ClearSign Technologies Corporation Announces Third Quarter 2020 Results

SEATTLE, Nov. 19, 2020 /PRNewswire/ — ClearSign Applied sciences Company (Nasdaq: CLIR) (“ClearSign” or the “Firm”), an rising chief in industrial combustion and sensing applied sciences that enhance vitality, operational effectivity and security whereas dramatically decreasing emissions, at present offers an replace on operations for the quarter ended on September 30, 2020. 

“We had a really profitable quarter by way of establishing ClearSign for future progress,” mentioned Jim Deller, Ph.D., Chief Government Officer of ClearSign.  “We entered the quarter by asserting our collaborative partnership with Zeeco for course of burners.  As I’ve mentioned earlier than, we could not have requested for a greater associate.  On the heels of that, we bolstered our stability sheet to provide us ongoing flexibility.  Most lately, we have now been in a position to get boots on the bottom in China to restart our boiler burner demonstrations.  Our first sensor product, the ClearSign Eye™ is commercially prepared and our gross sales crew is searching for our first installations,” continued Dr. Deller.  “Our preliminary course of burner challenge is progressing properly in testing, and we simply introduced one other multi-burner order to execute for a serious infrastructure firm.  We have now a busy schedule for the approaching weeks and months however we’re very assured in our capability to ship.”

Current strategic and operational highlights throughout and subsequent to the third quarter 2020 embrace:

• Obtained Multi-Unit Course of Burner Order for Main Power Infrastructure Firm: The order is for 3 burners to be put in in an present course of heater at a California storage and transportation terminal. The burners had been bought and can be put in by ClearSign’s channel affiliate, California Boiler, who can be a subcontractor to the general challenge administration firm, R. A. Nichols Engineering.  ClearSign’s expertise was chosen rather than conventional selective catalytic discount (SCR) gear that was initially earmarked for this challenge.
• Introduced Collaborative Alliance with Zeeco, Inc. to Develop a Joint Product Line of Course of Burners: The events anticipate to collectively develop, promote and provide a product line of finest at school ultra-low NOx burners for the worldwide oil processing and petrochemical industries by combining the Firm’s ClearSign Core™ expertise with the engineering, international manufacturing and gross sales footprint of Zeeco. The settlement is contingent on a profitable burner validation check on the Zeeco check facility.  We anticipate the validation check to be accomplished within the close to future.
• Accomplished a Public Inventory Providing: The Firm accomplished an providing of two,587,500 shares of its widespread inventory at a public providing worth of $2.00 per share.  The entire providing included 337,500 shares issued on account of the underwriter’s train in stuffed with its over-allotment possibility. Gross proceeds to ClearSign from this providing had been roughly $5,175,000. 
• Train in Filled with the Buy Proper held by clirSPV LLC: Pursuant to the Buy Proper described within the Firm’s Present Report on Type 8-Ok filed with the Securities and Change Fee on August 21, 2020, clirSPV LLC, the Firm’s largest shareholder, exercised the Buy Proper in full and bought a complete of 654,425 unregistered shares of widespread inventory at a worth of $2.00 per share for proceeds totaling roughly $1,309,000.

Money, money equivalents and brief time period investments had been roughly $10,600,000 on September 30, 2020.

Shares excellent at September 30, 2020 totaled 30,043,186.

The Firm can be internet hosting a name at 5:00 PM ET at present.  Traders excited about taking part on the reside name can dial 1-866-372-4653 inside the U.S. or 1-412-902-4217 from overseas. Traders also can entry the decision on-line via a listen-only webcast at  https://www.webcaster4.com/Webcast/Page/987/38741 or on the investor relations part of the Firm’s web site at http://ir.clearsign.com/overview.

The webcast can be archived on the Firm’s investor relations web site for at the least 90 days and a telephonic playback of the convention name can be accessible by calling 1-877-344-7529 inside the U.S. or 1-412-317-0088 from overseas. Convention ID 10149938. The telephonic playback can be accessible for 7 days after the convention name.

About ClearSign Applied sciences Company

ClearSign Applied sciences Company designs and develops merchandise and applied sciences for the aim of enhancing key efficiency traits of commercial and business combustion and gasoline security programs, together with operational efficiency, vitality effectivity, emission discount, security and total cost-effectiveness. Our patented applied sciences, embedded in established OEM merchandise as ClearSign Core™ and ClearSign Eye™ and different sensing configurations, improve the efficiency of combustion programs and gasoline security programs in a broad vary of markets, together with the vitality (upstream oil manufacturing and down-stream refining), business/industrial boiler, chemical, petrochemical, transport and energy industries. For extra data, please go to www.clearsign.com.

Cautionary word on forward-looking statements

All statements on this press launch that aren’t based mostly on historic reality are “forward-looking statements.” Yow will discover many (however not all) of those statements by searching for phrases resembling “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “initiatives,” “intends,” “plans,” “would,” “ought to,” “may,” “might,” “will” or different comparable expressions. Whereas administration has based mostly any forward-looking statements included on this press launch on its present expectations, the knowledge on which such expectations had been based mostly might change. These forward-looking statements depend on a variety of assumptions regarding future occasions and are topic to a variety of dangers, uncertainties and different elements, a lot of that are exterior of our management, that might trigger precise outcomes to materially differ from such statements. Such dangers, uncertainties and different elements embrace, however will not be restricted to, normal enterprise and financial circumstances, the efficiency of administration and our staff, our capability to acquire financing, competitors, whether or not our expertise can be accepted and adopted and different elements recognized in our Annual Report on Type 10-Ok filed with the Securities and Change Fee and accessible at www.sec.gov and different elements which are detailed in our periodic and present reviews accessible for evaluate at www.sec.gov. Moreover, we function in a aggressive setting the place new and unanticipated dangers might come up. Accordingly, traders mustn’t place any reliance on forward-looking statements as a prediction of precise outcomes. We disclaim any intention to, and, besides as could also be required by legislation, undertake no obligation to, replace or revise forward-looking statements to mirror occasions or circumstances that subsequently happen or of which we hereafter turn out to be conscious.

SOURCE ClearSign Applied sciences Company

Associated Hyperlinks

http://www.clearsign.com