CERRITOS, CA, April 14, 2014 /CNW/ - California Nanotechnologies Corp. ("Cal Nano" or the "Company") is pleased to announce that revenues in the first quarter of the fiscal year to date ( March 1st to April 15) have increased to over $67,000 US ( $74,000 CDN) from approximately $17,900 US ( $18,400 CDN) in the prior period. In US dollar terms, this represents an increase in revenues of approximately 274 percent over the same period last year. "This increase is largely due to increased sales in the oil and gas division," stated David F. Grant, Chairman of the Board. "The developments in this important sector are being driven by the enhanced properties available from an engineered nanomaterial developed by one of our key customers. California Nanotechnologies is helping to complete the early stage development of this program utilizing the unique material processing and engineering capabilities that it has in-house. Part of the funds raised in the private placement, closed on April 9, 2014, are being utilized to expand these capabilities to allow for the potential scaling up of this and other important programs that could bring additional recurring revenues for the company.
The Company is also pleased to note that Christopher Melnyk from California Nanotechnologies and representatives of Fuji-SPS, the pioneer of SPS technology, recently met in Japan to finalize the growth strategy for Spark Plasma Sintering sales and support in the North American Region, for which California Nanotechnologies is the North American Technical and Training Partner. During this visit, Christopher visited multiple high-production facilities to determine the feasibility of utilizing similar systems in future production programs in California. The company also explored the purchase of additional equipment as part of the scale up of several critical projects now underway.
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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