Meta Materials Receives $4.3 Million in Purchase Orders
HALIFAX, NS / ACCESSWIRE / September 29, 2022 / Meta Materials Inc. (the "Company" or "META®") (NASDAQ:MMAT)(FSE:MMAT), a developer of high-performance smart materials and nanocomposites, today announced that it has been awarded US$4.3 million in …
HALIFAX, NS / ACCESSWIRE / September 29, 2022 / Meta Materials Inc. (the "Company" or "META®") (NASDAQ:MMAT)(FSE:MMAT), a developer of high-performance smart materials and nanocomposites, today announced that it has been awarded US$4.3 million in purchase orders for its nano-optic security business, which provides anti-counterfeiting features for currencies and government documents and authentication for brands.
META has been executing an agreement with a maximum value of US$41.5 million over a period of up to five years with a confidential G10 central bank customer. The new purchase orders represent a base award for continued work under the multi-year agreement. The customer may elect to increase the scope of the base award with additional purchase orders.
"META is committed to being a global leader in banknote security technology. Our nano-optic technology addresses a growing, multi-billion-dollar problem by delivering next generation solutions that can be applied to protect banknotes and government documents and provide authentication for brands," said George Palikaras, President and CEO. "We are proud that our key customer continues to validate our progress with additional funding, and we are committed to continuing to advance the program."
According to a 2019 OECD report on Trends in Trade in Counterfeit and Pirated Goods, the total value of imported fake goods worldwide was about US$509 billion, or 3.3% of global trade, up from 2.5% in 2013. Despite the worldwide pandemic, the Security Printing Market is valued at US$29.8 billion and growing at a CAGR of over 4.5% during 2021 - 2026 (Source: Research and Markets report).
META's KolourOptik® technology uses award winning optical nanomaterials (also known as "plasmonic metamaterials") that combine multi-directional movement, 3D stereo-depth, high resolution, and multiple colors. KolourOptik® delivers unique visual effects that create a next level of security and visual engagement while enhancing the theme of the overall banknote.
To learn more about KolourOptik please visit this link
About Meta Materials Inc.
META® delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, high-performance, functional materials. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Our nano-optic metamaterial technology provides anti-counterfeiting security features for government documents and currencies and authentication for brands. Our achievements have been widely recognized, including being named a Lux Research Innovator of the Year in 2021. Learn more at www.metamaterial.com.