California Nanotechnologies Announces Q3/FY2022 Results and Progress on SPS Production

- Company Announces $234K Revenue for Q3/FY2022

- Production Now in Process On Major Thermoelectrics Order

Los Angeles, California--(Newsfile Corp. - January 31, 2022) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) ("Cal Nano" or the "Company") is pleased to announce that revenue for the quarter ending November 30, 2021 was $234,555, compared with $201,102 in Q3/F2021. This represents a 16% increase from the previous year. EPS were nil in both Q3/F2021 and Q3/F2022. The full financial statements are available on SEDAR and on the Cal Nano website.

During Q3/F2022, Cal Nano continued work on the previously announced development program for its thermoelectrics customer. Production of wafers using spark plasma sintering ("SPS") has now commenced and deliveries of finished wafers to the customers have already been made. More deliveries are expected over the remainder of Q4 with over 950 parts planned to be delivered. Cal Nano is now running its SPS facility on a two-shift basis to accommodate this work. As a result of the SPS work now in process, Cal Nano currently expects a positive impact on revenue and EBITDA in Q4/F2022.

Other larger orders completed in Q3/F2022 included work for customers in the commercial aerospace and defense sectors. "Along with SPS production currently in progress, Cal Nano continues to build on its customer base with new customers being onboarded and bringing in additional and larger R&D contracts from its existing customers," said Eric Eyerman, CEO.

For further information, please contact:

Eric Eyerman, CEO
T: (562)-991-5211
E: [email protected]
W: www.calnanocorp.com

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