SEATTLE, May 11, 2018 /PRNewswire/ -- ClearSign
Combustion Corporation (Nasdaq: CLIR) ("ClearSign" or the
"Company"), an emerging leader in industrial combustion
technologies that reduce emissions and improve efficiency, today
announced its results for the first quarter ended March 31, 2018.
"We remain focused on providing cost-effective combustion
solutions that dramatically reduce emissions in our target
verticals," said Steve Pirnat,
Chairman and CEO of ClearSign. "This quarter, we delivered
another industry first by achieving NOX emissions roughly 50% below
industry standards in a challenging waste gas application. We
believe that this is a breakthrough and should not go
unnoticed. Additionally, we believe that our completion of a
multi-unit enclosed ground flares project has created an entirely
new vertical for the industry and we believe that ClearSign is
ideally positioned to dominate it."
Strategic and operational highlights during and subsequent to
the first-quarter included:
- Successfully Completed a Follow-On Project for a Once Thru
Steam Generator (OTSG) system on a complex Waste Gas
Application – The retrofitted unit achieved initial field
testing results with average NOx emissions of 2.2 ppm,
significantly below the current regulatory standard of 5 ppm.
- Completed the Company's First Enclosed Ground Flare
Project – ClearSign announced the completion, customer
acceptance and issuance of payment for the final phase of a
multiphase $1.1 million project. This
project successfully retrofitted Duplex™ technology into enclosed
ground flares for a major California oil producer. The Company
believes this will be a meaningful new vertical for its
technology.
- Continued Progress With Super Major: ClearSign continues
to work closely with Exxon in a development and deployment of our
Duplex technology. After the previously announced success of the
joint testing at ClearSign's headquarters in Seattle, we have moved to regular ongoing
technical meetings to discuss further deployment of our technology
at one location within ExxonMobil's US refinery and petrochemical
operations.
- Progress and Expansion of Opportunities in China: ClearSign is working with a large
state-owned enterprise (SOE) to install and demonstrate ClearSign's
innovative Duplex™ technology in one of its boilers. The
Company continues to work with the customer on multiple options to
demonstrate the Duplex technology and satisfy the testing
requirements as soon as practical. Additionally, the Company
engaged in advanced discussions with additional customers in
China in the refinery and
petrochemical industries.
- Closed $12.94 M public
offering of common stock – We announced the closing of an
underwritten public offering of 5,750,000 shares of common stock at
a price of $2.25 per share.
- Appointed Susanne Meline to
the Board Of Directors – In accordance with the Company's
bylaws, ClearSign increased the number of directors from four to
five and appointed Ms. Meline to fill the vacancy. Ms. Meline
accepted the position on February 9,
2018.
Revenues from our Duplex technology in the first quarter of 2018
were $530,000 compared to revenues of
$360,000 in the same quarter of
2017. These were the results of delivering retrofits in the
flare, refinery, and enhanced oil recovery segments. The net
loss for the first quarter was $2.3
million compared to $2.4
million a year ago primarily due to a decrease in general
and administrative costs.
Cash and cash equivalents totaled $11.2
million as of March 31, 2018,
with no long-term debt outstanding.
On February 27, 2018, we received
approximately $11.9 million in net
cash proceeds from the closing of the offering of our common
stock.
Shares outstanding at March 31,
2018 total 23,361,353.
First Quarter 2018 Conference Call to Occur on May 23, 2018
ClearSign invites you to a conference call discussing the
Company's First Quarter on Wednesday, May
23, 2018 at 4:30 PM Eastern
Time. To listen to the conference call, you should dial
1-866-372-4653 (international: +1-412-902-4217) five to ten minutes
before the scheduled start time and request to be connected to the
ClearSign Combustion Corporation conference call. To listen
by webcast use this link:
https://www.webcaster4.com/Webcast/Page/987/25668 or visit
ClearSign's Investor Relations page. If you wish to listen to a
replay of the conference call, you may dial 1-877-344-7529
(international: +1-412-317-0088) and enter conference ID 10119962.
The replay will be available for 7 days after the conference
call.
About ClearSign Combustion Corporation
ClearSign Combustion Corporation designs and develops products
and technologies for the purpose of improving key performance
characteristics of combustion systems, including emissions and
operational performance, energy efficiency and overall
cost-effectiveness. Our patented Duplex™, Duplex Plug & Play™
and Electrodynamic Combustion Control™ platform technologies
enhance the performance of combustion systems in a broad range of
markets, including the energy (upstream oil production and
down-stream refining), commercial/industrial boiler, chemical,
petrochemical, 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." 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, which 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
other factors identified in our Annual Report on Form 10-K filed
with the Securities & Exchange Commission and available at
www.sec.gov and other factors that are to be 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 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
Combustion Corporation
|
Statements of
Operations
|
(unaudited)
|
|
For the Three
Months Ended
March 31,
|
|
2018
|
|
2017
|
Sales
|
$
530,000
|
|
$
360,000
|
Cost of goods
sold
|
395,000
|
|
251,000
|
Gross
profit
|
135,000
|
|
109,000
|
Operating
expenses:
|
|
|
|
Research and
development
|
1,134,000
|
|
1,174,000
|
General and
administrative
|
1,279,000
|
|
1,328,000
|
Total
operating expenses
|
2,413,000
|
|
2,502,000
|
Loss from
operations
|
(2,278,000)
|
|
(2,393,000)
|
Interest income,
net
|
-
|
|
14,000
|
Net loss
|
$
(2,278,000)
|
|
$
(2,379,000)
|
Net Loss per
share
|
$
(0.13)
|
|
$
(0.16)
|
|
|
|
|
|
|
|
|
Balance
Sheets
|
(unaudited)
|
|
March
31,
|
|
2018
|
|
2017
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
11,202,000
|
|
$
1,247,000
|
Accounts
receivable
|
344,000
|
|
-
|
Contract
assets
|
39,000
|
|
184,000
|
Prepaid
expenses and other assets
|
487,000
|
|
366,000
|
Total current
assets
|
12,072,000
|
|
1,797,000
|
|
|
|
|
Fixed assets, net,
and other assets
|
451,000
|
|
508,000
|
Patents and other
intangible assets, net
|
1,903,000
|
|
1,856,000
|
|
|
|
|
Total
Assets
|
$
14,426,000
|
|
$
4,161,000
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts
payable and accrued liabilities
|
$
1,147,000
|
|
$
768,000
|
Current
portion of lease liabilities
|
161,000
|
|
159,000
|
Accrued
compensation and taxes
|
828,000
|
|
607,000
|
Contract
liabilities
|
-
|
|
-
|
Total current
liabilities
|
2,136,000
|
|
1,534,000
|
Long Term
Liabilities:
|
|
|
|
Long term
lease liabilities
|
154,000
|
|
195,000
|
Total
liabilities
|
2,290,000
|
|
1,729,000
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
Common stock, $0.0001
par value, 21,361,353 and 15,608,353 shares issued and outstanding
at March 31, 2018 and December 31, 2017, respectively
|
2,000
|
|
2,000
|
Additional paid-in
capital
|
64,423,000
|
|
52,441,000
|
Accumulated
deficit
|
(52,289,000)
|
|
(50,011,000)
|
Total
stockholders' equity
|
12,136,000
|
|
2,432,000
|
|
|
|
|
Total
Liabilities and Stockholders' Equity
|
$
14,426,000
|
|
$
4,161,000
|
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SOURCE ClearSign Combustion Corporation