MISSISSAUGA, ON, Sept. 20, 2021 /CNW/ - Cymat Technologies Ltd. (TSXV: CYM). Cymat Technologies ("Company" or "Cymat") is pleased to announce the receipt of an order for two underbelly blast protection kits from an Asian military vehicle manufacturer. These kits will be used to complete final product testing by the vehicle manufacturer's customer.
Cymat has been working for several years with this Asian military vehicle manufacturer on the design and development of a retrofit underbelly blast protection kit for the manufacturer's existing family of troop?carrying vehicles. These long-serving vehicles are used by numerous major military organizations around the globe.
The principal purpose of these kits is to protect vehicle occupants from the fatal effects of Improvised Explosive Devices ("IEDs"), or powerful land mines, by absorbing the blast energy generated by the detonation of these devices. Cymat's SmartMetalTM stabilized aluminum foam (SAF) has proven to be particularly effective at absorbing and reducing the energy of the compressed air wave that precedes these explosions. In addition, SmartMetal'sTM exceedingly light weight means that the kits add only minimal weight to the vehicles ? a critical requirment.
The ultimate destination for these kits is the vehicle manufacturer's domestic military who, in turn, will use two fully retrofitted vehicles for final independent vehicle blast testing, scheduled for early December 2021. Upon the successful completion of these tests, Cymat's customer expects to receive a purchase order for kits to retrofit up to 700 vehicles, with an initial order of 300-400 kits. While final pricing for these kits has not yet been established, Cymat anticipates the potential value of the contract to be in the $5M to $7M range.
Cymat CEO Michael Liik commented, "This opportunity is the culmination of many years of design collaboration and refinement with our customer and we are thrilled to see this project finally move forward. The field data generated by the successful implementation of Cymat's kits will quickly pave the way for our customer to further market these kits to other military organizations. We are especially excited about the potential for the broader adoption of our kits by users of these vehicles worldwide."
Mr Liik added, "After years of developing expertise in vehicle underbelly blast protection, Cymat is finally on the cusp of opening a significant new revenue stream. Success with this contract would give us the credibility needed to substantially expand our opportunities in the military sector."
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.