetalTM aluminum foam. Areas of the vehicle targeted for these components include doors, battery enclosures, and front and rear crash systems.
"This is an exciting opportunity for Cymat to showcase its innovative material together with Tesseract's cutting-edge designs for the rapidly expanding EV market," said Cymat CEO Michael Liik. He further added "The prominence of our material in Project Arrow along with the associated exposure to other key auto parts suppliers will undoubtedly open the door to further collaborations."
APMA President, Flavio Volpe, added, "The challenge in building the vehicle of the future is to balance active technology with a lightweighting philosophy. To win the range game, Automakers need a transformational materials science strategy. This is Project Arrow's bet on Cymat."
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.
The APMA is Canada's national association representing OEM producers of parts, equipment, tools, supplies, advanced technology, and services for the worldwide automotive industry. The Association's fundamental objective is to promote the original equipment (O.E.) automotive supply manufacturing industry both domestically and internationally.
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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