California Nanotechnologies completes qualifying transaction, initiates trading and provides update

CNO-TSX VENTURE

LOS ANGELES, CA, Feb. 14 /CNW/ - California Nanotechnologies Corp. (the "Company") is pleased to announce that as per the TSX Venture Exchange Bulletin of February 9, 2007, the Company has completed its qualifying transaction, changed its name from Veritek Technologies Inc. and completed the non-brokered private placement that coincided with the closing of the qualifying transaction.

In summary, with regard to the private placement, the TSX Venture Exchange accepted for filing, documentation with respect to a non-brokered private placement announced May 2, 2006. In particular, the private placement included:

Shares: 4,550,000

Price: 25 cents

Warrants: 2,275,000 share purchase warrants to purchase 2,275,000 shares

Exercise price: 45 cents for an 18-month period

Placees: 14

Hold Period: 4 months and 1 day from February 1, 2007 (hold period

expires June 2, 2007)

Insiders: D and C Grant Investments SRL (David F. Grant) 1,200,000

shares; Donald Kelly 186,000 shares; David B. Grant 80,000 shares; Tim

Wang 60,000 shares; Patrick Berbon 100,000 shares.

As a partial update of the project activities underway at California Nanotechnologies, the Company has recently delivered, to a US customer, cryogenically milled nanocrystalline material that is being evaluated in a US Navy Armour program. The Company has also received a new order from the Sports and Recreation industry.

In late 2006, California Nanotechnologies entered into an agreement to co-sponsor, with Jyvaskyla Technopolis of Finland, a study into the future use of nanostructured materials in Finland. As part of the study, a series of meetings were held in Finland, February 5th to 8th, 2007, where the technologies offered by California Nanotechnologies were introduced to a wide range of companies and agencies.

"The meetings in Jyvaskyla and Tampere illustrate the interest in Northern Europe in the nanocrystalline materials being developed at California Nanotechnologies," stated Dr. Patrick Berbon, President of California Nanotechnologies. "We are working toward several potential programs with leading Finnish companies and agencies."

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. California Nanotechnologies will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by California Nanotechnologies.

The TSX Venture Exchange has neither approved or disapproved of the

contents of this press release.