SEATTLE, June 16, 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 March
31, 2020.
"I am very encouraged that the commercial development programs
for our technologies are starting to come to fruition," said
Jim Deller, Ph.D., Chief Executive
Officer of ClearSign. "We are seeing increasing market
traction from industry leaders and orders coming in from our
collaboration partners which is both inspiring and
gratifying. In the near future we look forward to launching
our sensing technologies and expanding our product
diversification. In the coming months, we anticipate further
expanding our collaboration partnerships and in doing so
accelerating the rate at which our technologies are accepted and
adopted in the industry and we also look to forward to completing
our certifications in China. These are exciting times for
ClearSign."
Recent strategic and operational highlights during and
subsequent to the first quarter 2020 include:
- Received Multi-Unit Process Burner Order from ExxonMobil:
- The test comprised of a multi-burner process heater and
burners incorporating breakthrough ClearSign Core™ NOx reduction
technology. The order is the final step in the Company's process of
validating ClearSign Core's superior NOx emissions technology.
- Received Multi-Flare Order from ASHCOR: The flares
were sold by International Combustion and Controls, a Division of
California Boiler, and validates the Company's 'Asset Lite'
commercialization strategy by including ClearSign technology as
'ClearSign Core' in established equipment supplier's products.
- Announced Sensing Development Contract with Global Aerospace
Company: The contract will include the testing and
demonstration of ClearSign's sensing technology in the unique
environmental conditions experienced by aerospace technologies. The
ultimate goal of the project is to develop a series of commercial
sensing products to benefit a wide range of aerospace fleet and
military applications.
- Launched the ClearSign Eye™ commercial
development program: This pilot sensor has been designed
to seamlessly integrate into existing infrastructure and reduce
nonproductive down-time due to pilot sensing equipment
failure. One of the main features of this sensor is that it
can verify the presence of a pilot flame without being immersed in
the flame and thus has the potential to eliminate the use of flame
rods.
Cash, cash equivalents and short term investments
totaled $7,000,000 on March 31,
2020.
Shares outstanding at March 31, 2020 totaled
26,707,261.
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/987/34832 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 10144177. 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 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.
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SOURCE ClearSign Technologies Corporation