Cymat Corp. Management 1995 to 2002

Paul Ramsay and Richard Rusiniak are co-founders of Algae Dynamics. Prior to starting Algae Dynamics, they co-founded Cymat Corp. and built its value to over $150 million before they resigned to pursue other interests. Below you will see the history of Cymat's development.

Paul Ramsay, CEO & Richard Rusiniak, President

Under the management of Paul Ramsay and Richard Rusiniak the company spent just over $3 million to purchase and commercialize the aluminum foam production process.

  • July 1995
    Cymat Aluminum enters two agreements with Alcan granting licenses to make, use and sell Stabilized Aluminum Foam in North America
  • February 1997
    Technology Partnerships of Canada announces funding approval of up to $3.4 million for development of Aluminum Foam
  • November 1997
    Cymat Joint MIT/Industry Project-"Ultralight Metal Body Structures"- Reports on impact and crash worthiness of metallic foams in potential automotive applications
  • August 1998
    Cymat joint The Ultralight Metals Study Program consortium,-funded by The Defense Advanced Research Projects Agency and the Office of Naval Research - Report formulating data for potential defense applications
  • November 1998
    Cymat Corp. files prospectus, having raised $2.5 million in (IPO) Initial Public Offering
  • January 1999
    Cymat Corp. wins Material Connexion's 1998 Material Excellence award
  • September 1999
    Cymat Corp. commercialized aluminum Foam technology completes first production run of Aluminum Foam panels

Sources of funding:

  • 1999
    $2,460,000 raised in the issuance of share capital through a prospectus offering, $251,432 in repayable contributions received from Technology Partnership Canada, and $463,600 in loans from banks and third parties
    Total funding 1999 to commercialize $3,175,032
    Operating Expenses Revenue
    1997 $271,671 $742,190
    1998 $661,317 $2,128,281
    1999 $1,209,393 $1,111,221

New CEO, President and CFO

  • 2000
    Appointed new Chief Executive Officer and new Chief Financial Officer
  • 2000
    Paul Ramsay steps down and becomes VP business development and Richard Rusiniak steps down and becomes VP technology.
  • 2001
    Cymat Corp. completed a $17.25 million financing and listed its shares on Canada's senior stock exchange, the Toronto Stock Exchange under the symbol "CYM
  • 2002
    Paul Ramsay and Richard Rusiniak resign as officers and directors Cymat's value was over $150 million