Mr. Eric Eyerman reports

CALIFORNIA NANOTECHNOLOGIES 2024: A YEAR MARKED BY SIGNIFICANT GROWTH AND KEY MILESTONES

Eric Eyerman, chief executive officer and director of California Nanotechnologies Corp., has provided an overview of the company's accomplishments over the past calendar year.

A message from CEO and director, Eric Eyerman:

Two thousand twenty-four marked a year of substantial growth and strategic expansion in our manufacturing presence and capabilities. This built on the momentum from a successful 2023, which concluded with our first fundraise in almost 10 years along with expanding R&D (research and development) programs.

In February, 2024, we took a significant step forward by signing a lease for a new facility in Santa Ana, Calif. This facility, which is approximately five times larger in square footage than our existing Cerritos-based facility, was designed to house our flagship advanced materials processing facility. An important advantage of this location was its high electrical amperage capacity, which is crucial for operating our cutting-edge spark plasma sintering (SPS) and cryomilling technologies.

A month later, we solidified our technological leadership with the purchase of a large-scale MSP-5 SPS system from Dr. Fritsch, destined for our new Santa Ana facility. This new SPS machine enables us to process larger part sizes and expand our capacity to accommodate new customer opportunities. At the present time, it is expected to be the largest SPS machine commercially available for production and R&D manufacturing services in North America. This purchase complemented earlier equipment purchases, including new large-scale cryomills, an additive manufacturing printer for SPS and one of the most advanced lab-scale SPS machines.

As we continued to grow our Cerritos-based operations, the team was hard at work preparing everything for Santa Ana's inauguration. A major milestone was achieved in September, 2024, with the successful commissioning of the new facility. The state-of-the-art MSP-5 SPS machine from Dr. Fritsch was brought on line, along with cryomills transferred from our Cerritos location. This development marked a significant increase in our production capabilities and potential innovation for our clients.

None of this growth would have been possible without the dedication and exceptional efforts of our staff. Since the start of 2024, we have nearly doubled our team, welcoming many talented new hires who have proven to be valuable assets for the company. This included our first dedicated sales hire. Over all, their hard work, collaboration and innovative thinking have been instrumental in the Santa Ana facility's launch and executing our goals. We are immensely proud of our team and grateful for their unwavering commitment to our mission.

The success of our partners and clients has been foundational to our work as well. We were proud to have received recognition with an R&D 100 award for our collaborative work with Sandia National Lab and Sal Rodriguez, a distinguished nuclear engineering researcher. This prestigious award celebrated our team's achievements in manufacturing refractory high-entropy alloys (RHEAs) at larger scales.

Furthermore, advancing Spark Plasma Sintering (SPS) and cryomilling technologies requires active involvement in industry conferences. The 2024 calendar year was no different and was our most active year to date. We contributed as speakers and leaders at seven key events, including the fifth annual International SPS workshop in France and the Advanced Materials Show in Pittsburgh. Engaging in these conferences highlights our dedication to innovation and reinforces how we are giving back to the technical community.

Closing out the year, we repaid all our outstanding debt to Omni-Lite Industries Canada Inc. As a result of this repayment, we are now operating on a debt-free basis for the first time in approximately 15 years. We were excited to share this news as it grants us greater flexibility in how we utilize our operational cash flow.

As we move forward into the future, these strategic investments and expansions in 2024 have created a strong foundation and strengthened our leadership in the advanced materials industry. We are looking forward to what lies ahead!

About California Nanotechnologies Corp.

At Cal Nano, the company envisions a world in which its advanced technologies are used to help make the most innovative products on this planet and beyond. With the company's unique expertise in processing metallurgic powders into parts, global leaders trust the company to help push the boundaries of applied material science. Headquartered in Greater Los Angeles, Calif., Cal Nano hosts advanced processing and testing machinery and capabilities across two manufacturing facilities for materials research and production needs. Its customers range from Fortune 500 companies to start-ups with programs spanning aerospace, renewable energy, defence and semiconductors.

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