Sigma Labs Wins Phase II DARPA Contract with Honeywell
SANTA FE, N.M., Nov. 3, 2014 /PRNewswire/ -- Sigma Labs, Inc. (OTCQB: SGLB) ("Sigma Labs" or the "Company"), a developer of advanced, in process, non-destructive quality inspection systems for metal-based additive manufacturing and other advanced manufacturing technologies, today announced that it has received a contract from Honeywell Aerospace as part of a Defense Advanced Research Project Agency (DARPA) Phase II award; Phase I work was completed earlier in 2014. The DARPA program's goal is to develop an Integrated Computational Material Engineering (ICME) framework to accurately predict the properties of metal components produced using additive manufacturing. Phase II work is expected to begin in the fourth quarter and run through mid-2016, with a total award value to Sigma Labs of approximately $0.5 million.
"We are pleased to have been selected for this follow-on contract with Honeywell as part of a Phase II DARPA award," said Mark Cola, President and Chief Executive Officer of Sigma Labs. "Having successfully completed the Phase I piece of the program earlier this year, we look forward to working with Honeywell and its team to further demonstrate our PrintRite3D® technology for precise metal manufacturing applications. Through this award we will have additional opportunities to showcase our unique software and help develop a standardized, rapid-qualification approach to metal 3D printing, potentially leading to faster commercialization of our cutting-edge technology."
DARPA participates in the U.S. Small Business Innovation Research (SBIR) program, established by Congress. Phase II awards are intended to result in deliverable prototypes ready for commercialization. Additional information can be found at: http://www.darpa.mil/opportunities/sbir_sttr/sbir_program.aspx.
About Sigma Labs, Inc.
Sigma Labs, Inc., through its wholly-owned subsidiary B6 Sigma, Inc., develops and engineers advanced, in-process, non-destructive quality inspection systems for commercial firms worldwide seeking productive solutions for metal-based additive manufacturing or 3D printing, and other advanced manufacturing technologies. For more information please visit us at www.sigmalabsinc.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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, uncertainties and assumptions that could adversely affect us, including the risks set forth in our most recent annual report on Form 10-K and documents subsequently filed by the Company with the Securities and Exchange Commission. The forward-looking statements in this press release are made only as of the date of this press 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 November 3, 2014