|♦ Total new orders exceed $460,000 US|
|♦ New initial SPS contract with major microchip manufacturer worth $138,000 US|
|♦ Operating line approved for $250,000 US|
LOS ANGELES, Nov. 02, 2016 (GLOBE NEWSWIRE) -- California Nanotechnologies Corp. (TSX VENTURE:CNO) (“Cal Nano” or the “Company”) is pleased to announce that it has received new contracts worth approximately $460,000 US.. Of these orders, 50% are in the Spark Plasma Sintering (“SPS”) division, 37% are in the Research and Energy division, 10% are in the Sports and Recreational division and 3% are in the Aerospace division.
Of particular significance, the Company has received an order from a major microchip manufacturer. The initial phase of this contract covers the material research and prototype development of a critical component to be utilized in the wafer manufacturing process. This contract is valued at $138,000 US and is scheduled to be completed by February 2017. "This program demonstrates the Company's established position as a prime contractor for cutting edge SPS research,” stated Eric Eyerman, Operations Manager. “The additional phases of the project are intended to develop a commercially viable product.”
To complete these activities, leading to significant growth, the Company would like to note that it has arranged a $250,000 US, operating line of credit with a leading commercial bank.
Continuing the Company’s engagement in the scientific community, Cal Nano exhibited at the MS&T 2016 Conference (Materials Science & Technology) in Salt Lake City, Utah from October 24th through October 26th, 2016. “The Company greatly expanded its potential customer base, generating significant interest in the area of SPS, which is the fastest growing division in the Company.” said SPS Division Manager Brian Weinstein.
For further information, please contact:
Except for historical information contained herein this document contains forward-looking statements. These statements contain known and unknown risks 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) ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Source:California Nanotechnologies Corp.