CALIFORNIA NANOTECHNOLOGIES ISSUES UPDATE ON ACTIVITY IN THERMOELECTRIC MARKETS AND PPP LOANS
Feb 17, 2021
TSX VENTURE: CNO
LOS ANGELES, CALIFORNIA, February 17th , 2021 - California Nanotechnologies Corp. ("Cal Nano" or the "Company") is pleased to announce an update on the current development work with a customer that is a leader in the thermoelectric industry as well as an update on the status of its loan under the Paycheck Protection Program (“PPP”).
Cal Nano has been working with a customer that is a technology leader focused on converting waste heat into electric power at an industrial scale.
There are a variety of technological challengesin enhancing the commerciality of thermoelectric technology. “Cal Nano is using its expertise in spark plasma sintering (“SPS”) technology to create a thermoelectric product that can outperform materials processed with conventional sintering. SPS Technology could allow for a drastic performance improvement compared to the current thermoelectric devices, opening the technology up to a wider market. The current R&D program continues to progress and results from the initial samples created by Cal Nano have been promising.” stated CEO Eric Eyerman.
The customer is currently evaluating the initial R&D samples. The customer is considering its next steps, which could include additional R&D work or moving to prototyping of commercial products.
“While we still have much work to do to move to the commercial stage, we believe that our technology has the potential to enhance the performance of new-economy thermoelectric processes” said Eric Eyerman. “We expect to have an update on our progress in the coming months. We continue to work with a variety of other customers on new applications for our nanotechnology products.”
PPP Loan Update
In 2020, the Company applied for and received loan proceeds under the PPP and entered into a loan agreement with Manufacturers Bank pursuant to the PPP. The PPP was established as part of the Coronavirus Aid, Relief and Economic Security Act in order to enable small businesses to pay employees during the economic slowdown caused by COVID-19 by providing forgivable loans to qualifying businesses for up to 2.5 times their average monthly payroll costs. The amount borrowed by the Company under the PPP is eligible to be forgiven in certain circumstances. Cal Nano believes that it has met the criteria for loan forgiveness and is now in the process of applying for forgiveness of the PPP loan.
The Company would also like to announce that is in the process of applying for the 2 nd round of PPP funding that was established as part of the Consolidated Appropriations Act in order to enable small businesses to pay employees during the economic slowdown caused by COVID-19 by providing forgivable loans to qualifying businesses. Any amount borrowed by the Company under the second PPP round is eligible to be forgiven per the same requirements as the first round of PPP.
For further information, please contact:
Eric Eyerman, CEO