Melbourne, Australia 19th March 2020
At Titomic, we have had the foresight to protect ourselves against such an event by implementing a well-diversified supply chain and customer base across many different industries which is protecting us from the impacts being felt by many other organisations.
Additionally, Titomic is in a strong position due to numerous factors, such as:
- Completion of $19M capital raise in February 2020;
- TKF Machine Sales Agreement valued at USD$16.8M (AUD$28M) underway;
- Balance sheet allows for two years of continued operations in the absence of any revenue;
- Titomic’s defence sales are unaffected, and are projected to increase;
- Additive manufacturing to gain traction, streamlining global supply chains;
- Titomic holds sufficient inventory to sustain operations and customer requirements; and
- Protecting staff according to WHO and Chief Medical Officer’s recommendations
We are pleased to advise that Titomic has experienced little to no disruption to our operations and have had no reported cases of staff contracting COVID-19 across our organisation ensuring our production activities are unaffected. We understand the critical role we play in keeping the manufacturing ability of some of our partners moving at these incredibly important times which includes having in place proper contingency plans to ensure our Titomic Kinetic Fusion® (TKF) systems are running and our services are continually operational for our customers.
Protecting our employees, customers and suppliers is paramount, and accordingly, we have implemented measures to limited employee integration both with internal and external parties, and have suspended all domestic and international travel, and have cancelled attendance at any industry events, conference or other such large gatherings.
We have specific quarantine and communication procedures in place should an employee be diagnosed with COVID-19, or our workforce be required to self-isolate by a public health authority, and to provide comprehensive support to them. This set protocol has been issued to all employees.
We are actively continuing to monitor the impact of the Coronavirus (COVID-19) closely and are following the advice of the World Health Organisation and Australia’s Chief Medical Officer. We believe that despite what events may occur, we are certain Titomic is well placed to not only weather this epidemic but also continue to pursue opportunities in this dynamic and rapidly changing environment.
We wish everyone our best and will continue to support our employees, customers, suppliers and partners to remain as operationally ‘business as usual’ as possible. Titomic is focussed on delivering on our vision of sustainable additive manufacturing and harnessing sovereign capability for Australia to help create a better world during these trying times.
Forward looking statements
Certain statements made in this release are forward-looking statements and are based on Titomic’s current expectations, estimates and projections. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,”estimates,” “guidance” and similar expressions are intended to identify forward-looking statements. Although Titomic believes the forward-looking statements are based on reasonable assumptions, they are subject to certain risks and uncertainties, some of which are beyond Titomic’s control, including those risks or uncertainties inherent in the process of both developing and commercialising technology. As a result, actual results could materially differ from those expressed or forecasted in the forward-looking statements. The forward-looking statements made in this release relate only to events as of the date on which the statements are made. Titomic will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this release except as required by law or by any appropriate regulatory authority.