- Company announces record revenue for Fiscal 2020
- Cal Nano receives proceeds under Paycheck Protection Program
LOS ANGELES, CA / ACCESSWIRE / June 30, 2020 / California Nanotechnologies Corp. (TSX.V:CNO)(OTC PINK:CANOF) ("Cal Nano" or the "Company") is pleased to announce record revenues of US$831,052 for fiscal 2020, ending February 29, 2020. Cash flow provided by operations was US$136,248. This represents the highest fiscal year revenue and cash flow in the company's history. In comparison, revenue and cash flow for the year ending February 28, 2019 were $749,793 and $93,415, respectively. EPS were nil in F2020 and F2019. Full financial statements are available at sedar.com.
The record revenue for fiscal 2020 was associated with an increase in the larger programs utilizing the company's Spark Plasma Sintering and Cryogenic Milling technologies and the addition of new customers, as well an increase in our work with our large aerospace customer. "We shifted focus and resources from Sports & Recreation sales to SPS and Cryomilling, our core technologies in which we are experts in our field. This shift along with the utilization of our larger Spark Plasma Sintering and Cryogenic Milling systems for customer programs were key contributors to our growth from the prior year." stated CEO Eric Eyerman.
The Company would like to announce that it has applied for and received loan proceeds in the amount of $62,600 ("PPP Funds") and entered into a loan agreement with Manufacturers Bank pursuant to the Paycheck Protection Program ("PPP"). The PPP was established as part of the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") in order to enable small businesses to pay employees during the economic slowdown caused by COVID-19 by providing forgivable loans to qualifying businesses for up to 2.5 times their average monthly payroll costs. The amount borrowed by the Company under the PPP is eligible to be forgiven provided that (a) the Company uses the PPP Funds during the 24-week period after receipt thereof, and (b) the PPP Funds are only used to cover payroll costs (including benefits), rent, mortgage interest, and utility costs. The amount of loan forgiveness will be reduced if, among other reasons, the Company does not maintain staffing or payroll levels.
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SOURCE: California Nanotechnologies Corp.