Titomic Limited (ASX: TTT) (‘Company ’or ‘Titomic’) announces that the Company has signed a Heads of Agreement to acquire the assets of USA based company Tri-D Dynamics Inc (‘Tri-D’). The acquisition is subject to contract and due diligence. Following completion of the acquisition, Tri-D will operate as Titomic USA, a wholly owned subsidiary of Titomic. The transaction is expected to complete by 30 June 2021.
Tri-D is a Silicon Valley-based design and manufacturing company developing smart pipe infrastructure for the 21st-century economy. Tri-D Dynamics aims to upgrade and electrify infrastructure by embedding electronics directly into metal structures to outfit them with digitally connected technology. The smart-pipe product developed by Tri-D represents a unique innovative solution, which is set to be fully commercialised when combined with the licensed TKF process.
Tri-D founders Deepak Atyam, Alex Finch and Jesse Lang are experienced innovators with skill sets encompassing cold-spray, composites and rocket engine design; these skills ideally complement Titomic’s ambitions. They will join Titomic USA as key employees, focusing on Titomic’s initiatives in the defence, aerospace as well as the oil and gas industries.
Titomic USA will benefit from Tri-D’s existing product portfolio and contracts within the clean technology, oil and gas, as well as surveying industries. Additionally, having Titomic commercial and technical employees on the ground in North America will help accelerate Titomic’s service offering and product portfolio in the region.
Tri-D’s acquisition is in line with Titomic’s recently announced strategy to stay ahead as a global solutions leader in additive manufacturing., complementing both its Melbourne base and recently announced UK joint venture with Neos.
Norbert Schulze, Interim CEO of Titomic commented:
“We are delighted to welcome Deepak, Alex and Jesse to the Titomic team. The acquisition of the Tri-D business is an important part of our U.S. market strategy and will add Silicon-Valley innovation and dynamics to develop novel and disruptive applications in line with our growth strategy.”
About Tri-D Dynamics:
Tri-D Dynamics is a start-up based in Silicon Valley, California, founded by Deepak Atyam, Alex Finch and Jesse Lang while they were students at UC San Diego and Purdue University. The company aims to tackle important problems with game-changing technology including additive manufacturing. Leveraging experience gained at organisations such as SpaceX and NASA, the team has developed technology to build smart pipelines for a variety of industries.
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.