SEATTLE, Aug. 14, 2019 /PRNewswire/ -- ClearSign
Combustion Corporation (Nasdaq: CLIR) ("ClearSign" or the
"Company"), an emerging leader in industrial combustion
technologies that improve energy and operational efficiencies while
dramatically reducing emissions, today announces its results for
the quarter ended June 30, 2019 and
will host a conference call at 5:00 PM
ET.
"I am pleased and encouraged at the pace in which we are moving
towards commercialization," said Jim Deller Ph.D., Chief Executive
Officer of ClearSign. "The feedback that we are receiving
from channel partner visits has been very positive and we were
pleased to announce our first collaborative supply agreement with
ASHCOR LLC in June. We will continue to execute our
commercialization strategy and keep optimizing our technology and
resources to support our anticipated transition to commercial
operations. I believe we are beginning to see the foundations for a
change in trajectory."
Recent strategic and operational highlights during and
subsequent to the second quarter of 2019 include:
- Rolled out strategic plan for commercialization of ClearSign
Technology: The strategy is comprised of optimizing the
technology, focusing on the launch of select high priority products
and pursuing collaborative channel partners to deliver ClearSign's
technology to customers. Integral to this, the Company branded and
designated its technologies "ClearSign Core" for established
equipment supplier products. During, and after the quarter, the
Company met with, and demonstrated its suite of technologies to,
multiple channel partners and customers of boiler burners, process
heater burners and flare technology.
- Entered into a collaborative agreement with ASHCOR LLC with
the goal of developing and growing the Company's business in the
flare/incinerator vertical: This agreement combines ClearSign's
technology and ASHCOR's expert flare knowledge, business
infrastructure and manufacturing capabilities. The agreement covers
both forced air flares and vapor combustor systems as well as
natural draft flares.
- Signed a new, updated and expanded Memorandum of
Understanding (MOU) with a heating district in Beijing, China: This MOU supplements the
previously announced agreement from May of 2017, and expands the
scope of the collaborative project. This project, with one of
China's largest providers of
residential and commercial heating services, will run pilot tests
with the goal of demonstrating ClearSign's combustion technology as
a candidate to achieve ultra-low emissions levels in both firetube
and watertube boilers.
- Received an additional contract from a major California oil producer to retrofit another
enclosed wellhead ground flare with its ClearSign Core™
technology: The project marks the seventh installation of
ClearSign technology in the enclosed low emission ground flare and
vapor combustor market.
Loss for the second quarter 2019 was $2.4
million compared to a loss of $2.4
million for the same period of 2018.
Cash and investment resources were about $11.6 million as of June
30, 2019.
Shares outstanding at June 30,
2019 total 26,702,261.
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/987/31281 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. The conference ID
is 10134044. The telephonic playback will be available for 7
days after the conference call.
For more information on ClearSign Combustion Corporation, visit
www.clearsign.com.
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 operational
performance, energy efficiency, emission reduction and overall
cost-effectiveness. Our patented technologies, embedded in
established OEM products as ClearSign
Core™ 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." 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 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 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
June 30,
|
|
For the Six Months
Ended
June 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Sales
|
$
-
|
|
$
-
|
|
$
-
|
|
$
530,000
|
Cost of goods
sold
|
-
|
|
20,000
|
|
1,000
|
|
415,000
|
Gross profit
(loss)
|
-
|
|
(20,000)
|
|
(1,000)
|
|
115,000
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development, net of grants
|
864,000
|
|
1,019,000
|
|
1,766,000
|
|
2,153,000
|
General and
administrative
|
1,583,000
|
|
1,351,000
|
|
3,057,000
|
|
2,630,000
|
Total operating
expenses
|
2,447,000
|
|
2,370,000
|
|
4,823,000
|
|
4,783,000
|
Loss from
operations
|
(2,447,000)
|
|
(2,390,000)
|
|
(4,824,000)
|
|
(4,668,000)
|
Interest income,
net
|
21,000
|
|
1,000
|
|
69,000
|
|
1,000
|
Net loss
|
$
(2,426,000)
|
|
$
(2,389,000)
|
|
$
(4,755,000)
|
|
$
(4,667,000)
|
Net Loss per
share
|
$
(0.09)
|
|
$
(0.11)
|
|
$
(0.18)
|
|
$
(0.24)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheets
|
(unaudited)
|
|
|
|
|
|
June
30
|
|
|
|
|
|
2019
|
|
2018
|
ASSETS
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
$
9,657,000
|
|
$
8,949,000
|
Contract
assets
|
|
|
|
|
42,000
|
|
39,000
|
Prepaid expenses and
other assets
|
|
|
|
|
629,000
|
|
500,000
|
Total current
assets
|
|
|
|
|
10,328,000
|
|
9,488,000
|
|
|
|
|
|
|
|
|
Fixed assets, net,
and other assets
|
|
|
|
|
394,000
|
|
467,000
|
Patents and other
intangible assets, net
|
|
|
|
|
1,530,000
|
|
1,759,000
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
|
|
|
$
12,252,000
|
|
$
11,714,000
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
|
|
|
$
946,000
|
|
$
1,080,000
|
Current portion of
lease liabilities
|
|
|
|
|
190,000
|
|
216,000
|
Accrued compensation
and taxes
|
|
|
|
|
321,000
|
|
341,000
|
Total current
liabilities
|
|
|
|
|
1,457,000
|
|
1,637,000
|
Long Term
Liabilities:
|
|
|
|
|
|
|
|
Long term lease
liabilities
|
|
|
|
|
79,000
|
|
91,000
|
Total
liabilities
|
|
|
|
|
1,536,000
|
|
1,728,000
|
|
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
|
|
Common stock, $0.0001
par value, 26,702,261 and 26,697,261 shares issued and outstanding
at June 30, 2019 and December 31, 2018, respectively
|
|
|
|
|
3,000
|
|
3,000
|
Additional
paid-in capital
|
|
|
|
|
76,967,000
|
|
76,417,000
|
Accumulated
deficit
|
|
|
|
|
(64,266,000)
|
|
(59,511,000)
|
Total stockholders'
equity
|
|
|
|
|
12,704,000
|
|
16,909,000
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
|
|
|
|
$
14,240,000
|
|
$
18,637,000
|
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SOURCE ClearSign Combustion Corporation