CALIFORNIA NANOTECHNOLOGIES ANNOUNCES RECORD REVENUE FOR FISCAL 2017 AND MOVES INTO PHASE 1A OF PROJECT WITH MAJOR MICROCHIP MANUFACTURER
Created at :
Jul 4, 2017
TSX VENTURE: CNO
LOS ANGELES, CALIFORNIA, JULY 4, 2017 - California Nanotechnologies Corp. ("Cal Nano" or the "Company") is pleased to announce record revenues of $543,534 US for fiscal 2017, ending February 28, 2017. This represents an increase of 26 percent over the prior year. At the exchange rate of June 30th 2017, this revenue would be approximately $704,746 CDN. Cash flow used for operations was $175,034 US. Cash flow requirements increased in the fourth quarter as the Company prepared for the new large scale production SPS that will be arriving in August. "The Cal Nano technical team was in Japan in the week of June 19 to review the progress, being made by our partner Fuji, on the large SPS. We also received training on a similarsystem and reviewed the requirementsforthe installation planned for August and September of this year,” stated Eric Eyerman, COO. "Once operational, the system should allow the Company to move into the production phase of the programs planned for execution this fall."
Since January 2017, the company has delivered several working prototypes to its semiconductor and chip fabrication customer for continuoustesting and evaluation. The Company is pleased to note that, due to exceeding our microchip fabrication customer’s expectations, the Company is moving into Phase 1A of the program, effective immediately. The completion of Phase 1A in late July should lead directly into Phase 2 of this program, which will broaden the effort with the development of a variety of different sizes and styles of the current design. “As the exclusive provider of SPS technology and services required by this customer for the foreseeable future, we believe this is a long term partnership that will lead to continued R and D and the manufacturing of production components as each development is completed," stated Brian Weinstein, SPS Division Manager.