SEATTLE, WA -- (Marketwire) -- 11/08/12 -- ClearSign Combustion Corporation (NASDAQ: CLIR), an emerging leader in combustion and emissions control technology for industrial, commercial and utility markets, today announced its results for the third quarter ended September 30, 2012. The Company incurred losses of $1,132,000 and $3,017,000 for the three months and nine months ended September 30, 2012, respectively, as compared to losses of $791,000 and $2,390,000 for the same periods in 2011. Research and development costs totaled $331,000 and $887,000 for the three months and nine months ended September 30, 2012, respectively, as compared to $194,000 and $314,000 for the same periods in 2011, reflecting increased personnel levels and research activities in 2012. General and administrative costs increased to $811,000 for the three months ended September 30, 2012 as compared to $599,000 for the same period in 2011, reflecting the $204,000 cost of operating as a public company in 2012. For the nine months ended September 30, 2012, general and administrative costs increased to $2,145,000 as compared to $2,078,000 for the same period in 2011. This resulted from $548,000 of increased personnel costs due to increased personnel levels in 2012 and the $424,000 cost of operating as a public company, which was offset by a non-recurring consulting expense of $1,000,000 in 2011. As a development stage company, ClearSign has recorded no revenue to date.
With the completion of its initial public offering in the second quarter of 2012 and issuance of shares for work related to the IPO at $4.00 per share, the Company raised net proceeds of $11,640,000.
Working capital at September 30, 2012 totaled $9,096,000, including cash and cash equivalents of $9,640,000. Management expects these funds to be sufficient to fund activities at least through April 2014.
"We are extremely pleased with our achievements in the most recent quarter and in the first nine months of 2012," said ClearSign CEO, Rick Rutkowski.
"Going into 2012, our goals were clear: 1) scale the technology to a commercially relevant scale, 2) demonstrate how ECC technology enables the design of next generation combustion systems that offer the potential for significant cost savings and increased profits in high value industrial processes and 3) assert an aggressively preemptive stance in the intellectual property surrounding the use of ECC technology.
"We have enjoyed success against all of these objectives and in our efforts to foster support and gain acceptance among subject matter experts in the combustion space and identify and stimulate demand among prospective launch customers and commercialization partners.
"We believe that this will set the stage for us to structure partnerships designed to bring our technology to the market and to maximize its value in key segments.
"We are pleased to report that we have performed well against all of these objectives to date this year and continue to progress on a path toward partnerships and technology commercialization.
"On September 27th, we reported that we had achieved our scale target of 1,000,000 Btu/h and that we did so a full quarter ahead of schedule. This demonstration at 'commercially relevant scale' has proven to be, as we anticipated, an important reference for prospective partners and customers and we are actively engaged in discussions with both potential commercialization partners and launch customers in several key market segments.
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