Our patented technologies, embedded in established OEM products as ClearSign Core™, and ClearSign Eye™ and other sensing configurations, enhance the performance of combustion systems and fuel safety systems in a broad range of markets, including the energy (upstream oil production and down-stream refining), commercial/industrial boiler, chemical, petrochemical, transport and power industries.
SEATTLE, Nov. 19, 2020 /PRNewswire/ -- ClearSign Technologies Corporation (Nasdaq: CLIR) ("ClearSign" or the "Company"), an emerging leader in industrial combustion and sensing technologies that improve energy, operational efficiency and safety while dramatically reducing emissions, today provides an update on operations for the quarter ended on September 30, 2020.
"We had a very successful quarter in terms of setting up ClearSign for future growth," said Jim Deller, Ph.D., Chief Executive Officer of ClearSign. "We entered the quarter by announcing our collaborative partnership with Zeeco for process burners. As I've said before, we couldn't have asked for a better partner. On the heels of that, we bolstered our balance sheet to give us ongoing flexibility. Most recently, we have been able to get boots on the ground in China to restart our boiler burner demonstrations. Our first sensor product, the ClearSign Eye™ is commercially ready and our sales team is seeking our first installations," continued Dr. Deller. "Our initial process burner project is progressing well in testing, and we just announced another multi-burner order to execute for a major infrastructure company. We have a busy schedule for the coming weeks and months but we are very confident in our ability to deliver."
Recent strategic and operational highlights during and subsequent to the third quarter 2020 include:
Cash, cash equivalents and short term investments were approximately $10,600,000 on September 30, 2020.
Shares outstanding at September 30, 2020 totaled 30,043,186.
The Company will be hosting a call at 5:00 PM ET today. Investors interested in participating on the live call can dial 1-866-372-4653 within the U.S. or 1-412-902-4217 from abroad. Investors can also access the call online through a listen-only webcast at https://www.webcaster4.com/Webcast/Page/987/38741 or on the investor relations section of the Company's website at http://ir.clearsign.com/overview.
The webcast will be archived on the Company's investor relations website for at least 90 days and a telephonic playback of the conference call will be available by calling 1-877-344-7529 within the U.S. or 1-412-317-0088 from abroad. Conference ID 10149938. The telephonic playback will be available for 7 days after the conference call.
About ClearSign Technologies Corporation
ClearSign Technologies Corporation designs and develops products and technologies for the purpose of improving key performance characteristics of industrial and commercial combustion and fuel safety systems, including operational performance, energy efficiency, emission reduction, safety and overall cost-effectiveness. Our patented technologies, embedded in established OEM products as ClearSign Core™ and ClearSign Eye™ and other sensing configurations, enhance the performance of combustion systems and fuel safety systems in a broad range of markets, including the energy (upstream oil production and down-stream refining), commercial/industrial boiler, chemical, petrochemical, transport and power industries. For more information, please visit www.clearsign.com.
Cautionary note on forward-looking statements
All statements in this press release that are not based on historical fact are "forward-looking statements." You can find many (but not all) of these statements by looking for words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "would," "should," "could," "may," "will" or other similar expressions. While management has based any forward-looking statements included in this press release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties and other factors include, but are not limited to, general business and economic conditions, the performance of management and our employees, our ability to obtain financing, competition, whether our technology will be accepted and adopted and other factors identified in our Annual Report on Form 10-K filed with the Securities and Exchange Commission and available at www.sec.gov and other factors that are detailed in our periodic and current reports available for review at www.sec.gov. Furthermore, we operate in a competitive environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and, except as may be required by law, undertake no obligation to, update or revise forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
ClearSign Technologies Corporation
Statements of Operations
For the Three Months Ended
For the Nine Months Ended
Cost of goods sold including warranty adjustment (see note 5)
Gross profit (loss)
Research and development, net of grants
General and administrative
Total operating expenses
Loss from operations
Interest income, net
Net Loss per share
Cash and cash equivalents
Prepaid expenses and other assets
Total current assets
Fixed assets, net, and other assets
Patents and other intangible assets, net
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities
Current portion of lease liabilities
Accrued compensation and taxes
Total current liabilities
Long Term Liabilities:
Long term lease liabilities
Common stock, $0.0001 par value, 30,043,186 and 26,707,261 shares issued and
outstanding at September 30, 2020 and December 31, 2019, respectively
Additional paid-in capital
Total stockholders' equity
Total Liabilities and Stockholders' Equity
SOURCE ClearSign Technologies Corporation