California Nanotechnologies reports annual results

CNO-TSX VENTURE

LOS ANGELES, June 29 /CNW/ - California Nanotechnologies Corp. ("CNO") reported its first financial statements after completing the acquisition of California Nanotechnologies, Inc. In February 2007, the TSX Venture Exchange accepted for filing California Nanotechnologies Corp.'s (formerly Veritek Technologies Inc.) qualifying transaction described in its information circular dated Nov. 30, 2006. As a result, at the opening on Feb. 12, 2007, the company was no longer considered a capital pool company. On Feb 12, 2007, California Nanotechnologies Corp. began trading on the TSX Venture Exchange under the ticker symbol "CNO".

California Nanotechnologies is engaged in the development, processing, marketing and sale of nanocrystalline materials for structural applications. Target markets are the aerospace, defense, automotive, medical, resource development and sports and recreation industries. The Company's immediate short-term objectives will be to develop commercial applications for the nanostructured materials that the Company is pioneering.

For the year ended February 28, 2007, the Company reported revenue of $67,536.

Net loss for the year was $309,249.

Operating expenses consisted mainly of share issuance and transactional expenses and of professional fees related to development efforts.

Basic loss per share was $0.02 ($0.02 CDN). New shares were issued in the acquisition of California Nanotechnologies, Inc. (formerly Omni-Lite E-FORM Technologies, Inc.) and exercise of stock options which increased the weighted average number of shares to 12,844,219.

               SUMMARY OF FINANCIAL HIGHLIGHTS (US $)
               All figures in US dollars unless noted.

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                                              For the year  For the year
Basic Weighted Average Shares                    ended         ended
Issued And Outstanding :                       February 28,  February 28,
12,844,219                                        2007          2006
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Revenue                                             67,536        15,000
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Cash flow                                         (257,387)      (19,336)
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Net Income (Loss)                                 (309,249)      (78,322)
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EPS (US)                                             (0.02)        (0.01)
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EPS (CDN)                                            (0.02)        (0.01)
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(note: at 2/28/07, $1US (equal sign) $1.1613 CDN; 2/28/06,
 $1US (equal sign) $1.1476 CDN)

Please see www.sedar.com for the complete audited annual financial statements.

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.

THE TSX-VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THE

INFORMATION CONTAINED HEREIN.