08:40 AM EDT, 07/10/2024 (MT Newswires) -- Cymat Technologies ( CYMHF ) , trading near 52 week lows, said Wednesday that its SmartMetal division has secured its first serial production order from an Asian military vehicle manufacturer to provide stabilized aluminum foam underbelly kits.

According to a statement, the initial order is comprised of 24 kits for an expected 350 kit order over three years. It said these kits are for the customer's national military fleet which totals about 700 vehicles.

Wednesday's statement noted while this order is still on a quoted-price basis, Cymat ( CYMHF ) expects to soon sign a definitive three-year supply contract. The full value of the contract is expected to be in the $4 million to $5 million range.