Los Angeles, California--(Newsfile Corp. - November 18, 2024) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) ("Cal Nano" or the "Company") is pleased to announce its final debt repayment to Omni-Lite Industries Canada Inc. ("Omni-Lite") in the amount of approximately US$600,000.

This marks the first time the Company has been debt free in approximately 15 years after receiving its first intercompany advance from Omni-Lite. The final repayment was made ahead of its scheduled maturity in May 2025, providing interest savings to the Company.

"We are happy to report that Cal Nano is now debt-free after paying off all of the advances received from Omni-Lite," stated CEO Eric Eyerman. "This provides us with more flexibility on how to invest our operating cash flows as we continue scaling our manufacturing services. Given our long history of trying to grow our business while under a significant debt burden, this is a welcome change for us."

Omni-Lite made its initial intercompany advance to Cal Nano in FY2010. The total loan grew to approximately US$1.5 million in FY2023 before Cal Nano began making debt repayments. These payments coincided with the Company's improved operating profits and cash flow generation.

On this occasion, Cal Nano would like to acknowledge the long-term support Omni-Lite has provided to the Company since it was founded. Omni-Lite provided Cal Nano with the initial capital and foundation to build a uniquely profitable and fast-growing business in the field of advanced materials. The Company would also like to acknowledge the efforts of Mr. David Grant, the founder and former CEO of both Cal Nano and Omni-Lite, who had the vision to create Cal Nano as an independent public entity.

About California Nanotechnologies Corp.

At Cal Nano, we envision a world in which our advanced technologies are used to help make the most innovative products on this planet and beyond. With our unique expertise in processing metallurgic powders into parts, global leaders trust us to help push the boundaries of applied material science. Headquartered in Greater Los Angeles, California, Cal Nano hosts advanced processing and testing machinery and capabilities across two manufacturing facilities for materials research and production needs. Our customers range from Fortune 500 companies to startups with programs spanning aerospace, renewable energy, defense, and semiconductors.

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