Titomic Limited (ASX:TTT) (‘Company’ or ‘Titomic’) announces that the Company has signed a Heads of Agreement with Repkon Machine and Tool Industry and Trade Inc (‘Repkon’) whereby Titomic and Repkon will enter into a joint venture to build a production facility in Australia for the manufacture of weapons system barrels designed by Repkon and manufactured using Titomic’s Kinetic Fusion Technology.
The establishment of the joint venture with Repkon is in line with Titomic’s recently announced strategy to become the global solutions leader in additive manufacturing by working with our customers within JVs.
This facility will substantially enhance Australian defence manufacturing capabilities and open up export opportunities for the supply of barrels globally. The facility will leverage the unique flow forming capabilities of Repkon and the rapid Titomic additive manufacturing TKF process to deliver high performance barrels.
This state-of-the-art production facility will provide highly skilled job opportunities for advanced manufacturing as well as contribute to the national Industry 4.0 agenda for advanced manufacturing technologies. This industrial production ecosystem will combine advanced metals and materials with additive manufacturing, and robotics, creating a world first here in Australia.
Norbert Schulze, Interim CEO of Titomic commented:
“We are excited about the possibility of working with Repkon to manufacture barrels in Australia using our Kinetic Fusion Technology, enhancing the Australian manufacturing ecosystem, creating jobs and working together with our partners to provide best in class products”
Ibrahim Kulekci, CEO of Repkon
“Titomic is a leading company with proven reliability in metal additive manufacturing so, having them as our joint venture partner, will be extremely beneficial in producing and selling barrels designed by Repkon.”
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.