The parties intend to enter into definitive agreements before the end of the second quarter of 2013.
Demonstration of the prototype is planned for introduction during the third quarter of 2014, subject to the parties obtaining adequate financing to implement a business plan. It is anticipated that Sigma Labs would have worldwide, exclusive manufacturing and marketing rights to the device and that Interactive Machines would own the intellectual property and receive a royalty from Sigma Labs for the use of its production technology.
The complementing areas of expertise of the two companies will be important in creating a unique machine that is designed to significantly outperform existing 3D metal printing devices in terms of deposition rate while maintaining requisite part quality. Mark Cola, president and chief executive officer of Sigma Labs, stated that "upon completion of the prototype, we expect to immediately showcase the machine to potential buyers, thereby enabling our team of companies to offer a new and unique production technology to the additive metals manufacturing market."
Frank Yopak, president of Interactive Machines, stated, "I believe that the market for such a system is significant, as most users of 3D metal equipment are currently limited by slower production rates and lower overall machine productivity."