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TSX VENTURE: CNO
LOS ANGELES, Oct. 31, 2019 (GLOBE NEWSWIRE) -- California Nanotechnologies Corp. ("Cal Nano" or the "Company") is pleased to announce that revenue for the quarter ending August, 31, 2019 was $290,715, up from $175,710 in the preceding year. Cash flow provided by operations was $56,058. This represents the largest quarterly revenue and cash flow in the Company’s history. This is the second record quarterly revenue and cash flow levels achieved within the past year. The full financial statements are available at sedar.com.
The Company would like to announce new orders for over $150K involving spark plasma sintering and cryogenic milling contracts. This brings total orders in F2020 to date to $680K. This includes a program in which Cal Nano’s largest cryomilling system will be utilized for multiple batches to produce an advanced metallic material for the US government. Cal Nano will also be continuing its SPS & Cryogenic milling development work with its long-standing multi-national aerospace customer and has just begun a new SPS project with a customer in the sub-orbital spaceflight industry.
In order to promote the new advances in its spark plasma sintering & cryogenic milling technology, Cal Nano exhibited at the Materials Science & Technology conference in Portland, OR from September 30th- October 1st. “We have exhibited at this show for many years and it has been a great place to generate new customers and showcase our latest programs and new capabilities. Through this year’s event, a new customer that is a global leader in the semiconductor and solar field has already placed a PO for development work for innovative applications involving SPS,” stated Eric Eyerman, CEO of Cal Nano.
For further information, please contact:
Eric Eyerman, CEO
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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