NetComposites
Attwater

Cymat Appoints CIBC To Lead $30 Million Equity Financing

05 April 2001

Cymat Corp has filed a preliminary prospectus qualifying an offering of Common Shares that may result in aggregate proceeds to the company of up to C$30,000,000. The company has engaged CIBC World Markets Inc. to act as lead agent, along with First Associates Investments Inc., Robert Caldwell Capital Corporation and Yorkton Securities Inc., in connection with the offering. The transaction is subject to the receipt of all necessary regulatory approvals.
""Having recently gained exclusive rights to a proprietary Stabilized Aluminum Foam in most industrialized countries and secured our first testing and development program with a global automotive supplier, we are embarking on the next phase of commercializing our unique technology,"" said Michael Liik, Cymat Chairman and CEO. ""This funding will allow us to ramp up our research and development activities to prove the benefits of aluminum foam in specific applications for automotive and other industries. It will also improve our ability to enter into additional co-development arrangements with global OEMs and suppliers. A portion of the proceeds will be used to establish Cymat's presence in Europe, a key market for the company."" The use of proceeds also includes development of quality systems, hiring of additional technical staff, marketing programs and general working capital.
Cymat is a materials technology company that has the exclusive rights through patents and licenses to manufacture and sell a proprietary Stabilized Aluminum Foam (SAF) in most of the industrialized world. The proprietary, versatile process to produce SAF combines alloyed aluminum with a metal matrix composite to create strong, lightweight panels and shapes, or to fill cavities. SAF is an innovative material with a wide array of benefits, including a high strength-to-weight ratio, impact energy absorption, thermal and acoustical insulation, recyclability and low cost of production relative to competing materials. Cymat's research and development group is collaborating with a number of partners to develop applications for SAF in the automotive, oil and gas, train and truck industries. The company's principal focus is on automotive applications for which SAF addresses the industry's objectives of making vehicles lighter, safer and better for the environment. In 2001, Cymat made significant progress towards commercialization when it entered into a testing and development program with a European-based major Tier 1 global automotive supplier to design and test an automotive component using SAF. The component will be designed to improve the crashworthiness of vehicles and is intended to form part of a future front-end bumper system for automobiles. For further information, visit the Web site






comments powered by Disqus

Related / You might like...

ACMA Champions Policies to Advance Composites in Infrastructure

At the American Composites Manufacturers Association (ACMA)'s third annual Infrastructure Day on 6-7 February 2018 34 ACMA members joined together to meet with over 100 Members of Congress and their staffs to advance legislation to drive investment in innovative material solutions for transportation, water and energy infrastructure.

Composite Sculpture Fronts Australian Shopping Centre

Shoppers visiting the newly redeveloped Halls Head Central Shopping Centre will be greeted by a 3.5 m x 2.5 m core composite spiral ribbon representing the logo of one of the centre's owners.

McLaren Automotive Inaugurates Carbon Composites Technology Centre

The £50 million McLaren Composites Technology Centre (MCTC) nearing completion near Sheffield, UK, was inaugurated on 16 January.