HALIFAX, NS / ACCESSWIRE / September 27, 2023 / Meta Materials Inc. (the "Company" or "META") (NASDAQ:MMAT), a global leader in advanced materials and nanotechnology, today announced that it has been awarded $6.2 million in new purchase orders from its confidential G10 central bank customer for its authentication, nano-optic security business, which provides anti-counterfeiting features for currencies and government documents and authentication for brands.
META has been executing on a multi-year frame 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 bring the total orders received by META to approximately $22.7MM for continued work under the agreement. The customer may elect to award additional purchase orders to increase the scope of this award.
"META's authentication business unit continues to make excellent progress on this strategic program to develop a unique new security feature for a future banknote," said Alan Newman, Chief Product Officer for Authentication, Managing Director Banknote & Authentication Division at META. "We are very pleased to receive these new funds, which will help to accelerate our industrialization of this exclusive technology. Authentication is one of our core markets, and with the recent launch of QUANTUM™ stripe we are quickly broadening our commercial presence."
QUANTUM™ stripe leverages META's expertise in nanotechnology and metamaterials. Its customizable effects are intended to help central banks and governments protect the public from currency counterfeiters and counterfeit-related economic losses. Limitless in design, the QUANTUM™ stripe is readily integrated into banknotes with industry-standard processes and equipment, providing a captivating and intuitive experience that is both easy to authenticate and difficult to replicate.
Cash plays an essential role in most economies, accounting for over $7.6 trillion in global consumer spending in 2022, according to the 2023 Global Payments Report. Cash also plays a significant role in financial inclusion, especially for the 1.7 billion unbanked individuals globally according to the IMF Finance and Development report from September 2023. This part of the population often lacks access to traditional banking systems and digital financial services, therefore cash bridges this gap by offering a tangible medium for transactions, savings, and financial independence. It empowers these individuals to participate in the economy, receive wages, and access essential services like healthcare and education. Additionally, cash transactions provide privacy and security, reducing the risk of fraud and identity theft. Recognizing cash's role is crucial in the pursuit of financial inclusion.
About Meta Materials Inc.
Meta Materials Inc. (META) is an advanced materials and nanotechnology company. We develop new products and technologies using innovative sustainable science. Advanced materials can improve everyday products that surround us, making them smarter and more sustainable. META® technology platforms enable global brands to develop new products to improve performance for customers in aerospace and defense, consumer electronics, 5G communications, batteries, authentication, automotive and clean energy. Learn more at www.metamaterial.com.
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Meta Materials Inc.
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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 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 23, 2023, in the Company's Form 10-K/A filed with the SEC on March 24, 2023, in the Company's Form 10-Q filed with the SEC on August 9, 2023, 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.
SOURCE: Meta Materials Inc.
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