Meta Materials Receives $6.2 Million in New Purchase Orders from Its G10 Central Bank Customer

HALIFAX, NS / ACCESSWIRE / September 27, 2023 / Meta Materials Inc. (the "Company" or "META") (NASDAQ:MMAT), a global leader in advanced materials and nanotechnology, today announced that it has been awarded $6.2 million in new purchase orders from its confidential G10 central bank customer for its authentication, nano-optic security business, which provides anti-counterfeiting features for currencies and government documents and authentication for brands.

META has been executing on a multi-year frame agreement with a maximum value of US$41.5 million over a period of up to five years with a confidential G10 central bank customer. The new purchase orders bring the total orders received by META to approximately $22.7MM for continued work under the agreement. The customer may elect to award additional purchase orders to increase the scope of this award.

"META's authentication business unit continues to make excellent progress on this strategic program to develop a unique new security feature for a future banknote," said Alan Newman, Chief Product Officer for Authentication, Managing Director Banknote & Authentication Division at META. "We are very pleased to receive these new funds, which will help to accelerate our industrialization of this exclusive technology. Authentication is one of our core markets, and with the recent launch of QUANTUM™ stripe we are quickly broadening our commercial presence."

QUANTUM™ stripe leverages META's expertise in nanotechnology and metamaterials. Its customizable effects are intended to help central banks and governments protect the public from currency counterfeiters and counterfeit-related economic losses. Limitless in design, the QUANTUM™ stripe is readily integrated into banknotes with industry-standard processes and equipment, providing a captivating and intuitive experience that is both easy to authenticate and difficult to replicate.

Cash plays an essential role in most economies, accounting for over $7.6 trillion in global consumer spending in 2022, according to the 2023 Global Payments Report. Cash also plays a significant role in financial inclusion, especially for the 1.7 billion unbanked individuals globally according to the IMF Finance and Development report from September 2023. This part of the population often lacks access to traditional banking systems and digital financial services, therefore cash bridges this gap by offering a tangible medium for transactions, savings, and financial independence. It empowers these individuals to participate in the economy, receive wages, and access essential services like healthcare and education. Additionally, cash transactions provide privacy and security, reducing the risk of fraud and identity theft. Recognizing cash's role is crucial in the pursuit of financial inclusion.

About Meta Materials Inc.

Meta Materials Inc. (META) is an advanced materials and nanotechnology company. We develop new products and technologies using innovative sustainable science. Advanced materials can improve everyday products that surround us, making them smarter and more sustainable. META® technology platforms enable global brands to develop new products to improve performance for customers in aerospace and defense, consumer electronics, 5G communications, batteries, authentication, automotive and clean energy. Learn more at www.metamaterial.com.

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Forward Looking Information

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SOURCE: Meta Materials Inc.