CERRITOS, CA, March 7, 2014 /CNW/ - California Nanotechnologies Corp. ("Cal Nano" or the "Company") is pleased to announce that unaudited revenue in the fourth quarter ended February 28, 2014 was approximately $174,000 US ( $193,500 CDN). In US dollar terms, this represents an approximate increase of 340% over revenues in the fourth quarter of the prior year. Total unaudited revenue for the year was approximately $371,000 US ( $413,000 CDN). In US dollar terms, this represents an approximate increase of 42% over fiscal 2013. These results were primarily due to increases in the oil and gas and sports and recreation divisions.
"The revenue in the last quarter was almost equal to the revenue in the first three quarters of the fiscal year," stated Christopher Melnyk, CEO. "Interest in the Company's technologies is increasing across all divisions with new and repeat customers such as GE Global Research, the University of Pittsburg, the University of California at Davis and the Pacific Northwest National Laboratory ("PNNL") recently contracting Cal Nano to undertake various projects including approximately 80 spark plasma sintering ("SPS") experiments." PNNL is a US Department of Energy sponsored laboratory.
The Company is also pleased to announce that it has completed the second shipment for one of it's largest production orders to date, with a shipment to adidas in late February of approximately $63,000 US ( $70,150 CDN).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. NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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