Metamaterial deepens relationship with Covestro

Multi-Year Supply Agreement Provides Early Access to New Specialty Materials

 Metamaterial Inc. ("Company" or "META") (CSE: MMAT) a developer of high-performance functional materials and nanocomposites, today announced it has signed a three-year supply deal with Covestro Deutschland AG, which will provide early access to new photo-sensitive holographic film materials, the building block of META's holographic product. This agreement will not only allow unprecedented early access to Covestro's R&D library of photopolymer films but will accelerate META's product development and speed of innovation. Target markets include photonicsoptical filters and holographic optical elements, diffusers, laser eye protection, optical combiners, and AR (augmented reality) applications.

Covestro and META have been working successfully together for the last few years to create metaAIR ^® laser glare protection eyewear , which was launched in 2019. The product is based on the new holographic photopolymer film Bayfol ^® HX120, which was developed jointly with Covestro specifically for the optical filter application, the full case study can be found here . In eyewear, metaAIR ^® filters the light of specific wavelengths without distortion of the color spectrum and thus protects pilots while ensuring no added operational risk. The product is now available via META's global distributor SATAIR A/S , one of the world's leading distributors of aircraft equipment.

"As Covestro continues to develop important new photosensitive film materials, early access to samples will allow META to design and continue to grow a library of optimized nanostructured solutions for a range of applications" said George Palikaras, President and CEO at Metamaterial Inc. "META aims to act as the catalyst and enable our OEM customers to rapidly bring breakthrough new products to market."

Moritz Winterstein , Head of Holography at Covestro, comments, "We are excited to enter this deeper collaboration. Combining critical raw materials, such as our holographic photopolymer film Bayfol ^® HX120, with software and AI-enabled development at META will allow our joint customers to bring new products to market faster and more efficiently than before."

A more sustainable solution for a wider range of optical filters and components
META and Covestro see good opportunities to introduce new optical filters based on volume holographic optical elements (vHOE). Conventional thin film coated optical filter production involves deposition systems and a costly, slow coating process, typically using rare earth metals and scarce minerals. Encouraged to find substitutes for resource conservation META selected Covestro's raw materials as the ideal alternative. The solution is a polymer material, and a process that is more environmentally sustainable, which together enjoy a cost advantage as well. There are many potential uses, for example: to protect sensors used in ADAS and autonomous vehicle systems, in ophthalmic devices to improve back-/foreground colors in sports, and in biomedical instruments used for fluorescence and Raman spectroscopy. META's experience with Bayfol® HX120 should make it the ideal go-to-market partner for optical filter applications.

About Metamaterial Inc.

META is changing the way we use, interact and benefit from light. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and electromagnetic waves. META is currently developing new materials with diverse applications in the automotive, aerospace, consumer electronics and medical industries. META has a growing patent portfolio with three core technologies; holographic, lithographic, and wireless sensing, designed for high volume applications. META is headquartered in Dartmouth, Nova Scotia and has offices in London, UK and Pleasanton, California .

Forward Looking Information

This release includes forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which may include, but are not limited to, statements with respect to the business strategies and operational activities of the Company. Often but not always, forward-looking information can be identified by the use of words such as "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of the Company and are based on assumptions and subject to risks and uncertainties. Although the management of the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including risks regarding the ability and performance of NanoWeb, the ability of the Company to commercialize its prototypes, and the ability of the Company to expand into other uses. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events, or otherwise.

The CSE has neither approved nor disapproved the contents of this news release.

SOURCE Metamaterial Inc.

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