Sigma Labs Furthers Strategic Alliance with Morf3D
SANTA FE, N.M. – March 30, 2017 – Sigma Labs, Inc. (NASDAQ: SGLB) (“Sigma Labs” or the “Company”), a provider of quality assurance software under the PrintRite3D® brand, today announced that it has made an investment in the principal amount of $500,000 to Morf3D, a strategic partner, pursuant to a secured convertible promissory note (the “Note”).
The Note further extends our strategic alliance and supports Morf3D’s leasing of an EOS M400 system to expand production for contracts related to additive manufacturing (“AM”) of high-precision aerospace & defense (“A&D”) components. Morf3D is currently one of a handful of companies qualified for additive manufacturing of production flight hardware for key Aerospace and Defense OEMs. This agreement strengthens Sigma Labs’ strategic alliance and is in contemplation of a possible merger of combined interest with Morf3D.
“As we continue to cement our long-term relationship, this convertible note will enable Morf3D to acquire new equipment, increase its production capacity, and, in tandem, use Sigma Labs’ PrintRite3D® QA software as it expands its additive manufacturing offerings to customers,” said Mark Cola, President and CEO of Sigma Labs. “Together with Morf3D, we are excited to take this next step and assess ways to further align our businesses to be able to provide a complete, integrated AM solution for A&D customers and, potentially, build an organization that can oversee the entire AM value chain – from material selection to design and manufacturing, as well as in-process quality assurance. We could then better serve the entire A&D industry, which is rapidly transitioning to 3D metal manufacturing.”
Ivan Madera, Morf3D CEO, added, “This transaction by Sigma Labs represents yet another significant step in realizing our mutual industry vision in delivering an unmatched and unique supplier-partner offering to the aerospace, defense and industrial markets. Our objective is to deliver a seamless and fully- integrated digital manufacturing enterprise using the most advanced AM technologies. We’ve seen success with our client-collaboration business model, and now we’ll expand this with Sigma’s industry-leading quality assurance systems. It’s a truly unique competitive advantage.”
About Sigma Labs, Inc.
Sigma Labs, Inc. is a provider of quality assurance software under the PrintRite3D® brand and a developer of advanced, in-process, non-destructive quality assurance software for commercial firms worldwide seeking productive solutions for advanced manufacturing. For more information please visit us at www.sigmalabsinc.com.
Morf3D is a privately held corporation headquartered in El Segundo, CA. The company specializes in additive engineering and manufacturing with metals and provides advisory services in additive manufacturing strategy and technology adoption road-mapping. Morf3D opened its Innovation Center in September 2015 and received AS9100 certification and ITAR approval in 2016. The company has received product development contracts from aircraft, space, medical and automotive customers, and expects to commence serial production contracts in 2017. It has further scaled its business with the addition of engineering staff, computerized scanning and inspection systems, and post-process machining and finishing equipment. For more information, please visit www.morf3d.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often contain words such as "expects," "anticipates," "intends," "believes" or "will." These forward-looking statements are subject to a number of risks, uncertainties and assumptions that could adversely affect us, including that the contemplated acquisition of or merger with Morf3D is not consummated, and the risks set forth in Sigma Labs' most recent annual report on Form 10-K. The forward-looking statements in this press release are made only as of the date of this press release. Sigma Labs undertakes no obligation to update any of these forward-looking statements, whether as a result of new information, future events or otherwise.
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