Liquidmetal® Technologies Inc. (LTI) (OTCQB: LQMT), the leading developer of amorphous alloys and composites, reported results for the third quarter ended September 30, 2012.
Q3 2012 Operational Highlights
- During the quarter, the company shipped four new Liquidmetal prototype parts to customers in the industrial, medical, and aerospace industries, bringing the total number of prototypes shipped in 2012 to seven.
- LTI expanded its strategic partnership with Materion Brush, the company’s certified Liquidmetal alloy production partner, adding the expertise and customer relationships of their global sales team to LTI’s sales and marketing efforts.
- LTI engaged Nomad Sales, an independent manufacturer’s representative firm, to promote commercial applications of Liquidmetal in the aerospace, medical and industrial markets. The Nomad Sales partners each have more than 25 years of industry experience, and will leverage their relationships to promote Liquidmetal alloy in the Midwest region of the U.S.
- At quarter-end, the company’s IP portfolio included more than 50 licensed U.S. patents, with an additional 50+ patent applications pending. Its patent applications relate to the composition, processing, and application of Liquidmetal alloys.
- LTI completed a $12 million senior convertible note financing to fund additional sales and marketing initiatives focused on accelerating customer acceptance and revenue growth.
“During the third quarter of 2012, we made progress toward the continued commercialization of our revolutionary Liquidmetal technology,” said Tom Steipp, president and CEO of Liquidmetal Technologies. “We achieved several operational milestones in the quarter, including the delivery of four new prototype parts, the expansion of our sales reach through partnerships with Materion and Nomad Sales, and the shipment of our first production parts as produced by our new certified Liquidmetal manufacturing partners. We believe that we now have the resources and infrastructure in place to support continued growth of prototype parts leading to full production within our targeted applications and accounts.”