MISSISSAUGA, ON,
Dec. 8, 2021 /CNW/ - Cymat
Technologies Ltd. (TSXV: CYM) (the "Company" or
"Cymat") is pleased to announce that the Company
has made a strategic investment in Tesseract Structural Solutions
Inc. ("Tesseract") and Michael Liik,
Cymat CEO and Chairman, has been appointed to the Tesseract board
of directors. Tesseract is an automotive design company
specializing in the creation of light-weight solutions for crash
energy absorption within automotive body structures.
Cymat has invested USD 250,000
into a convertible promissory note (the "Note") bearing interest at
ten percent (10%) per annum and maturing on May 15, 2023 (the "Maturity Date"). In the event
that Tesseract issues equity for proceeds of USD 500,000 or above prior to the Maturity Date,
the Notes and any unpaid interest will convert to common equity. In
addition, Cymat has entered into an agreement with Tesseract to
appoint Mr. Liik (or a Cymat designated substitute under certain
conditions) to the Tesseract board of directors for a 10 year
term. Cymat had previously entered into a marketing
co-operation agreement with Tesseract (see press release issued
Oct. 20, 2020). Amongst other
conditions, the agreement obligates Tesseract to deploy Cymat's
SmartMetalTM stabilized aluminum foam ("SAF")
exclusively into its components.
Michael Liik, CEO, commented, "We
are thrilled to advance our relationship with Tesseract. The
company's engineering and design capabilities, coupled with Cymat's
unique SAF material and associated material science expertise,
create an ideal platform to offer OEMs a suite of fully developed
components for adoption into a variety of automotive structures or
add-on solutions." Mr. Liik further added, "Tesseract has developed
a comprehensive understanding of how to optimize SAF's use in
light-weight crash-mitigation components. These parts are designed
to address the unique crash-mitigation and vehicle light-weighting
challenges faced by electric vehicle OEMs."
James Lancaster, Tesseract CEO,
commented, "This is the logical culmination of working together
with Cymat over many years to perfect our technology. Our current
focus is to combine Cymat's aluminum foam - a material that one of
our customers has called 'magical' - with our engineering
expertise to create high-impact automotive components. Tesseract is
particularly pleased about Cymat's addition of two seasoned
automotive business development executives that will without a
doubt accelerate the wider-scale adoption of our array of
components."
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.
About Tesseract Structural Innovations
Tesseract Structural Innovations is developing new solutions for
vehicle safety. Its flagship product, the patents-pending Uniform
Deceleration Unit or UDU, is a unique structure that has the
ability to absorb an enormous amount of energy during a vehicle
crash. The UDU is designed to fit into the various locations of
vehicle including cars, trucks, minivans, SUVs, crossovers or even
heavy trucks. Through its ability to absorb significant kinetic
energy, the UDU reduces crash forces to decrease impact shocks and
intrusion of vehicle components into the passenger space or a EV
battery during the crash. UDU is a major advance in vehicle safety
that can save lives and prevent serious injuries. Further
information is available at https://tesseractinnovations.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
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"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.