CYMAT Announces Latin American Distribution Agreement with Industry Giant -Hunter Douglas
Listing: TSX
Symbol: CYM
TORONTO, May 23, 2012 /CNW/ - Cymat Technologies Ltd. ("Cymat" or the "Company"), a material technologies company, today announced that it has signed an agreement with the Latin American Division of Hunter Douglas N. V. ("Hunter Douglas") to be the exclusive distributor of its Alusion™ product in Chile, Mexico, Brazil, Argentina, Columbia, Peru, Panama and Uruguay.
Hunter Douglas is the world market leader in window coverings and a major manufacturer of architectural products. Comprised of 169 companies with 68 manufacturing and 101 assembly operations in more than 100 countries, Hunter Douglas employs about 16,500 people, and had sales in 2011 of USD $2.57 billion. Architectural product sales accounted for $390M of this total.
Hunter Douglas Latin America ("Hunter Douglas LA") with operations in Brazil, Mexico, Chile, Columbia, Argentina, Venezuela, Panama and Uruguay, employs over 1700 people. The architectural products division experienced 18% year over year revenue growth and is anticipating continued strong growth as a result of strength of the South American economies. In addition to offering sales services, the architectural group has manufacturing facilities with a strong ability to develop systems, engineering solutions, and deliver product innovations. It is expected that value-add solutions will be developed for Alusion™ in this market, which may also translate to other markets.
David Fowler President of Cymat commented, "This is a landmark agreement for Cymat. As a leader and innovator of upscale, unique architectural products to the Latin America market, Hunter Douglas LA provides a natural fit and launching pad for Alusion products to the region. As well, the opportunity to have Alusion™ presented to the extensive network of architects working with Hunter Douglas LA, will have an immediate material impact on Alusion's brand awareness and sales pipeline."
Patricio Mardones, General Manager for Hunter Douglas LA stated, "We are excited about the potential for Alusion in the Latin American market and believe that AlusionTM both complements and augments our existing product line."
About Cymat:
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 produced as either Near-net Shapes or Flat Panels. 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.
The foregoing press release contains forward-looking statements relating to the development of markets, development programs, future revenues and improvements in technology, which are subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include the availability of funding, existing and future relationships with suppliers and manufacturers, the results of research and development activities, risks of technological breakthroughs that make Cymat stabilized aluminum foam less attractive, risks relating to the breadth, scope and enforceability of intellectual property rights, general industry and market conditions, availability of qualified personnel, and reliance on co-development partners. For additional information with respect to these and other factors, see the reports filed by Cymat Technologies Ltd. with the Ontario Securities Commission. Cymat disclaims any intention or obligation to update or revise any forward-looking statements.
Investors and Media:
Michael Liik
Executive Chairman
Cymat Technologies Ltd.
Tel: (416) 307-4015
Email: [email protected]
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