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California Nanotechnologies Announces Record Revenue for Fiscal 2019

  • Company announces record revenue for Fiscal 2019
  • New Orders from Large Aerospace Customer
  • Cal Nano Exhibits at Space Technology Expo

LOS ANGELES, July 02, 2019 (GLOBE NEWSWIRE) -- California Nanotechnologies Corp. ("Cal Nano" or the "Company") (TSX VENTURE: CNO/CANOF) is pleased to announce record revenues of US$749,793 for fiscal 2019, ending February 28, 2019. Cash flow provided by operations was US$93,415. This represents the highest fiscal year revenue and cash flow in the company’s history. In comparison, revenue and cash flow for the year ending February 28, 2018 were $548,575 and $36,747, respectively.  EPS were nil in F2019 and F2018. F2019 net income was down by $11,853 due to the investment and set-up for future programs. Full financial statements are available at sedar.com.

Division Spark
Plasma
Sintering
Research and
Development
Sport and
Recreation
2019 62 % 20 % 18 %
2018 66 % 21 % 13 %

The record revenue for fiscal 2019 was associated with an increase in the larger programs utilizing the company’s Spark Plasma Sintering and Cryogenic Milling technologies, the addition of over a dozen new customers, as well an increase in track spike sales in our sports & recreation division as depicted above. “SPS and cryomilling programs from US National Laboratories and from our large aerospace customer were key contributors to Cal Nano’s growth in fiscal 2019 and will continue to play a key role moving through fiscal 2020” stated CEO Eric Eyerman. In accordance with this, Cal Nano is pleased to announce that it has received over $125,000 in orders from its large aerospace customer for continued SPS and cryomilling work. 

In order to promote its Spark Plasma Sintering technology, Cal Nano exhibited at the Space Technology Expo in Pasadena, CA from May 20-22, 2019. “We were able to showcase our unique SPS capabilities to an advanced industry that uses a wide variety of materials that can be used in SPS, which will support the continued growth of Cal Nano” stated CEO Eric Eyerman.

For further information, please contact:

Eric Eyerman, CEO
T:   (562)-991-5211
E:   info@calnanocorp.com
W:  www.calnanocorp.com

Reader Advisory

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to the expected future performance of the Company. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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