SANTA FE, N.M., March 14, 2013 /PRNewswire/ -- Sigma Labs, Inc. (OTCBB: SGLB) announced today that it has signed a Memorandum of Understanding (MOU) with Interactive Machines, Inc. (IMI) of Southwick, Massachusetts. The MOU sets forth the parties' intent to explore the formation of a joint venture or other arrangement for the purpose of developing and commercializing next-generation 3D Printing devices designed to produce an increased output of up to 10X over currently available 3D metal printing machines. The parties intend to enter into definitive agreements before the end of the second quarter of 2013. Demonstration of the prototype is planned for introduction during the third quarter of 2014, subject to the parties obtaining adequate financing to implement a business plan. It is anticipated that Sigma Labs would have worldwide, exclusive manufacturing and marketing rights to the device, and that Interactive Machines would own the intellectual property and receive a royalty from Sigma Labs for the use of its production technology.
Interactive Machines is an innovator in advanced manufacturing technology and has designed and built custom manufacturing solutions for Fortune 50 defense, aerospace, and semiconductor clients around the world. The complementing areas of expertise of the two companies will be important in creating a unique machine that is designed to significantly outperform existing 3D metal printing devices in terms of deposition rate while maintaining requisite part quality. Mark Cola, President and Chief Executive Officer of Sigma Labs, stated that "upon completion of the prototype, we expect to immediately showcase the machine to potential buyers, thereby enabling our team of companies to offer a new and unique production technology to the additive metals manufacturing market." Frank Yopak, President of Interactive Machines, stated, "I believe that the market for such a system is significant, as most users of 3D metal equipment are currently limited by slower production rates and lower overall machine productivity."
Pursuant to the MOU, neither Sigma Labs nor IMI is obligated to take any action until mutually acceptable, definitive agreements have been executed by the parties. There is no assurance that the parties will be able to enter into the definitive agreements on the terms proposed, or on any other terms.
About Sigma Labs, Inc.
Sigma Labs, Inc. has three wholly-owned subsidiaries – B6 Sigma, Inc., Sumner & Lawrence Limited (dba Sumner Associates) and La Mancha Company. B6 Sigma develops advanced manufacturing solutions and materials technologies, as well as R&D solutions for first-tier integrators and other commercial firms worldwide. 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. 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. 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.