CYMAT partners with automotive tier 1 manufacturer for lightweight components

Cymat Technologies Ltd. (TSXV: CYM) (OTCQB: CYMHF) announced it entered into a partnership agreement with a global tier 1 automotive parts manufacturer to design and manufacture lightweight, energy absorbing components for the automotive industry.

The Mississauga, Ontario-based company said it will work with the unnamed automotive manufacturer to produce components using its stabilized aluminum foam technology. Cymat, along with its design partner Tesseract Structural Innovations, Inc., has developed prototypes and tested various lightweight components for automotive applications.

According to the company's statement, Cymat possesses manufacturing capacity for stabilized aluminum foam elements but lacks capabilities to assemble complex aluminum parts. The partnership addresses this gap by collaborating with a tier 1 manufacturer that specializes in complex aluminum extrusions.

The agreement covers both design participation and manufacturing assembly for components the companies may jointly pursue. Cymat and Tesseract are currently designing a component in response to a request for information from a global automotive manufacturer.

"We are excited to be partnered with this major auto parts manufacturer as it completes the last piece of the puzzle needed to secure automotive contracts," said Cymat CEO and Chairman Michael Liik. He added that the partnership could introduce the company's solutions to additional automotive manufacturers globally, as the partner supplies multiple automotive original equipment manufacturers worldwide.

Cymat Technologies holds global rights to manufacture and sell stabilized aluminum foam, a cellular metallic material produced by injecting gases through molten alloyed aluminum infused with ceramic particles. The company markets its architectural products under the Alusion brand and automotive applications under the SmartMetal brand.

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