Sigma Labs may not be the only provider of quality control software out there, but they’re certainly one of the biggest, with an impressive list of high-profile clients that have subscribed to their ever-expanding PrintRite3D process monitoring software for metal additive manufacturing. This week, the company announced that they are joining forces with Morf3D, an additive manufacturing product developer based in El Segundo, California.
Morf3D offers a number of consulting and manufacturing services including conceptualization, optimization, metallurgical examination, certification and data analysis. Their additive manufacturing services include direct metal laser sintering and electron beam melting in a variety of metals including aluminum, titanium, Inconel and stainless steel. With PrintRite3D, they’ll be able to augment those services and help their additive manufacturing customers increase their rates of production while maintaining consistent part quality.
“This partnership with Sigma Labs is a critical step towards accelerating our vision of operating as a strategic supplier-partner while meeting the high quality demands of our aerospace customers,” said Morf3D CEO Ivan Madera. “Sigma Labs’ proprietary PrintRite3D software will enable us to have a unique competitive advantage with In-Process Quality Assurance and deliver game-changing performance for end use aerospace components. We strongly believe that our combined expertise and capabilities can help the industry more rapidly advance and grow the entire addressable market in tandem.”
The partnership will go beyond Morf3D’s use of PrintRite3D; the two companies will also be working together on a number of additive manufacturing projects. While details of the contracts have not been released, Sigma Labs expects that the agreements that have been signed will result in significant revenue in 2017.
Speaking of revenue, Sigma Labs also announced that their common stock and warrants have been approved for listing on the NASDAQ Capital Market. As of February 15, the company’s common stock ceased trading on the OTCQB Venture Market, and their common stock and warrants began trading on the NASDAQ Capital Market under the ticker symbols SGLB and SGLBW, respectively.
“With increased emphasis on quality and precision manufacturing for high-tolerance parts, we firmly believe that the ongoing success of 3D printing for metal parts will be highly dependent upon the quality assurance procedure used, such as Sigma’s PrintRite3D® methodology,” Mark Cola, CEO of Sigma Labs, told 3DPrint.com. “Sigma and Morf3D are working together to implement PrintRite3D® to ensure aerospace customers utilizing additive manufacturing have consistent part quality and high-yield production rates. As such we believe Sigma will see a meaningful amount of additional revenue from this strategic partnership beginning in 2017.”
The transition comes as Sigma Labs announces the closing of their previously announced underwritten public offering of 1,410 units. Each unit consists of one share of the company’s common stock and one warrant to purchase one share of common stock. Dawson James Securities, Inc., which acted as the sole underwriter, exercised the over-allotment option, which covered additional warrants to purchase up to 211,500 additional shares of common stock.
The offering resulted in gross proceeds of about $5.8 million to Sigma Labs, before the deduction of underwriting discounts, commissions and other offering expenses. The shares and warrants were offered by Sigma Labs pursuant to a registration statement filed with the Securities and Exchange Commission (SEC). A final prospectus was filed with the SEC and can be accessed on the commission’s website, or can be requested by mail by contacting Dawson James: 1 N. Federal Hwy; Suite 500, Boca Raton, FL 33432, ATTN: Prospectus Department. Discuss in the Sigma Labs forum at 3DPB.com.
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