Meta Materials Receives $4.3 Million in Purchase Orders
HALIFAX, NS / ACCESSWIRE / September 29, 2022 / Meta Materials Inc. (the "Company" or "META®") (NASDAQ:MMAT)(FSE:MMAT), a developer of high-performance smart materials and nanocomposites, today announced that it has been awarded US$4.3 million in purchase orders for its nano-optic security business, which provides anti-counterfeiting features for currencies and government documents and authentication for brands.
META has been executing an agreement with a maximum value of US$41.5 million over a period of up to five years with a confidential G10 central bank customer. The new purchase orders represent a base award for continued work under the multi-year agreement. The customer may elect to increase the scope of the base award with additional purchase orders.
"META is committed to being a global leader in banknote security technology. Our nano-optic technology addresses a growing, multi-billion-dollar problem by delivering next generation solutions that can be applied to protect banknotes and government documents and provide authentication for brands," said George Palikaras, President and CEO. "We are proud that our key customer continues to validate our progress with additional funding, and we are committed to continuing to advance the program."
According to a 2019 OECD report on Trends in Trade in Counterfeit and Pirated Goods, the total value of imported fake goods worldwide was about US$509 billion, or 3.3% of global trade, up from 2.5% in 2013. Despite the worldwide pandemic, the Security Printing Market is valued at US$29.8 billion and growing at a CAGR of over 4.5% during 2021 - 2026 (Source: Research and Markets report).
META's KolourOptik® technology uses award winning optical nanomaterials (also known as "plasmonic metamaterials") that combine multi-directional movement, 3D stereo-depth, high resolution, and multiple colors. KolourOptik® delivers unique visual effects that create a next level of security and visual engagement while enhancing the theme of the overall banknote.
To learn more about KolourOptik please visit this link
About Meta Materials Inc.
META® delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, high-performance, functional materials. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Our nano-optic metamaterial technology provides anti-counterfeiting security features for government documents and currencies and authentication for brands. Our achievements have been widely recognized, including being named a Lux Research Innovator of the Year in 2021. Learn more at www.metamaterial.com.
Forward Looking Information
This press release includes forward-looking information or statements within the meaning of Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, regarding the Company, which may include, but are not limited to, statements with respect to the ability of the Company to continue to meet the Nasdaq requirements to maintain a Nasdaq listing, the business strategies, product development, expansion plans and operational activities of the Company. Often but not always, forward-looking information can be identified by the use of words such as "pursuing", "potential", "predicts", "projects", "seeks", "plans", "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", "should", "would" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of the Company and are based on assumptions and subject to risks and uncertainties. Although the management of the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, the capabilities of our facilities and the expansion thereof, research and development projects of the Company, the total available market and market potential of the products of the Company, the market position of the Company, the need to raise more capital and the ability to do so, the scalability of the Company's production ability, capacity for new customer engagements, material selection programs timeframes, the ability to reduce production costs, enhance metamaterials manufacturing capabilities and extend market reach into new applications and industries, the ability to accelerate commercialization plans, the possibility of new customer contracts, the continued engagement of our employees, the technology industry, market strategic and operational activities, and management's ability to manage and to operate the business. More details about these and other risks that may impact the Company's businesses are described under the heading "Forward-Looking Information" and under the heading "Risk Factors" in the Company's Form 10-K filed with the SEC on March 1, 2022, with an SEC filing date of March 2, in the Company's Form 10-Q filed with the SEC on August 9, 2022, and in subsequent filings made by Meta Materials with the SEC, which are available on SEC's website at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by law.
Vice President, Corporate Development and Communications
Meta Materials Inc.
Senior Vice President
SOURCE: Meta Materials Inc.
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