CALIFORNIA NANOTECHNOLOGIES ANNOUNCES RECORD REVENUE FOR FISCAL 2019
Created at :
Jul 2, 2019
TSX VENTURE: CNO/CANOF
LOS ANGELES, CALIFORNIA, July 2, 2019 - California Nanotechnologies Corp. ("Cal Nano" or the "Company") is pleased to announce record revenues of US$749,793 for fiscal 2019, ending February 28, 2019. Cash flow provided by operations was US$93,415. This represents the highest fiscal year revenue and cash flow in the company’s history. In comparison, revenue and cash flow for the year ending February 28, 2018 were $548,575 and $36,747, respectively. EPS were nil in F2019 and F2018. F2019 net income was down by $11,853 due to the investment and set-up for future programs. Full financial statements are available at sedar.com.
The record revenue for fiscal 2019 was associated with an increase in the larger programs utilizing the company’s Spark Plasma Sintering and Cryogenic Milling technologies, the addition of over a dozen new customers, as well an increase in track spike sales in our sports & recreation division as depicted above. “SPS and cryomilling programs from US National Laboratories and from our large aerospace customer were key contributors to Cal Nano’s growth in fiscal 2019 and will continue to play a key role moving through fiscal 2020” stated CEO Eric Eyerman. In accordance with this, Cal Nano is pleased to announce that it has received over $125,000 in orders from its large aerospace customer for continued SPS and cryomilling work.
In order to promote its Spark Plasma Sintering technology, Cal Nano exhibited at the Space Technology Expo in Pasadena, CA from May 20-22, 2019. “We were able to showcase our unique SPS capabilities to an advanced industry that uses a wide variety of materials that can be used in SPS, which will support the continued growth of Cal Nano” stated CEO Eric Eyerman.
For further information, please contact:
Eric Eyerman, CEO