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LOS ANGELES, April 01, 2019 (GLOBE NEWSWIRE) -- California Nanotechnologies Corp. ("Cal Nano" or the "Company") (TSX-V:CNO) is pleased to announce that revenue for the fiscal year ending February 28, 2019 was approximately US$755,000. This represents an approximate increase over F2018 revenue (of US$548,000) of over 37%. This increase of over US$200,000 is the largest annual revenue increase in the Company’s history.
The Company is anticipating sustained growth in F2020 with a continuing strong emphasis in Spark Plasma Sintering (SPS) as well as the Cryogenic Milling area. The aerospace and electronics industries are expected to see the largest production increases in the SPS technology area. Keeping with our heritage of closely working with our sister company Omni-Lite, Cal Nano has begun a collaborative internal development on applying SPS technology to make a superior version of a commercial electronics component. The application involves directly bonding multiple very dissimilar materials together for improved electrical & thermal performance. In Cryogenic Milling, the Company has submitted a preliminary proposal to DoD Rapid Innovations Fund for large-scale funding to fully develop its patented continuous cryomilling system. “This system would give us the ability to manufacture ultra-high performance cryomilled materials in a safe and cost effective manner which was previously not possible” said CEO Eric Eyerman. A patent on this process was awarded to the Company in mid-2018.
In pursuit of its goal of continued growth, Cal Nano will be exhibiting at the Ceramics Expo 2019 Conference in Cleveland, OH from April 29 - May 1, 2019. “The Company will be showcasing its latest developments in sintering and bonding ceramic materials using our SPS technology as well as meeting with key customers in the ceramics industry” said SPS manager Brian Weinstein.
As a cost saving measure, the Company has decided to remove itself from the OTCQB marketplace for the upcoming fiscal year. The Company’s shares will remain fully tradeable on the TSX Venture Exchange.
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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.
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