Meta Materials and PPG Announce Plans to Develop Electrochromic Applications for Ophthalmic Optics in the Extended Reality Market

HALIFAX, NS / ACCESSWIRE / May 31, 2022 / Meta Materials Inc. ("META®") (NASDAQ:MMAT)(FSE:MMAT), a developer of high-performance functional materials and nanocomposites, and PPG (NYSE:PPG) (together with META, the "Companies"), a global paint, coatings and specialty materials manufacturer, today announced a memorandum of understanding ("MOU") to develop new ophthalmic smart devices primarily for extended reality (XR) applications. The collaboration focuses on developing dynamic dimming functionality of META's NANOWEB® transparent conductive film combined with PPG electrochromic gels and META's ARfusion™ platform.

"PPG has a proven track record of pioneering solutions for the ophthalmic industry and the prescription eyeglass wearing public for more than 50 years," said George Palikaras CEO of META. "PPG is a trusted supplier, and we are excited to expand our collaboration by adding PPG's high-performance chemistries that perfectly complement our unique ARfusion™ platform and deliver dynamic optics to our growing list of customers."

PPG and META believe that the XR market, which is an umbrella term that covers virtual reality (VR), augmented reality (AR), and mixed reality (MR) applications, can become more viable with more easily cured high index, multi-functional and lightweight smart lenses. Utilizing META's ARfusion™ proprietary technology with ultraviolet (UV) light for curing, the collaboration aims to optimize PPG's electrochromic gel in combination with PPG's UV-curable optical monomers to deliver enhanced dynamic dimming functionality for XR eyewear. These materials are being combined for the first time and are expected to lead to more cost-effective and sustainable manufacturing, benefiting all points in the supply chain, from manufacturer to consumer.

"A key challenge for XR eyewear developers is to overcome high-brightness ambient lighting, such as outdoors on a sunny day," said Jonathan Waldern, CTO of META. "Ramping up display power in these settings greatly shortens battery life. Dynamic dimming should enable a more readable display with more efficient power use."

META's ARfusion™ technology combines UV precision cast lens fabrication tools with functional materials to provide XR wearable developers with a one-stop-shop platform for seamlessly integrating smart technologies into thin, lightweight lenses.

"META has the capabilities and resources to lead the development and integration of highly functional materials in smart prescription lenses," said Ray Hudack, PPG senior marketing manager, Optical Materials and Coatings. "PPG has extensive experience and IP related to the development, formulation, and application of electrochromic formulations. Together, we aim to develop new ways to advance the next generation ophthalmic optics with new functionality. Through this initiative, we see an opportunity to bring a superior solution to developers of AR/XR smart eyewear and other applications."

The Companies will jointly participate in customer demonstrations at the AWE USA show, June 1-3 at the Santa Clara Convention Center in California (Booth 219).

PPG: WE PROTECT AND BEAUTIFY THE WORLD™

At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for nearly 140 years. Through dedication and creativity, we solve our customers' biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 75 countries and reported net sales of $16.8 billion in 2021. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.

About Meta Materials Inc.

META® delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, highly functional materials. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Our nano-optic technology provides anti-counterfeiting security features for government documents and currencies and authentication for brands. Our achievements have been widely recognized, including being named a Lux Research Innovator of the Year in 2021. Learn more at www.metamaterial.com.

Forward Looking Information

This press release includes forward-looking information or statements within the meaning of Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, regarding the Companies, which may include, but are not limited to, statements with respect to the business strategies, product development, expansion plans and operational activities of each Company . Often but not always, forward-looking information can be identified by the use of words such as "pursuing", "potential", "predicts", "projects", "seeks", "plans", "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", "should", "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 each Company and are based on assumptions and subject to risks and uncertainties. Although the management of each 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, the capabilities of each Company's facilities and the expansion thereof, research and development projects of each Company, the market potential of the products of each Company , the market position of each Company, the scalability of each Company's production ability, capacity for new customer engagements, material selection programs timeframes, the ability to reduce production costs, enhance metamaterials manufacturing capabilities and extend market reach into new applications and industries, the ability to accelerate commercialization plans, the possibility of new customer contracts, the continued engagement of each Company's employees, the technology industry, market strategic and operational activities, and each Company's management's ability to manage and to operate its business. More details about these and other risks are discussed in META's and PPG's periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the sections entitled "Risk Factors" in META's and PPG's Annual Reports on Form 10-K for the year ended December 31, 2021 and subsequent Quarterly Reports on Form 10-Q, which are available on SEC's website at www.sec.gov. Although the Companies have 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 Companies do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by law.

We protect and beautify the world is a trademark and the PPG Logo is a registered trademark of PPG Industries Ohio, Inc.

ARfusion, NANOWEB and META are registered trademarks of Meta Materials.

Media Inquiries

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Meta Materials Inc.
media@metamaterial.com

Brande Juart
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PPG
juart@ppg.com

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SOURCE: Meta Materials Inc.