SOURCE: California Nanotechnologies Inc.

California Nanotechnologies Inc.

August 04, 2015 08:49 ET

California Nanotechnologies Reports First Quarter Financial Results

CERRITOS, CA--(Marketwired - August 04, 2015) - California Nanotechnologies Corp. (TSX VENTURE: CNO) ("Cal Nano" or the "Company") is pleased to report financial results for the three months ended May 31, 2015. In the March to May period, revenues were $95,913 US compared to $159,198 US in 2014. This decrease in overall revenue was primarily due to decreased revenue in the oil and gas division. Revenues increased in most other divisions.

The Company's cash utilized for operations(1) was $50,785 US compared with $8,711 US during the prior year period.

Cal Nano's net loss for the period was $68,490 US or $0.002 per share, compared to a loss of $54,218 US or $0.002 per share in the prior period. Overall operating expenses of $136,552 US were lower by 25% when compared to the prior period. These reduced expenses are primarily related to the reduction in labour, benefits, and consulting costs necessitated by the decrease in activities in the oil and gas division of the Company.

"In the first three months of fiscal 2016, the cash utilized for operations was less than $17,000 US per month versus approximately $29,000 US in fiscal 2015," stated Christopher Melnyk, Chief Executive Officer. "This reflects the Company's continued path towards sustainable growth and demonstrates the benefit of a broad diversification of revenues."

SUMMARY OF FINANCIAL HIGHLIGHTS
All figures in US dollars

Basic Weighted Average Shares Issued And Outstanding : 31,230,296  For the three
months ended
May 31, 2015
 For the three
months ended
May 31, 2014
 %
Increase
(Decrease)
Revenue  $95,913  $159,198  (40%)
Cash flow provided by (used for) operations(1)  (50,785)  (8,711)  N/A
Net earnings (loss)  (68,490)  (54,218)  N/A
EPS (LPS)  (0.01)  (0.01)  N/A
(1) Cash flow used for operations is a non-GAAP term requested by the oil and gas investment community that represents net earnings adjusted for non-cash items including depreciation, depletion and amortization, deferred taxes, asset write-downs and gains (losses) on sale of assets, if any.

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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