Company Receives Initial Order for Two PrintRite3D Systems
SANTA FE, NM / ACCESSWIRE / December 15, 2021 / Sigma Labs, Inc. (NASDAQ:SGLB) ("Sigma Labs"), a leading developer of quality assurance software to the commercial 3D printing industry, today announced that it has expanded its PrintRite3D® in-process quality assurance solution to support selective laser sintering ("SLS") polymer manufacturing and received a purchase order for two PrintRite3D systems which have been shipped to the customer.
"Sigma Labs' PrintRite3D in-process quality assurance system now provides a consistent way to monitor production real-time across 3D printers from different manufacturers, supporting different processes, and now multiple types of materials," said Mark Ruport, President and CEO of Sigma Labs. "Sigma Labs believes this breakthrough will enable large global manufacturers to manage the quality and consistency of parts manufactured in-house, by contract manufacturers, and throughout their supply chain. Although at this stage the size of the market opportunity for Sigma is difficult to quantify, the initial order for two PrintRite3D systems is a fantastic first step into the polymer segment of the market and demonstrates the need to ensure the quality and consistency of 3D printed parts."
SLS, a laser powder bed process, is an established technology with high material throughput, and functionality that aligns with production applications in regulated industries. The demand for Sigma Labs' PrintRite3D technology comes from a need to support SLS customer production requirements and growing marketplace demand for real-time in-process quality assurance in additional material types. The enhanced PrintRite3D software will translate the in-process signatures from SLS radiated emissions, allowing for real-time monitoring of the polymer prints. This will provide end users and original equipment manufacturers (OEMs) with the ability to monitor production and to rapidly detect and identify anomalies and defects, delivering greatly improved quality assurance.
The industrial polymer market is estimated to be about 2.5 times the size of its metal equivalent, according to AMPOWER, one of the worldwide leading independent consultancies focusing on industrial Additive Manufacturing. Approximately 35% of the industrial polymer 3D printers are sold in the United States, with more than 50% of total revenue earned by powder bed fusion suppliers and is expected to grow seven-fold by 2025. Global Market Insights, a market research company, states, "3D printing polymers market share is being significantly propelled by the rising product adoption across myriad industries including healthcare, locomotive, automotive, and aviation."
About Sigma Labs
Sigma Labs Inc. is a leading provider of in-process quality assurance (IPQA™) software to the additive manufacturing industry. Sigma Labs specializes in the development and commercialization of real-time monitoring solutions known as PrintRite3D® for 3D metal and polymer advanced manufacturing technologies. PrintRite3D detects and classifies defects and anomalies real-time during the manufacturing process, enabling significant cost-savings and production efficiencies. Sigma Labs believes its software product will be a major catalyst for the acceleration and adoption of industrial 3D printing. For more information, please visit www.sigmalabsinc.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs such as "will," "should," "would," "may," and "could" are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are risks relating to, among other things, market and other conditions, Sigma Labs' business and financial condition, the extent of the market's acceptance of PrintRite3D version 7.0, and Sigma Labs' ability to develop new business relationships and successfully commercialize its PrintRite3D product in the 3D printing polymers market, the speed and extent of anticipated growth in the global market for 3D printing plastic and photopolymer materials, Sigma Labs' ability to satisfy its capital needs through increasing its revenue and obtaining additional financing, and the impact of COVID-19, general economic, industry or political conditions in the United States or internationally. Sigma Labs disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact Sigma Labs' forward-looking statements, please see disclosures contained in Sigma Labs' public filings with the SEC, including the "Risk Factors" in Sigma Labs' Annual Report on Form 10-K, and which may be viewed at www.sec.gov.
Executive Vice President
MZ Group - MZ North America
Sigma Internal IR
SOURCE: Sigma Labs, Inc.