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California Nanotechnologies Corp. (TSX VENTURE: CNO) ("Cal Nano" or the "Company") is pleased to announce the appointment of Dr. Enrique Lavernia, Distinguished Professor and Dean of the College of Engineering at the University of California at Davis, to the Board of Directors of California Nanotechnologies Corp. Dr. Lavernia will replace David F. Grant on the Board. Mr. Grant will continue to support the development of the Company as a consultant.
Since the completion of his PhD in Materials Engineering at the Massachusetts Institute of Technology (MIT) in 1986, Dean Lavernia has served in various positions including as Chair and Chancellor's Professor of the Department of Chemical Engineering and Materials Science at the University of California at Irvine and as Provost and Executive Vice Chancellor of the University of California at Davis. He is a member of several professional organizations and fellowships and serves on various boards of review and advisory panels. In addition to his nine patents, Dean Lavernia has received numerous scholastic awards. He has also been awarded grants from several agencies including the National Science Foundation, the Office of Naval Research, the U.S. Department of Energy, NASA, and the Air Force Office of Scientific Research.
Dean Lavernia will receive 100,000 incentive stock options at a price of $0.11 CAD per share as compensation for joining the Board. The options are governed by the Company's stock option plan as approved at the last annual meeting on October 18, 2013 and as such vest over three years and are exercisable over a term of five years. All options offered by the Company are subject to TSX Venture Exchange (TSX-V) approval.
Dean Lavernia brings to Cal Nano a vast network of contacts and unparalleled expertise in the field of material science. To further support the commercialization of the Company, Dean Lavernia will provide consulting services to develop new and advance existing commercial projects. "The addition of Dean Lavernia to the Cal Nano team will provide additional insight and expertise into the commercial world of Nanotechnology. We look forward to many additional opportunities and commercial successes to come," stated Christopher Melnyk, CEO.
The Company plans to put forward a larger slate of directors at the annual meeting to be held in Calgary this fall. At that time, it will be possible for Mr. David Grant to return to the Board.
About California Nanotechnologies Corp.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "budget", "scheduled", "estimates", "forecast" and other similar words or variations thereof, or statements that certain events or conditions "may", "could", "would", "might" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the expected use of proceeds. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: additional funding required by the Company on an ongoing basis; market competition against third parties with greater financial and human resources; the protection of the Company's intellectual property rights; costs of production; capital expenditures; requirements for additional capital; failure of equipment or processes to operate as anticipated; delays in obtaining regulatory approvals, claims limitations on insurance coverage; risks associated with international operations; risks related to material customer agreements; fluctuations in the currency markets; and changes in national and local government legislation, controls, regulations and political or economic developments in Canada, the United States or other countries in which the Company may carry on business in the future. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Doren Quinton, President QIS Capital
T: (250) 377-1182
Andrew Bengis, Chief Financial Officer
T: (562) 991-5211
F: (562) 926-6913
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