Shares of ClearSign Combustion Corporation (NASDAQ:CLIR) closed with gain/decline of -6.48% to $1.0100. Recent traded volume was 48,862 shares versus to it an average volume of 71,362 shares. The company holds 26.7M shares outstanding and market cap of 26.964M.
ClearSign Combustion Corporation (CLIR) recently reported its preliminary results for the quarter ended March 31, 2019.
“Since I joined the Company we have focused our resources on bringing the major ClearSign technology to market in a mainstream fully commercialized form, and in the most rapid manner possible. This has involved prioritizing our most valuable product lines and markets, and by understanding and implementing the changes needed to our technology to make it more readily adoptable by our consumers. The result is that we have realigned our Company and resources to facilitate the delivery of revised ‘user friendly’ and better performing technology. We are also engaged in expanding our network of collaborative partners to deliver ClearSign technology to our consumers with the resources and through the channels already established.” stated Jim Deller Ph.D., Chief Executive Officer of ClearSign. “Additionally, we have also focused on cutting expenditures where this could be done without hindering us on our path to commercializing ClearSign’s technology.”
Recent planned and operational highlights during and subsequent to the first quarter of 2019 include:
- Recruited Industry Leader With Global Sales Experience as President: In January 2019, the Company named Colin James “Jim” Deller, Ph.D. as President, to transition to Chief Executive Officer in April 2019. Dr. Deller has twenty-eight years of burner experience and most recently led the Honeywell UOP Callidus burner business worldwide.
- Completed tour of visits to existing and potential consumers and partners: Collected feedback to accelerate and focus the ongoing commercialization of ClearSign’s technology and to determine what is needed to allow the technology to be more readily adopted throughout the industry.
- Initiated plan to optimize technology for mainstream production and sales: The Company has prioritized product lines, implemented upgrades, made planned hires and engaged potential partners.
- Secured Final Authorization for Collaborative Project with Southern California Regulator and Refiner: The Company reported the final authorization for World Oil to be a partner on the before reported South Coast Air Quality Management District (SCAQMD) project to demonstrate ClearSign’s Duplex technology as a solution to achieve ultralow emission levels in refinery process heaters and other types of fired equipment.
Loss for the first quarter 2019 was $2.3M contrast to a loss of $2.3M for the same period of 2018.
Cash and investment resources were about $13.7M as of March 31, 2019.
The short ratio in the company’s stock is documented at 14.67 and the short float is around of 5.59%. The average true range of the stock is observed at 0.12 and the relative strength index of the stock is recorded at 58.67.