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California Nanotechnologies Announces Revised Loan Terms with Omni-Lite
Los Angeles, California--(Newsfile Corp. - May 25, 2022) - California Nanotechnologies Corp. (...
About this update from California Nanotechnologies Corp.
[{"type":"text","content":"California Nanotechnologies Announces Revised Loan Terms with Omni-LiteLos Angeles, California--(Newsfile Corp. - May 25, 2022) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) (\"Cal Nano\" or the \"Company\") is pleased to announce that it has revised the terms of the loan that it has had in place with Omni-Lite Industries Canada Inc. (\"Omni-Lite\").Omni-Lite, the founding shareholder of Cal Nano, has an equity ownership position Cal Nano of approximately 19%. In addition, Omni-Lite has made two loans to CalNano since Cal Nano was founded which now total approximately US$1.45 million. The larger of the two loans of approximately US$1.2 million (including accrued interest) has not paid cash interest since it was initially advanced. CalNano also has a senior secured term loan outstanding with Manufacturers Bank, which has been reduced in quarterly instalments and is expected to be fully repaid in February 2023. Cal Nano has experienced a gradual improvement in its operating results in recent years. Most recently, the Company announced that it has achieved record revenue in the quarter ending February 28, 2022 (Q4/F2022) of approximately US$470,000. This quarterly revenue is far in excess of revenue in any previously-reported quarter. During the quarter, the Company delivered the bulk of an order from its thermo-electrics customer as outlined in previous press releases. In addition, the Company also continued to successfully meet product demand by other customers in the normal course of business. Thermo-electrics is a \"green\" technology which involves the production of electricity using waste heat from other processes. Thermo-electrics is a large and well-established industry where a key performance measurement is the efficiency of the process which converts waste heat to electricity. Cal Nano's customer is working on a new thermo-electric generator with improved efficiency. In order to enhance the efficiency of the device, the customer has engaged Cal Nano, as perhaps the only provider of third-party commercial spark plasma sintering (\"SPS\") services in North America, to provide SPS services for parts in its prototype device. Cal Nano is in ongoing discussions with the thermo-electric customer about follow on production orders. The customer has indicated its interest in growing ongoing production orders com...