SOURCE: California Nanotechnologies Inc.

California Nanotechnologies Inc.

July 02, 2015 08:30 ET

California Nanotechnologies Reports Audited Year End Financial Results

CERRITOS, CA--(Marketwired - July 02, 2015) - California Nanotechnologies Corp. (TSX VENTURE: CNO) ("Cal Nano" or the "Company") is pleased to report financial results for the year ended February 28, 2015. For fiscal 2015, revenues were $352,136 USD compared to $373,481 USD in 2014. This decrease in revenue was due primarily to reduced sales in the sports and recreational division.

The Company's cash flow used for operations was $254,968 USD compared with $267,923 USD during the prior year.

Cal Nano's net loss for the year was $328,071 USD or $0.01 per share, compared to a loss of $302,365 USD or $0.01 per share in the prior year. Due to increased business activities, overall operating expenses of $651,835 USD were higher by 10% when compared to the prior year.

SUMMARY OF FINANCIAL HIGHLIGHTS (US $)
All figures in US dollars

       
Basic Weighted Average Shares Issued And Outstanding : 30,640,017  For the year
ended
February 28,
2015
 For the year
ended
February 28,
2014
 %
Increase
(Decrease)
Revenue  $ 352,136  $ 373,481  (6%)
Cash flow provided by (used for) operations  (254,968)  (267,923)  n/a
Net loss  (328,071)  (302,365)  n/a
EPS (US)  (0.01)  (0.01)  n/a

"Management is very pleased with the recent growth in the Spark Plasma Sintering, Sports and Recreation, and Research and Development divisions as noted in previous press releases. The $259,000 USD worth of new projects announced in the period since May 13, 2015 are a strong indication that the Company is moving towards commercialization," stated Christopher Melnyk, CEO.

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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