Sigma Labs Issues CEO Letter
Global Acceleration of 3D Metal Printing, Recent Funding and Newly Added Resources Position Company to Leverage Worldwide Distribution Partnerships
SANTA FE, NM / ACCESSWIRE / January 28, 2021 / Sigma Labs, Inc. (NASDAQ:SGLB) ("Sigma Labs" or the "Company"), a leading developer of quality assurance software for the commercial 3D metal printing industry, has issued a shareholder letter from its President and CEO Mark K. Ruport.
Dear Fellow Shareholders,
2020 was an incredibly taxing year for everyone, and we hope that you were able to take some time during the holidays to spend it directly or virtually with your family and friends. It was a year that was dominated by the global COVID-19 pandemic and its effects, short-term and long-term, on the economy, our industry and Sigma Labs. Despite these challenges, and the previously discussed impact on our short-term revenue, we executed our plan and achieved almost every major milestone we established going into the year, positioning the Company for what we believe will be a successful and exciting future.
According to Statista, the global 3D printing products and services market is expected to grow at a compounded average growth rate of 26.4% to surpass $40 billion by 2024. Among the fastest growing services for a specific material type are metals and metal alloys. The World Economic Forum has identified Supply Chain 4.0 and Additive Manufacturing (AM), or 3D printing, as two technologies that will accelerate due to the worldwide pandemic. Recent surveys have shown that over 85% of the world's largest manufacturers will increase their spending on AM in 2021.
We enter 2021 ready to meet the increasing demand predicted by Statista and others as 3D metal printing goes from prototyping to full industrialization by leveraging the following 2020 major accomplishments:
- Global agreements with DMG MORI, Additive Industries and Materialise.
- Strengthened balance sheet.
- Expanded PrintRite3D® Product Line including PrintRite3D®Lite and PrintRite3D® DED.
- PrintRite3D® technology validated by new contracts with major universities, global manufacturers, 3D printer OEMs and AM software companies.
- Additional patents to protect our Intellectual Property and first mover advantage.
We also begin the year with an expanded team to support our partnerships. In addition to newly added resources in Europe, which include both engineering and field technical resources, I am pleased to announce the newest additions to our North American team:
- Scott Hill - Director of Sales Western United States - Leveraging over 20 years in the AM industry, Scott is an accomplished sales professional and a respected industry veteran with experience building strategic relationships and selling 3D hardware and services. Scott has both large company and startup experience and has managed complex sales cycles in the automotive, aerospace, medical device and industrial products industries.
- Carl Thompson - Director of Sales Eastern United States - With over 13 years of sales management experience in AM, Carl is experienced at working with the Department of Defense and federal contractors. He has working knowledge of product design, product development, metrology, and most manufacturing and finishing processes.
Both individuals will report to Ron Fisher, VP Business Development, and will work with Steve Immel, Sr. Director Sales who joined Sigma Labs in mid-2020 and has experience working in the medical devices, university and aerospace industries.
Looking forward to 2021
We will continue to innovate and evolve our technology, execute on our sales and marketing plan, and build what we believe to be a word-class team to support our customers and partners to meet the growing demands of the market. Following are the milestones that you should measure our progress against in the coming year:
- Expanded sales of PrintRite3D® through our partnerships with DMG MORI and Additive Industries.
- Increased direct sales of PrintRite3D to global end-user manufacturers, universities and R&D organizations.
- New and expanded strategic partnerships with 3D printer OEMs, software companies, and integrators.
- Continued collaboration with international standards organizations to ensure alignment.
- Further protection of our intellectual property through continued execution of our comprehensive patent strategy.
- Initial PrintRite3D® Lite and PrintrRte3D® DED product revenue.
Our plan is in place and we have proven that we can execute, even in difficult times. Now, with the wind at our back, the foundation that we built in 2020 provides a springboard from which we expect to launch the Company into an era of technical and thought leadership, radical collaboration with our customers and partners, increased revenue growth, and shareholder value.
I look forward to providing additional updates during our year-end conference call in March. May you remain safe, healthy and prosperous.
Mark K. Ruport
President and CEO
2020 Major Accomplishments (as previously announced)
Worldwide Partnerships with 3D Printer OEMs
- Sigma Labs and Additive Industries Announce MetalFAB1 Industrial 3D Printer Certified as PrintRite3D Ready
- Sigma Labs and DMG MORI Announce Worldwide Agreement and Initial Joint Customer
Global Manufacturers Acquiring PrintRite3D®
- Sigma Labs Awarded Contract by Major Oil and Gas Services Company
- Sigma Labs Awarded Contract by Mitsubishi Heavy Industries
Research and Development and Universities Advanced Manufacturing Partnership
- Sigma Labs Awarded Contract with Mississippi State University Center for Advanced Vehicular Systems
- Sigma Labs to Implement In-Process Quality Assurance (IPQA) at Northwestern University
Expanding PrintRite3D's Addressable Market Opportunity
- Sigma Labs Awarded Contract from Coherent for its New PrintRite3D Lite In-Process Quality Assurance System
- Sigma Labs Launches PrintRite3D Production Series
- Sigma Labs Expands Market Opportunity and Announces PrintRite3D for Directed Energy Deposition (DED) Additive Machines
Expanding our Market Reach with Strategic Partnerships
- Sigma Labs and Materialise Enter into Joint Sales Agreement to Commercialize Newly Integrated PrintRite3D Quality Assurance Technology with Materialise Control Platform
- Sigma Labs and IN4.OS Announce Strategic Alliance for Factories of the Future
- Sigma Labs Selects Excel3D Advanced Technologies as Preferred Reseller in India
Protecting Sigma Labs' Intellectual Property
- Sigma Labs Awarded Two U.S. Patents for its 3D Printing Quality Assurance Software
Strengthened our Management Team
- Executive Chairman Mark K. Ruport Appointed as President and Chief Executive Officer
- Sigma Labs Appoints Steve Immel as Senior Director of Business Development, North America
You can read more details about these accomplishments here.
About Sigma Labs
Sigma Labs Inc. is a leading provider of in-process quality assurance (IPQA®) software to the additive manufacturing industry. Sigma Labs specializes in the development and commercialization of real-time monitoring solutions known as PrintRite3D® for 3D metal advanced manufacturing technologies. PrintRite3D detects and classifies defects and anomalies real-time during the manufacturing process, enabling significant cost-savings and production efficiencies. Sigma Labs believes its software product will be a major catalyst for the acceleration and adoption of 3D metal printing. 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. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are risks relating to, among other things, market and other conditions, Sigma Labs' business and financial condition, Sigma Labs' ability to satisfy its capital needs through increasing its revenue and obtaining additional financing, and the impact of COVID-19, general economic, industry or political conditions in the United States or internationally. 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 disclosures contained in Sigma Labs' public filings with the SEC, including the "Risk Factors" in Sigma Labs' Annual Report on Form 10-K, and which may be viewed at www.sec.gov.
Sigma Internal IR
SOURCE: Sigma Labs, Inc.
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Released January 28, 2021