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California Nanotechnologies Announces Q1/FY2020 Results

1031 Days ago

  • Company announces revenue of $130K for Q1/FY2020
  • Large Cryomilling & SPS Program for US National Lab

LOS ANGELES, Aug. 01, 2019 (GLOBE NEWSWIRE) -- California Nanotechnologies Corp. ("Cal Nano" or the "Company") would like to announce revenues of US$130,043 for Q1 fiscal 2020, ending May 31, 2019. In comparison, Q1 2018 revenue was US$182,549. EPS were nil in Q1 F2019 and Q1 F2018. Full financial statements are available at sedar.com.

Division Spark
Plasma Sintering
Research and Development Sport and Recreation  
2019 49 % 30 % 21 %  
2018 78 % 1 % 21 %  

The revenue decline in Q1 fiscal 2020 was associated with the delay of programs from a number of customers including the large aerospace manufacturer and US National Lab. “The completion of these programs has been pushed to Q2/Q3 fiscal 2020 which has resulted in a lower than expected revenue for Q1. As we continue to complete these projects and move onto the next phases, the upcoming quarters are expected to improve,” stated CEO Eric Eyerman.

The Company is currently working on a large cryogenic milling program with a US National Lab that involves developing nearly 2 dozen specialty alloy materials for energy applications. The program involves a variety of cryomilling, SPS, custom Electrical Discharge Machining and material testing which will be completed within Q2. Along with this work, the Company has also been involved in using SPS to sinter transparent Spinel materials for potential military applications. Spinel is a special ceramic material that is significantly tougher, stronger and harder than glass.

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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