CERRITOS, CA, Feb. 19, 2014 /CNW/ - California Nanotechnologies Corp. ("Cal Nano" or the "Company") is pleased to announce that revenues in the 4th quarter to date have increased approximately 388% over the same period in the prior fiscal year. This increase is largely due to increased sales in the oil and gas and sports and recreational divisions.
The Company is also pleased to announce that it is presenting and exhibiting at the TMS conference in San Diego in the week of February 17, 2014. This international conference will be attended by many of Cal Nano's major customers. At the conference Cal Nano's CEO, Christopher Melnyk, presented an invited paper entitled, "Improved Mechanical Properties of Cermet Coatings as a Function of Grain Size."
Cal Nano would also like to report that it has a loan from a major shareholder (holding an approximate 19% equity interest in Cal Nano) for equipment purchases and general operating expenses. This loan has a ceiling of $1,200,000 US and is secured by all the assets of the Company. Additional security for the loan has been provided by one of the founders and a current member of the Board of Directors of the Company. The interest rate on the loan is 2% annually and principal and interest are expected to be repaid from cash on hand.
Except for historical information contained herein this document contains forward-looking statements. These statements contain known and unknown risk and uncertainties that may cause the company's actual results or outcomes to be materially different from those anticipated and discussed herein.
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SOURCE: California Nanotechnologies Corp.
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