CALIFORNIA NANOTECHNOLOGIES ANNOUNCES RECORD QUARTERLY REVENUE FOR Q3/F2019
Created at :
Dec 14, 2018
TSX VENTURE: CNO
LOS ANGELES, CALIFORNIA, December 14, 2018 - California Nanotechnologies Corp. ("Cal Nano" or the "Company") is pleased to announce revenues of US$230,918 for Q3/F2019 ending November 30, 2018. This is an increase of 46% compared to Q3/F2018 and represents a record quarterly revenue for the Company. In the nine months ending November 30, 2018, revenues increased by 67% to US$588,637, compared to US$351,650 during the same period last year. In the third quarter, the company reported net income of US$31,482 and operating cash flow of US$62,795. “In only three quarters Cal Nano has now surpassed its revenue for the entire last fiscal year and has recorded its 4 th consecutive quarter of positive cash flow, which is a great milestone for the Company” said Interim CEO Eric Eyerman. Full results are posted on sedar.com.
The Company would like to announce it has received a purchase contract valued at $63,000 from a customer in the energy conversion technology industry. The program involves a variety of specialty iron-based materials with additives for improved material properties in our large Spark Plasma Sintering system. “This begins the next phase of the program with this customer and includes sintering 100+ samples over approximately the next 6 months” said SPS manager Brian Weinstein.
The Company is also pleased to note that Indiana University has recently placed an order for a Spark Plasma Sintering furnace which will be installed by Cal Nano this spring. This is a 250 kN, 5000 amp system and will be installed in the Intelligent Systems Engineering Department at the university. The Company will also be performing an R&D SPS system installation at Savannah River Nuclear Solutions, LLC early next year.
The Company continues to progress in its extensive program with the major chip manufacturer customer. The Company is currently performing testing and analysis of the prototype parts produced with its large Spark Plasma Sintering system.
For further information, please contact:
Eric Eyerman, CEO