California Nanotech buys 2.7% of SRL Nano Corp.

2010-11-19 17:08 ET - News Release

Mr. Chris Melnyk reports


California Nanotechnologies Corp.'s subsidiary, California Nanotechnologies Inc., has purchased approximately 2.7 per cent of SRL Nano Corporation, a California company specializing in the use of new patented materials that exhibit high strength at elevated temperatures. SRL Nano has the worldwide exclusive rights to develop and produce advanced cutting tools with this technology. To expedite the transition of these technologies from the research phase into the production phase, SRL Nano is co-locating with California Nanotechnologies Inc. in Cerritos, Calif. California Nanotechnologies Inc. invested $200,000 (U.S.) in SRL Nano.

As part of this investment, California Nanotechnologies Inc., Worldwide Strategy Holdings Limited, Dr. Scott Liu, and Aven Tuan are forming a new California corporation which will have the worldwide exclusive licence for the technologies associated with the patented high-strength, high-temperature materials for the applications of all downhole tools and fuel nozzles. These materials were developed by Dr. Scott Liu. California Nanotechnologies Inc. must invest $150,000 (U.S.) in each of the downhole and fuel nozzle technologies over the next 24 months to retain these exclusive licences.

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