CYMAT ANNOUNCES COLLABORATION WITH ALUCOIL, SA
Cymat Technologies Ltd. (CYM.V) has signed a memorandum of understanding with Alucoil SA. Alucoil is a wholly owned subsidiary of Aliberico SL and a significant participant in the recently completed Cymat equity private placement. With headquarters in Spain, Aliberico is the largest privately owned family company in Europe engaging in the manufacture of aluminum products.
The memorandum of understanding outlines a venture whereby Cymat and Alucoil will jointly deploy their respective proprietary technologies and expertise to develop, design, build and operate a manufacturing facility for the continuous production of unique aluminum foam composite panels. The factory will be located in Spain with an intended initial annual production capacity of 500,000 square meters. Venture ownership will be split on a 49% - 51% basis between Cymat and Alucoil, respectively. The MOU incorporates a schedule that anticipates the production of market-ready panels by the latter part of calendar 2017.
"Alucoil's philosophy and track record of continuous innovation fits well with Cymat's pioneering aluminum foam production process" stated Michael Liik, Cymat's Executive Chairman. Mr. Liik added: "Alucoil's extensive reach and distribution capability into the international architectural panel market provides Cymat with a low-risk entry into this new sector and bodes well for a quick ramp-up of the Venture."
"By combining Cymat's proprietary foam process technology with Alucoils proprietary metallurgical bonding technology to manufacture aluminum composite panels with a foam core, the Venture will be making a significant technological breakthrough" stated Clemente Gonzalez Soler, President of Aliberico Group. Mr. Soler added "The unique properties exhibited by these panels, are intended to satisfy stated performance demands from a broad spectrum of industries."
Cymat develops innovative materials for industry. The company has worldwide rights, through patents and licenses, for producing Stabilized Aluminum Foam. The ultra-light metallic foam is manufactured by bubbling gas through molten alloyed aluminum containing a dispersion of fine ceramic particles and can be either continuously produced in flat panels or as near-net shapes. The result is a revolutionary material with a wide array of features including very low density, mechanical energy absorption, thermal and acoustic insulation, is recyclable, time and temperature insensitive and has a relatively low cost of production. Cymat is collaborating with a number of partners spanning the architectural, blast mitigation and automotive industries. For further information, visit the Web site www.cymat.com.