California Nanotechnologies Announces Record Revenue

- June 28th, 2018

California Nanotechnologies (TSXV:CNO) announced record revenues of US$548,575 for fiscal 2018 ending February 28, 2018. The company’s cash flow provided by operations was US$36,747 while it had an operating cash flow of US$53,859 and net income of US$49,466 during Q4 and Fiscal 2018. The company said that it represented the largest net income in any … Continued

California Nanotechnologies (TSXV:CNO) announced record revenues of US$548,575 for fiscal 2018 ending February 28, 2018.

The company’s cash flow provided by operations was US$36,747 while it had an operating cash flow of US$53,859 and net income of US$49,466 during Q4 and Fiscal 2018. The company said that it represented the largest net income in any quarter in the history of the company.

As quoted in the press release:

For the first quarter of fiscal year 2019, the Company is proud to announce revenue of approximately US$180,000. This is an increase of approximately 55% from Q1/2018. This revenue mainly consists of spark plasma sintering work involving a program with a large National Laboratory as well as the continued program with the major chip fabricator customer. “The major chip manufacturer program continues to be going well. We successfully completed a total of 14 fully developed prototypes that are currently being reliability tested at their facility as well as ours. This testing is expected to take 2-3 months,” stated SPS Manager Brian Weinstein.

Continuing the Company’s engagement in the materials science community, Cal Nano was a co-sponsor and attended an international workshop on Spark Plasma Sintering in Cagliari, Italy in May 2018. This workshop showcased the latest work being done around the world in the field of SPS. “We were able to gain valuable knowledge and greatly increase the worldwide visibility of the Company as we try to expand our work into the international material science community,” stated COO Eric Eyerman.

The Company would also like to announce that it has granted 400,000 incentive stock options to the directors and officers of the Company. The options were granted pursuant to the Company’s Stock Option Plan, which received shareholder approval at the Annual General and Special Meeting held on February 15, 2018. The options were granted at the exercise price of $0.05 per share which was the closing price on June 27, 2018. The stock options will vest over three years, expire after a five year period and are subject to TSX Venture Exchange requirements.

The options were granted according to the table below:

Name Position Options
Granted
Eric Eyerman COO 120,000
Roger Dent Director 50,000
Sebastien Goulet Director 50,000
Norm Goodrich Director 50,000

 

Click here for the full text release.

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