CALIFORNIA NANOTECHNOLOGIES CORP.
CERRITOS, CA, Nov. 15, 2011 /CNW/ - California Nanotechnologies Corp.
("Cal Nano" and "CNO") is pleased to report the financial results of
the second quarter of 2011. In this period, revenue was $58,762 US, an
increase of 185 percent over revenue in the same period of 2010.
Revenue for the six month period was $89,565 US, an increase of 250
percent from the revenue attained in the same period in 2010.
"Cal Nano has developed an impressive customer list including Boeing
Research and Technology, Pratt and Whitney Rocketdyne, adidas
Innovation Team, Edwards Airforce Research Lab, as well as
collaborative partners including The Aerospace Corp, UCLA, and UCI, and
NavAir," stated Christopher Melnyk, Vice-President. "In addition, one
of the Company's nano-enhanced coatings has been approved for down hole
drilling by one of the largest service companies in the oil and gas
industry. The increased performance produced with this coating has
been proven by strenuous lab and field testing conducted by the
customer. Cal Nano is now starting to see a recurring revenue stream
from this product as well as from others."
California Nanotechnologies congratulates the adidas Innovation Team for
the successful launch of the world's lightest commercial sprint shoe
ever at the 2011 World Championships in Daegu, South Korea. The adizero
Prime shoe incorporates several nano-enhanced materials including Cal
Nanos's nano alloy ceramic in the spikes. Multiple gold medals
including the 100m men's and women's were won wearing the adizero
Prime. Both adidas and Cal Nano are looking forward to more successes
at the London 2012 Olympic Games.
In other business, Cal Nano's affiliate partner (partly owned by Cal
Nano), SRL Nano Corp, delivered its first production-ready high
temperature, high strength cutting tools to customers in November. It
is expected that these tools will increase cutting efficiencies ranging
from 10 to 30 times depending on the material being machined. SRL Nano
Corp is currently expanding its staff to support the future growth in
the $1 billion US specialty cutting tool industry.
The complete interim financial statements and the accompanying
management discussion and analysis can be found at www.sedar.com. These results will be posted on the Company's new website at www.calnano.com.
A summary of the second quarter results follows.
SUMMARY OF FINANCIAL HIGHLIGHTS (US $)
All figures in US dollars unless noted.
Basic Weighted Average Shares
Issued And Outstanding:
For the six
For the six
Net Income (Loss)
(note: at 8/31/11, $1US = $0.9779 CDN; 8/31/10, $1US = $1.0527 CDN)
California Nanotechnologies is engaged in the research and development
and processing, of nanocrystalline materials for coatings and
structural applications. Target markets are the aerospace, defense,
automotive, medical, resource development and sports and recreation
industries. The Company's immediate short-term objectives are to
develop commercial applications for the nanostructured materials that
the Company is pioneering.
Except for historical information contained herein this document
contains forward-looking statements. These statements contain known and
unknown risks and uncertainties that may cause the company's actual
results or outcomes to be materially different from those anticipated
and discussed herein.
THE TSX-VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THE
INFORMATION CONTAINED HEREIN.
SOURCE California Nanotechnologies Corp.
For further information:
Chris Melnyk, Vice President
(562) 991-5211 (phone)
(562) 926-6913 (fax)