•Q3 Revenue approximately $260,000 US •Nine month revenue approximately $465,000 US •New COO appointed
LOS ANGELES, Dec. 01, 2016 (GLOBE NEWSWIRE) -- California Nanotechnologies Corp. (TSX VENTURE:CNO) (“Cal Nano” or the “Company”) is pleased to announce record quarterly revenue of approximately $260,000 US for the period of September 1 st , 2016 to November 30 th , 2016, an increase of 81% from the prior period. Revenues for the fiscal year to date are approximately $465,000 US. This is an increase of 41% from the prior period. For the nine month period, 57% of these revenues are in the Spark Plasma Sintering (“SPS”) division, 25% are in the Sports and Recreational division, and 18% are in the Research and Energy division.
In order to best support Cal Nano’s growing base of Fortune 500 customers, while providing additional sustainable long term revenues, the Company is in the final stages of evaluating the purchase of a large SPS sintering and consolidation system. This unique technology will allow the Company to manufacturer near-net shape parts at a diameter eight times larger than its current system and will provide a critical capability to support large production programs as required by the new microchip manufacturing customer and other large high tech component designers and fabricators. “As a cousin to 3D printing, the field of SPS continues to grow rapidly worldwide and this large machine will greatly aid our ability to provide commercial products on a sustainable basis,” stated COO, Eric Eyerman. “Also of particular note, the company is making steady progress on the development of the technology required in the program for the major microchip manufacturer.”
The Company is proud to announce the promotion of Eric Eyerman to chief operating officer effective December 1st, 2016. Eric is a chemical engineer from Rutgers University in New Jersey.
For further information, please contact: Mr. Mikel Damke, Executive Assistant to the CEO Tel. No. (403) 660-7770, or (888) 660-7770 Email: m.damke@omni-lite.com Website: www.calnanocorp.com
For further information, please contact: Mr. David Grant CEO and Interim CFO Tel. No. (562) 404-8510 or (800) 577-6664 Fax. No. (562) 926-6913, Email: d.grant@omni-lite.com Website: www.calnanocorp.com
Except for historical information contained herein this document contains forward-looking statements. These statements contain known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
