California Nanotechnologies Reports Record Revenue for Both Nine Months and Third Quarter
LOS ANGELES, CALIFORNIA--(Marketwired - Jan. 31, 2017) - California Nanotechnologies Corp. ("Cal Nano" or the "Company") (TSX VENTURE:CNO) is pleased to report financial results for the first nine months of fiscal 2017, which ended November 30, 2016. In the March to November period, revenues on a US basis, increased by 41% to $465,463 US, compared to $330,216 US during the same period last year.
"Of particular significance, in mid-January 2017, the Company delivered the first working prototype to its wafer fabrication customer for testing and evaluation," stated Eric Eyerman, COO. "This product was delivered ahead of schedule. This milestone is critical to proceeding with phases 2 and 3 of this important program. Based on this success, the Company has committed to procuring the large SPS required for the production phase of this and other large programs. The Company is in the process of completing the documentation to facilitate this transaction."
"In the third quarter, the Company continued to generate increasing amounts of cash from operating activities. In this period, cash flow provided from operating activities increased to $22,999 US from $12,809 US, an increase of 80% from the prior period," stated David Grant, Chairman. "These results are leading the Company toward sustainability. To provide for increased visibility in the United States, the Company has made an application to trade its securities on the OTCQB market."
