Business
California Nanotechnologies reports annual results
California Nanotechnologies reports annual results.
About this update from California Nanotechnologies Corp.
[{"type":"text","content":"\n\n\n\nCNO-TSX VENTURE\n\n\nLOS ANGELES, June 29 /CNW/ - California Nanotechnologies Corp. ("CNO")\nreported its first financial statements after completing the acquisition of\nCalifornia Nanotechnologies, Inc. In February 2007, the TSX Venture Exchange\naccepted for filing California Nanotechnologies Corp.'s (formerly Veritek\nTechnologies Inc.) qualifying transaction described in its information\ncircular dated Nov. 30, 2006. As a result, at the opening on Feb. 12, 2007,\nthe company was no longer considered a capital pool company. On Feb 12, 2007,\nCalifornia Nanotechnologies Corp. began trading on the TSX Venture Exchange\nunder the ticker symbol "CNO".\n\n\nCalifornia Nanotechnologies is engaged in the development, processing,\nmarketing and sale of nanocrystalline materials for structural applications.\nTarget markets are the aerospace, defense, automotive, medical, resource\ndevelopment and sports and recreation industries. The Company's immediate\nshort-term objectives will be to develop commercial applications for the\nnanostructured materials that the Company is pioneering.\n\n\nFor the year ended February 28, 2007, the Company reported revenue of\n$67,536.\n\n\nNet loss for the year was $309,249.\n\n\nOperating expenses consisted mainly of share issuance and transactional\nexpenses and of professional fees related to development efforts.\n\n\nBasic loss per share was $0.02 ($0.02 CDN). New shares were issued in the\nacquisition of California Nanotechnologies, Inc. (formerly Omni-Lite E-FORM\nTechnologies, Inc.) and exercise of stock options which increased the weighted\naverage number of shares to 12,844,219.\n\n\n SUMMARY OF FINANCIAL HIGHLIGHTS (US $)\n All figures in US dollars unless noted.\n\n-------------------------------------------------------------------------\n For the year For the year\nBasic Weighted Average Shares ended ended\nIssued And Outstanding : February 28, February 28,\n12,844,219 2007 2006\n-------------------------------------------------------------------------\nRevenue 67,536 15,000\n-------------------------------------------------------------------------\nCash flow (257,387) (19,336)\n-------------------------------------------------------------------------\nNet Income (Loss) (309,249) (78,322)\n-------------------------------------------------------------------------\n...