California Nanotechnologies Announces Fiscal Year 2019 Revenue and Outlook for Fiscal Year 2020
-- F2019 revenue approximately $755,000 -- Cal Nano awarded Cryogenic Milling Patent -- Cal Nano to exhibit at Ceramics Expo 2019
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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