SEATTLE, March 12, 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 year ended on December
31, 2019.
"Since I joined the Company last year, we have made some
significant progress commercializing our technologies and executing
our strategic business plan," said Jim
Deller, Ph.D., Chief Executive Officer of ClearSign.
"I am encouraged that we are close to completing and fully
launching our process burner and flame sensing product businesses,
and in addition we now have diversification with sensing products
in different verticals and on separate paths to
commercialization. Overall I am pleased to our see our
technologies turned into products that we can develop and build on
into the future."
Recent strategic and operational highlights during and
subsequent to the full 2019 year include:
- Relaunched the ClearSign business model: The goal is to
deliver the Company's technology, branded as ClearSign Coreä, to
the market through established equipment suppliers. The Company has
made substantial progress towards collaboration with multiple
channel partners and customers of boiler burners, process heater
burners and flare technology.
- Advanced our key burner technologies: ClearSign
Core burner technology now operates like a standard burner with an
increased operating range and including the addition of a pilot to
light the main flame directly; the need for warm up and
transitioning have been eliminated.
- Created two verticals for our sensing technologies:
-
- The Company has developed a flame sensor technology called
ClearSign Eye™ that can detect the presence of a pilot flame.
The Company will have a commercial version later this
year.
- The second application for this technology is a collaboration
with a global aerospace company that 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.
- Pursued two demonstrations of boiler burner technologies in
China: The Company now has
demonstration sites for both water tube and fire tube boiler
burners. Both projects remain on hold pending travel
restrictions due to the coronavirus.
- 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 that provides best-in-class NOx emissions while
also enhancing performance characteristics. We believe that
the Company's sensing technologies will have diverse applications
to a broad group of industries extending beyond those related to
industrial combustion.
Cash, cash equivalents and short term investments
totaled $8,550,000 on December 31,
2019.
Shares outstanding at December 31, 2019 total
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/987/33538 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 10140111. 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