Sigma Labs Enters Oil and Gas Industry, Wins Test and Evaluation Program Contract
SANTA FE, N.M., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Sigma Labs, Inc. (NASDAQ: SGLB) (“Sigma Labs” or the “Company”), a provider of quality assurance software under the PrintRite3D® brand, has been awarded a Test and Evaluation program contract with a leading provider of integrated oilfield products, services and digital solutions for its new PrintRite3D® version 4.0 hardware and software. Under the Test and Evaluation program, Sigma Labs will provide comprehensive system and services support for its PrintRite3D INSPECT® 4.0 In-Process Quality Assurance (IPQA®) platform—including hardware, software, training, engineering and metallurgical consulting—to demonstrate the ability of the platform to monitor and characterize material and machine processes and to ensure the production consistency and repeatability of additive manufacturing (AM) operations. Successful completion of the Test and Evaluation program may lead to Sigma’s first commercial production order from a large industry that Sigma Labs has not previously entered.
John Rice, Chairman and CEO of Sigma Labs, said, “This contract provides us with our first opportunity to demonstrate the potential of PrintRite3D® within the oil and gas industry. We look forward to working with this provider to demonstrate how the implementation of PrintRite3D® IPQA® can enable the rapid transition from R&D to industrialization of AM processes. If the Test and Evaluation program is deemed successful, we have been encouraged to complete a PrintRite3D® IPQA® system performance validation across a three heterogeneous machine network over a planned Pilot Deployment program.”
The Test and Evaluation program is designed to demonstrate the ability of Sigma’s PrintRite3D® version 4.0 to correlate input parameters to part properties and post-process characteristics that are critical to quality. Additionally, the program aims to reveal the value of implementing IPQA® in ensuring process quality with its ability to identify process defect thermal signatures.
AM applications have a broad range of uses across the oil and gas industry, including upstream, midstream and downstream oilfield services and equipment. The benefits of AM are being utilized within this industry to produce functional production parts used in a variety of downhole applications such as drilling tools, communication assemblies, and fluid measurement and control devices.
About Sigma Labs
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.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “prospects,” “outlook,” and similar words or expressions, or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company’s forward-looking statements, please see the Company’s Annual Report on Form 10-K (including but not limited to the discussion under “Risk Factors” therein) filed with the SEC on April 17, 2018 and which may be viewed at http://www.sec.gov.
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Released November 13, 2018