SANTA FE, N.M., April 26, 2011 /PRNewswire/ -- Sigma Labs, Inc. (OTCBB: SGLB.OB) announced today that it was awarded on March 23, 2011, a Phase I Small Business Innovation and Research (SBIR) contract by the US Navy for rapid qualification of parts made using Direct Digital Manufacturing (DDM).
Mark Cola, President of Sigma Labs, stated, "We are pleased to receive this contract, which will generate up to $150,000 in revenues, as it enhances our current US Air Force Phase II SBIR contract that we expect to complete in 2011 and will generate up to $750,000 in revenues. The US Navy contract extends our IPQA technology and will allow us to focus on developing and deploying a product into this fast-growing market segment."
Richard Mah, CEO of Sigma Labs, added, "DDM has come a long way since we initiated early developments in the 1980s at Los Alamos. Within a few years, we believe that parts will go directly from computer models to physical hardware, and onto aircrafts faster and more reliably than ever before. We are pleased to be a key part of this significant development in manufacturing."
About Sigma Labs, Inc.
Sigma Labs, Inc. comprises leading scientists and engineers from Los Alamos National Laboratory with over 75 years of combined industrial R&D experience and has become a developer of manufacturing and materials technologies and an important R&D provider to first-tier integrators, including Boeing, Honeywell, and Pratt & Whitney, as well as to commercial firms within the United States and internationally. Sigma Labs, Inc. currently has contracts with both the federal Government and private industry to develop technologies from their conception through the design, building, and testing of prototype systems. Sigma Labs, Inc. is aggressively designing and developing innovative sensing, software products, materials technologies and other unique manufacturing quality assurance solutions for the federal Government and our commercial clients. 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 Report on Form 8-K that was filed in connection with the transaction we recently completed with B6 Sigma. 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.