Sigma Labs Awarded Phase 2 RTE Contract by Global Energy Technology Company
Leading Global Energy Technology Provider Begins Final Phase of Rapid Test and Evaluation Program
SANTA FE, NM / ACCESSWIRE / November 13, 2019 / Sigma Labs, Inc. (NASDAQ:SGLB) ("Sigma Labs"), a leading developer of quality assurance software for the commercial 3D printing industry, has been awarded a Phase 2 RTE contract by a leading global energy technology company, for the pilot deployment of PrintRite3D® in-process quality assurance software, following a successful Phase 1 completion of the rapid test and evaluation (RTE) program.
The two-machine contract award announced today with a provider of solutions for energy and industrial customers worldwide is Phase 2 of the rapid test and evaluation program, the final validation phase. A successful Phase 2 RTE program could result in a material commercial order from the respective customer integrating PrintRite3D® into dedicated production machines.
The Phase 2 RTE customer provides technology and services that enable oil and gas companies in over 120 countries to deliver safe, affordable energy to the world. The company's technology helps create value by developing new ways to help customers improve well construction efficiency, integrating technology and services to develop new solutions that accelerate and optimize hydrocarbon production, and researching new ways to increase ultimate recovery.
"The conversion from our initial test and evaluation program to the Phase 2 pilot rollout is a testament to the traction our enabling technology is garnering in the additive manufacturing industry," said John Rice, Chairman and Chief Executive Officer of Sigma Labs. "We look forward to working with this well-respected industry leader known for their innovative technology and superior service to drive improved and serial printing quality on their production lines. Sigma will also be providing more transparency on this customer and others in the program on our third quarter financial results conference call on Thursday, November 14th at 4:30 pm Eastern time," concluded Rice.
About Sigma Labs
Sigma Labs, Inc. (NASDAQ:SGLB) is an emerging provider of quality assurance software to the commercial 3D printing industry under the PrintRite3D® brand. Founded in 2010, Sigma is a software company that specializes in the development and commercialization of real-time computer aided inspection (CAI) solutions known as PrintRite3D® for 3D advanced manufacturing technologies. Sigma Labs' advanced computer-aided software product revolutionizes commercial additive manufacturing, enabling non-destructive quality assurance mid-production, uniquely allowing errors to be corrected in real-time. For more information, please visit 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 1, 2019 and which may be viewed at www.sec.gov.
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Released November 13, 2019