SEATTLE, Nov. 13, 2019 /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, announces its results for
the quarter ended September 30, 2019 and will host a
conference call at 5:00 PM ET.
"While we have been quiet in terms of announcements this last
quarter we have been exceedingly busy behind the scenes," said Jim
Deller Ph.D., Chief Executive Officer of ClearSign. "In the
last quarter we have continued to pursue collaboration agreements
with established manufacturers and are happy with the progress we
are making. Ultimately our goal is to become the mainstream
solution to restore fired equipment productivity and to achieve
efficient emissions compliance in the environmentally conscious
regions of the world. Additionally, we believe that our
sensing technologies will further establish ClearSign as a
technology provider to the combustion industry and
beyond. Recognizing this expanded opportunity, yesterday we
announced our name change to ClearSign Technologies Corporation,
which we believe is a much better description of the type of
company we are today."
Recent strategic and operational highlights during and
subsequent to the third quarter of 2019 include:
- Rebranded Company name to ClearSign Technologies
Corporation: This is the next step in the evolution of the
Company and is a better descriptor of what the Company provides,
namely, technology solutions. The ClearSign
Core™ technology is an advancement which provides
best-in-class NOx emissions while also enhancing performance
characteristics. The Company's sensing technologies have
diverse applications to a broad group of industries extending
beyond those related to industrial combustion.
- Announced Engineering Order from Exxon Mobil Corporation
(ExxonMobil): We received a purchase order from Exxon
Mobil to perform early engineering and installation planning for a
trial installation of the Company's ClearSign Core process burners
at one of ExxonMobil's Gulf Coast refineries. The order is
the next step in the process for the Company to showcase ClearSign
Core's best-in-class technology to reduce NOx emissions and for
ExxonMobil to assess applicability across its process heater
fleet. The engineering follows the previously announced
qualification program that the Company performed at its
state-of-the-art R&D facility in Seattle.
- Continued to pursue the rollout of strategic plan: The
Company continues to have ongoing discussions for collaboration
with multiple channel partners and customers of boiler burners,
process heater burners and flare technology. The goal is to
deliver the Company's technology, branded as ClearSign
Core™, to the market through established equipment
suppliers.
Loss for the third quarter 2019 was $2.1
million compared to a loss of $2.3 million for the
same period of 2018.
Cash and investment resources were about $10
million as of September 30, 2019.
Shares outstanding at September 30, 2019 total
26,704,761.
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/987/32132 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 10136447. The telephonic playback will be available for 7
days after the conference call.
For more information on ClearSign Technologies Corporation,
visit www.clearsign.com.
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 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 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
|
(unaudited)
|
|
For the Three
Months Ended
September 30,
|
|
For the Nine
Months Ended
September 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Sales
|
$
-
|
|
$
-
|
|
$
-
|
|
$
530,000
|
Cost of goods
sold
|
-
|
|
9,000
|
|
1,000
|
|
424,000
|
Gross profit
(loss)
|
-
|
|
(9,000)
|
|
(1,000)
|
|
106,000
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development, net of grants
|
796,000
|
|
980,000
|
|
2,563,000
|
|
3,133,000
|
General and
administrative
|
1,342,000
|
|
1,326,000
|
|
4,399,000
|
|
3,956,000
|
Total operating
expenses
|
2,138,000
|
|
2,306,000
|
|
6,962,000
|
|
7,089,000
|
Loss from
operations
|
(2,138,000)
|
|
(2,315,000)
|
|
(6,963,000)
|
|
(6,983,000)
|
Interest income,
net
|
30,000
|
|
23,000
|
|
100,000
|
|
24,000
|
Net loss
|
$
(2,108,000)
|
|
$
(2,292,000)
|
|
$
(6,863,000)
|
|
$
(6,959,000)
|
Net Loss per
share
|
$
(0.08)
|
|
$
(0.09)
|
|
$
(0.26)
|
|
$
(0.32)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheets
|
(unaudited)
|
|
|
|
|
|
September
30
|
|
|
|
|
|
2019
|
|
2018
|
ASSETS
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
$
8,077,000
|
|
$
8,949,000
|
|
|
|
|
|
1,999,000
|
|
6,923,000
|
Contract
assets
|
|
|
|
|
53,000
|
|
39,000
|
Prepaid expenses and
other assets
|
|
|
|
|
536,000
|
|
500,000
|
Total current
assets
|
|
|
|
|
10,665,000
|
|
16,411,000
|
|
|
|
|
|
|
|
|
Fixed assets, net,
and other assets
|
|
|
|
|
744,000
|
|
467,000
|
Patents and other
intangible assets, net
|
|
|
|
|
1,244,000
|
|
1,759,000
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
|
|
|
$
12,653,000
|
|
$
18,637,000
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
|
|
|
$
816,000
|
|
$
1,080,000
|
Current portion of
lease liabilities
|
|
|
|
|
176,000
|
|
216,000
|
Accrued compensation
and taxes
|
|
|
|
|
477,000
|
|
341,000
|
Total current
liabilities
|
|
|
|
|
1,469,000
|
|
1,637,000
|
Long Term
Liabilities:
|
|
|
|
|
|
|
|
Long term lease
liabilities
|
|
|
|
|
467,000
|
|
91,000
|
Total
liabilities
|
|
|
|
|
1,936,000
|
|
1,728,000
|
|
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
|
|
Common stock, $0.0001
par value, 26,704,761 and 26,697,261 shares issued and outstanding
at September 30, 2019 and December 31, 2018,
respectively
|
|
|
|
|
3,000
|
|
3,000
|
Additional paid-in
capital
|
|
|
|
|
77,088,000
|
|
76,417,000
|
Accumulated
deficit
|
|
|
|
|
(66,374,000)
|
|
(59,511,000)
|
Total stockholders'
equity
|
|
|
|
|
10,717,000
|
|
16,909,000
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
|
|
|
|
$
12,653,000
|
|
$
18,637,000
|
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SOURCE ClearSign Technologies Corporation