Sigma Labs, Inc. Announces Memorandum of Understanding With Morris Technologies, Inc. Relating to The Commercialization of Sigma Labs' Printrite3D™ System for Additive Manufacturing
SANTA FE, N.M., Sept. 13, 2012 /PRNewswire/ -- Sigma Labs, Inc. (OTCBB:SGLB) announced today that it has signed a non-binding memorandum of understanding ("MOU") with Morris Technologies, Inc. (www.morristech.com) ("Morris Technologies"), a world leader in the field of Additive Manufacturing and 3D printing, which sets forth the parties intent to explore the formation of a joint venture for the purpose of commercializing Sigma Labs' PrintRite3D™ technology for the Additive Manufacturing industry. Morris Technologies is recognized worldwide for pioneering (since 1994) the manufacture of critical metal parts from CAD utilizing direct metal laser sintering, while at the same time offering great quality, capacity and capability. Presently, the 3D Printing industry, led by 3D Systems Corporation and Stratasys, Inc., is primarily making plastic parts, yet the demand for precision metal parts is increasing at a faster pace than the demand for plastic parts.
Mark Cola, President of Sigma Labs, stated, "we are pleased to have signed the MOU with Morris Technologies concerning a contemplated joint venture for the purpose of commercializing our PrintRite3D™ technology for critical applications. According to the January/February 2012 issue of MIT Technology Review, many customers of Additive Manufacturing for metal parts desire real-time quality monitoring, which our PrintRite3D™ system is designed to provide." Mr. Cola continued, "our system is also being designed to enable manufacturers to rapidly identify and correct manufacturing issues on-machine, thereby further reducing risk, cost and inspections." Greg Morris, CEO of Morris Technologies, stated "metal Additive Manufacturing and 3D Printing is a rapidly growing market that is revolutionizing the way manufacturing is presently conducted. By exploring a potential joint venture arrangement with Sigma Labs, we seek to build upon our solid reputation for high-quality and to further extend our leadership and competitive position as a trusted manufacturer of metal Additive Parts for even the most critical of applications."
Pursuant to the MOU, neither Sigma Labs nor Morris Technologies is obligated to take any action until a mutually acceptable, definitive joint venture agreement has been executed by the parties. There can be no assurance, however, that the parties will enter into a definitive agreement with respect to a joint venture.
About Sigma Labs, Inc.
Sigma Labs, Inc. comprises three wholly-owned subsidiaries, including B6 Sigma, Inc., Sumner & Lawrence Limited (dba Sumner Associates) and La Mancha Company. B6 Sigma develops advanced manufacturing solutions (e.g., PrintRite3D™ for Additive Manufacturing) and materials technologies (e.g., Advanced Reactive Materials & Structures - ARMS(R)) as well as R&D solutions for first-tier integrators like GE, Boeing, Honeywell, Pratt & Whitney, and other commercial firms around the globe. Sumner Associates and La Mancha provide high-level consultants to Federal government and commercial clients seeking productive solutions for emerging and strategic development technologies. Sigma Labs has current contracts with Federal government and private industry clients to provide high-level consultants, and develop technologies from their conception through the design, building, and testing of prototype systems by integrating sensing, software, materials and manufacturing technology risk-reduction solutions. Visit Sigma Labs at www.sigmalabsinc.com.
This news release contains forward-looking statements that reflect Management's current views about future events and financial performance. Forward-looking statements often contain words such as "expects," "anticipates," "intends," "believes" or "will." Our forward-looking statements are subject to a number of risks and uncertainties that may cause actual results and events to differ materially from those projected in the forward-looking statements. Risks and uncertainties that could adversely affect us include, without limitation, the loss of major customers, our failure to obtain new contracts, our inability to patent products or processes, our infringement of patents held by others, our inability to finance our business and the other risks and uncertainties that are discussed in our most recent filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. The forward-looking statements in this news release are made only as of the date of this news release. We undertake no obligation to update our forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Sigma Labs, Inc.
Released September 13, 2012