Los Angeles, California--(Newsfile Corp. - June 5, 2023) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) ("Cal Nano" or the "Company") is pleased to report unaudited annual revenues of US$1,390,034 for the year ended February 28, 2023. This represented a 29% increase over FY2022 revenues of US$1,081,500.
Furthermore, Cal Nano's growth strategy continues to make progress, as evidenced by record revenue for the quarter ending May 31, 2023, which is expected to exceed US$500,000.
"I am proud to see our team continue to make progress in our growth strategy while carefully managing our costs. Cal Nano has continued to see ongoing sales traction as we work on new R&D projects while planning out a transition into servicing larger, commercial-scale contracts," stated Eric Eyerman, CEO of California Nanotechnologies Corp.
Cal Nano has entered a growth phase in which it is actively hiring key personnel, expanding contract scopes, and ensuring it possesses adequate production capacity to service its customers. Earlier this month, the Company acquired a used cryomilling machine that became available at a very attractive price, which will allow the company to triple its existing capacity.
Cryomilling is one of the two core technologies offered by Cal Nano. With the recent purchase of new equipment and existing cryomills, the Company estimates that its milling capacity alone can be increased to approximately US$4.0 million in potential annual revenues, depending on product mix. Cal Nano is currently evaluating the best location for installing the new cryomill and is also exploring options to expand its Spark Plasma Sintering capacity in the coming years.
About California Nanotechnologies Corp.
At Cal Nano, we envision a world in which our advanced technologies are used to help make the most innovative products on this planet and beyond. We are trusted by global leaders to help push the boundaries of applied material science by utilizing our unique technical expertise and vision. Headquartered in Los Angeles, California, Cal Nano hosts a complement of advanced processing and testing capabilities for materials research and production needs. Customers range from Fortune 500 companies to startups with programs spanning aerospace, renewable energy, defense, and semiconductors.
For more information:
California Nanotechnologies Corp.
Eric Eyerman, CEO
T: +1 (562) 991-5211
info@calnanocorp.com
Otis Investor Relations Inc.
Brandon Chow, Principal & Founder
T: +1 (647) 598-8815
brandon@otisir.com
Reader Advisory
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to the expected future performance of the Company, expected revenue for the quarter ending May 31, 2023, work on new R&D projects and transitioning into servicing larger, commercial-scale contracts and the Company entering into a growth phase. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
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