<SEC-DOCUMENT>0001104659-20-033261.txt : 20200313
<SEC-HEADER>0001104659-20-033261.hdr.sgml : 20200313
<ACCEPTANCE-DATETIME>20200313172408
ACCESSION NUMBER:		0001104659-20-033261
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20200312
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200313
DATE AS OF CHANGE:		20200313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ClearSign Technologies Corp
		CENTRAL INDEX KEY:			0001434524
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35521
		FILM NUMBER:		20714029

	BUSINESS ADDRESS:	
		STREET 1:		12870 INTERURBAN AVENUE SOUTH
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98168
		BUSINESS PHONE:		(206) 673-4848

	MAIL ADDRESS:	
		STREET 1:		12870 INTERURBAN AVENUE SOUTH
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98168

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLEARSIGN COMBUSTION CORP
		DATE OF NAME CHANGE:	20080507
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2012744d1_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of report (Date of earliest event
reported): March 12, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CLEARSIGN TECHNOLOGIES CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified
in Charter) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="padding: 0; vertical-align: top; width: 32%; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Washington</B></FONT></TD>
    <TD STYLE="padding: 0; vertical-align: bottom; width: 2%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; vertical-align: top; width: 32%; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>001-35521</B></FONT></TD>
    <TD STYLE="padding: 0; vertical-align: bottom; width: 2%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; vertical-align: top; width: 32%; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>26-2056298</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding: 0; vertical-align: top; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or other jurisdiction of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>incorporation or organization)</B></P></TD>
    <TD STYLE="padding: 0; vertical-align: bottom; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; vertical-align: top; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>(Commission File No.)</B></FONT></TD>
    <TD STYLE="padding: 0; vertical-align: bottom; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; vertical-align: top; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>(IRS Employee Identification No.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>12870 Interurban Avenue South</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Seattle, Washington 98168</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of Principal Executive Offices)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>206-673-4848</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Issuer Telephone number) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction
A.2 below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 0.25in; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-(c) under the Exchange Act (17 CFR 240.13(e)-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title of each class</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 28%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Trading Symbol(s)</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name of each exchange on which registered</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Common Stock</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>CLIR</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>The Nasdaq Stock Market LLC</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">Emerging growth company&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>Item 2.02</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Results of Operations and Financial Condition.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 12, 2020, ClearSign Technologies
Corporation (the &ldquo;Company&rdquo;) issued a press release announcing certain results of operations for the year ended December
31, 2019. The press release is included as Exhibit 99.1 to this Current Report and is incorporated by reference in its entirety
into this Item 2.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also on March 12, 2020, the Company held
a conference call discussing certain results for the year 2019 and other business related information provided by the Company&rsquo;s
Chief Executive Officer. A transcript of this conference call is attached as Exhibit 99.2 to this Current Report and is incorporated
herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information set forth in Item 2.02 of
this Current Report and in the attached Exhibits 99.1 and 99.2 is deemed to be &ldquo;furnished&rdquo; and shall not be deemed
to be &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;),
or otherwise subject to the liabilities of that Section. The information set forth in Item 2.02 of this Current Report, including
Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities
Act of 1933, as amended, regardless of any general incorporation language in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The statements in this Current Report include
forward-looking statements regarding the intent, belief or current expectations of the Company and members of its management team,
as well as the assumptions on which such statements are based, and generally are identified by the use of words such as &ldquo;may,&rdquo;
 &ldquo;will,&rdquo; &ldquo;seeks,&rdquo; &ldquo;strives,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo; &ldquo;estimates,&rdquo;
 &ldquo;expects,&rdquo; &ldquo;plans,&rdquo; &ldquo;intends,&rdquo; &ldquo;should&rdquo; or similar expressions. Actual results
may differ materially from those contemplated by such forward-looking statements, including as a result of those factors set forth
in the Risk Factors section of the Company&rsquo;s most recent Annual Report on Form 10-K and all other filings with the Securities
and Exchange Commission after that date. Forward-looking statements speak only as of the date they are made, and the Company undertakes
no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time, or revise forward-looking unless required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in"><FONT STYLE="font-size: 10pt"><B>Item 9.01</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Financial Statements and Exhibits</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 1in"><A HREF="tm2012744d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Exhibit 99.1</FONT></A></TD>
    <TD><A HREF="tm2012744d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Press Release issued March 12, 2020.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2012744d1_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Exhibit 99.2</FONT></A></TD>
    <TD><A HREF="tm2012744d1_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Transcript of Conference Call held on March 12, 2020</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: March 13, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">CLEARSIGN TECHNOLOGIES CORPORATION</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 62%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 3%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 35%; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding: 0; border-bottom: Black 1pt solid; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/ Brian G. Fike</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Brian G. Fike</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2012744d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><IMG SRC="image_001.jpg" ALT="ClearSign Logo" STYLE="height: 77px; width: 338px"><BR STYLE="clear: both">
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ClearSign Technologies Corporation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Announces Full Year 2019 Update</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">SEATTLE, March 12, 2020 &ndash;ClearSign
Technologies Corporation (Nasdaq: CLIR) (&ldquo;ClearSign&rdquo; or the &ldquo;Company&rdquo;), 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Since I joined the Company last year, we have made some
significant progress commercializing our technologies and executing our strategic business plan,&rdquo; said Jim Deller, Ph.D.,
Chief Executive Officer of ClearSign. &ldquo;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.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Recent strategic and operational highlights during and subsequent
to the full 2019 year include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD><B>Relaunched
the ClearSign business model: </B>The goal is to deliver the Company&rsquo;s technology, branded as ClearSign Core<FONT STYLE="font-family: Symbol">&auml;</FONT>,
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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD><B>Advanced
our key burner technologies: </B>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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD><B>Created
two verticals for our sensing technologies</B>:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 60px"></TD><TD STYLE="width: 20px">&#9675;</TD><TD>The
Company has developed a flame sensor technology called ClearSign Eye&trade; that can detect the presence of a pilot flame. The
Company will have a commercial version later this year.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 60px"></TD><TD STYLE="width: 20px">&#9675;</TD><TD>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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD><B>Pursued
two demonstrations of boiler burner technologies in China: </B>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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px">&#8226;</TD><TD><B>Rebranded
Company name to ClearSign Technologies Corporation</B>: 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&rsquo;s sensing technologies
will have diverse applications to a broad group of industries extending beyond those related to industrial combustion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cash, cash equivalents and short term investments totaled&nbsp;$8,550,000
on December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares outstanding at&nbsp;December 31, 2019&nbsp;total 26,707,261.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company will be hosting a call at&nbsp;5:00 PM ET&nbsp;today.&nbsp;
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&nbsp;https://www.webcaster4.com/Webcast/Page/987/33538&nbsp;or
on the investor relations section of the Company's website at&nbsp;http://ir.clearsign.com/overview.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About ClearSign Technologies Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ClearSign Technologies Corporation designs and develops products
and technologies for the purpose of improving key performance characteristics of industrial and commercial systems, including&nbsp;operational
performance, energy efficiency, emission reduction, safety and overall cost-effectiveness. Our patented technologies, embedded
in established OEM products as ClearSign Core&trade; and ClearSign Eye&trade;&nbsp;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&nbsp;<FONT>www.clearsign.com</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cautionary note on forward-looking statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All statements in this press release that are not based on historical
fact are &ldquo;forward-looking statements.&rdquo; You can find many (but not all) of these statements by looking for words such
as &ldquo;approximates,&rdquo; &ldquo;believes,&rdquo; &ldquo;hopes,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;estimates,&rdquo;
 &ldquo;projects,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;would,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo;
 &ldquo;may,&rdquo; &ldquo;will&rdquo; 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&nbsp;<FONT>www.sec.gov</FONT>&nbsp;and other factors that are detailed in our periodic and current reports
available for review at&nbsp;<FONT>www.sec.gov</FONT>. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>For further information:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investor Relations: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Matthew Selinger</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Firm IR Group for ClearSign</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1 415-572-8152</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">mselinger@firmirgroup.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ClearSign Technologies Corporation [CLIR]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fourth-Quarter and Full-Year 2019 Results Conference Call</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wednesday, March 12, 2020, 5:00 PM EDT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company Participants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Matthew Selinger; Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brian Fike: Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller; Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Analysts and Private Investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jeff Feinglass; Private Investor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David Brown; Private Investor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Presentation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator: Good day and welcome to the ClearSign Technologies
Fourth-Quarter and Full-Year 2019 Conference Call. [Operator Instructions] Please note this event is being recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I would now like to turn the conference over to Matthew Selinger,
Investor Relations. Please go ahead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Matthew Selinger: Thank you, Operator. And welcome, everyone,
to the ClearSign Technologies Corporation fourth-quarter and full-year 2019 results conference call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During this conference call, the Company will make forward-looking
statements. Any statement that is not a statement of historical fact is a forward-looking statement. This includes remarks about
the Company's projections, expectations, plans, beliefs and prospects. These statements are based on judgments and analysis as
of the date of this conference call and are subject to numerous important risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The risks and uncertainties associated with forward-looking
statements made in this conference call include, but are not limited to, whether field testing and sales of ClearSign's products
will be successfully completed, whether ClearSign will be successful in expanding the market for its products, and other risks
that are described in ClearSign's periodic public filings with the SEC, including the discussion in the Risk Factors section of
the 2018 Annual Report on Form 10-K and the 2019, which will be filed in the coming weeks. Except as required by law, ClearSign
assumes no responsibility to update these forward-looking statements to reflect future events or actual outcomes and does not intend
to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On the call with me today are Jim Deller, ClearSign's President
and Chief Executive Officer; and Brian Fike, ClearSign's Chief Financial Officer. Rob Hoffman, ClearSign's Chairman of the Board,
will also be available during the Q&amp;A portion of this call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And with that said, I would like to turn the call over to Brian
Fike. Brian, please go ahead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brian Fike: Thank you, Matthew, and thank you to everyone joining
us today. Our full financial results will be released later this month. But before I turn the call over to Jim, I want to take
the opportunity to briefly look back over the previous year since our change in Company management and focus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The cash burn for the quarter ended December 31, 2019, was $1.5
million compared to $2.2 million in the same period of 2018. This is a reduction of 32% and is representative of the changes made
in the Company since the first quarter of last year. Looking back and comparing the last 3 quarters of 2018 to 2019, the reduction
in cash burn is 25% and, looking at the 6 months, the cash burn reduction is a full 30%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Q4 figures are consistent with the increasing efficiency
achieved over the past year. The major savings have been from systematic focus and selected and prioritized development projects
and the very selective and judicious use of outsourced consulting. This has been combined with more rigorous project planning and
budgeting and expenditure-approval processes. Our cash and investment resources were about $8.5 million at the end of fourth quarter
of 2019 compared to $10 million at the end of the third quarter. Shares outstanding at the end of 2019 were 26,707, 261.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is important to note that we have sufficient working capital
available as of today to carry us through 2020 and into 2021. This is assuming no revenues and assuming no material change in expenditures.
I just want to reemphasize that. It is assumes no revenues from the ClearSign Core burner sales and no revenue from our soon-to-be-deployed
ClearSign Eye products, which we do expect to begin seeing results from during this time window.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And with that, I would like to turn the call over to our Chief
Executive Officer, Jim Deller. Please go ahead, Jim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Thank you, Brian, and good afternoon, everyone.
Welcome to our fourth-quarter and full-year results call for 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I would like to start the call by giving some commentary on
the release that the Company issued on January 31 regarding updates on ongoing projects, specifically, our boiler demonstrations
in China and initial test firing of the ClearSign multi-burning unit at the World Oil site in California.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regarding China, the season has been frustrating because we
have not been able to reap the fruits of our labor. The developments made to our watertube technology have enabled the boiler to
run up to a 96% rate with NOx in compliance and under the 10-part-per-million, the objective set for this application. [We have]
stripped the boiler down to confirm the internal structure was suitable for ongoing operations and to give our crew a break over
the Chinese New Year, when the ability to work had to stop anyway. Over the Chinese New Year the effects of the coronavirus took
hold, prolonging the holiday and later preventing travel for the Chinese nationals and our USA staff to the World site. This inability
to travel continues today. With the Chinese heating season now essentially over, it is not possible to complete this project and
conduct the formal performance test even after being so close. Our Chinese partners remain committed to achieving mutual success.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On a positive note, we are able to improve the arrangements
of our firetube boiler burner demonstration and can now complete this without being limited by the Chinese heating season. At this
moment, similar to the watertube projects, the firetube demonstration is also on hold due to the effects of the coronavirus. However,
the test site we have secured is with a boiler manufacturer and potential partner that is not subject to the seasonal operation
of the Chinese heating facilities. In addition, the test boiler we will be retrofitting is not an in-service unit. Therefore, the
process of installing our burner, making adjustments if appropriate and retesting, et cetera, will be significantly accelerated.
As soon as travel in China is reestablished and safe, we expect to continue this work to improve the performance of this burner
and to obtain the necessary performance certification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As we have said in the past, the markets for both our firetube
and watertube burners in China is massive. While we want and plan to have success in both verticals, the firetube market is approximately
4x that of the watertube, with an addressable market of approximately 250,000 units in a region slated for emissions reduction.
Of our two shots on goal, we are happy to have our firetube burner move forward first. We believe that post certification it could
be a short time to commercial sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Turning to the multi-burner demonstration at World Oil, I would
like to start by describing the upfront challenges associated with this demonstration. The spacing and arrangement of burners in
this particular heater was very tight, providing only an extremely small confine for the burner placement and subsequent formation
of the flames. Frankly, this is one of the most challenging environments for any burner setup that I have seen in my career.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">That being said, it is a perfect place to demonstrate the advantages
that ClearSign Core burners have the potential to provide. As outlined in the press release at the end of January, we completed
the design, delivery and installation of the burners for World Oil on schedule and, true to expectation of our Plug &amp; Play
design, the burners were installed without issue, taking just over 2 days to install the 5 burners. The burners ran robustly from
below the minimum design firing rates to above their maximum rate, reducing NOx levels below our guarantee between 3 and 4 parts
per million throughout that range. I want to emphasize those numbers, between 3ppm and 4ppm, while our guaranteed NOx emissions
were 5 parts per million. In fact, the burners were tested cycling for minimum to maximum rates in an accelerated fashion and the
burners performed admirably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Up to this installation we have never had the opportunity to
optimize the burner configuration for multiple burner applications. This was always an uncertainty for this project and ultimately,
as we sought to operate all the burners together, some heater instability developed, which limited the heat input to the heater.
We even had a number of design modifications we were prepared to implement. And, by the way, making design modifications in field
installations is not uncommon. However, in this case the heater in question was a critical charge heater and modifications for
burners would delay getting the entire family back up to full rate as the turnaround schedule was very short. As a result, the
mutually agreed upon and prudent decision was made to remove the burners and optimize the burners outside of the operating heater.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So overall, the easy installation of our Plug &amp; Play design
went as planned. The burners started and ran on automatic control, as planned, and exceeded their design operating range. Critically,
the NOx emissions were comfortably below the 5 parts per million guarantee and, equally valuable, we now know what we need to optimize
and have work already underway on those design upgrades. I will comment again that this particular heater is one of the most highly
fired I have ever seen and so was an extreme application of our new technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The point here is that we have made some very significant developments
in our process burner technology. All commercialization in single-burner [reversible] heaters has been achieved. But the path of
full commercialization of our technology in a multi-burner situation continues to evolve. Of note here is that we are in the field
working on real demonstrations. What we learn we will improve on and carry forward to future demonstrations. It has been the history
of ClearSign's technology development and, like our asset-heavy large incumbents, ClearSign has had to take our technologies from
the lab and then work on them live in the field. In my previous life -- and this is also true with the established OEMs -- we enjoyed
the luxury of a large but capital intensive infrastructure, like full-scale test furnaces where the majority of the kinks can be
worked out before going into the field. But what is a technical disadvantage in the short term will be a great financial advantage
in the long term for ClearSign.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And bringing us to a natural segue, we are continuing to development
our channel partner relationship. And while I do not have a formal partnership to announce at this time, I'm extremely pleased
to announce that we have secured the commitment from an industry-leading OEM burner manufacturer to host the burner testing that
will be conducted as part of fulfilling the anticipated burner supply order from ExxonMobil. This not only allows us to prove and
demonstrate the burners in a full-scale, multi-burner, bona fide industrial test facility to full industrial requirements, but
we believe that it signifies a confirmed interest on the part of the burner manufacturer to establish the ClearSign burner technology
in the marketplace.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It also provides what we believe is the final provision required
to proceed with this higher profile burner demonstration project. We have made a commitment to confidentiality with the burner
supply company, so please understand why I cannot go into further details here. But we are very grateful for their continued pioneering
support. I have mentioned previously that this is a very conservative industry, leading to comprehensive vetting on the part of
prospective partners and customers alike and we are pleased to be making solid forward progress.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In terms of our [formal] supply agreement for the refining and
petrochemical market, the ExxonMobil demonstration project is the next step that must be completed before we move forward. We expect
the testing for this order to be completed around mid-2020. We also believe that this project's burner testing will, in terms of
our progress for the launch of our ClearSign Core business, have a very positive effect, as a multi-burner demonstration in a world-class
industrial test furnace has always been a key milestone and this commitment puts this very valuable hurdle on a timeline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On the last call we debuted and discussed the rebranding of
the Company to ClearSign Technologies. Because the development of our sensing technology was a significant factor in the decision
to rebrand ClearSign as a technology company, I'd like to review the progress in these product lines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In conversations with numerous potential customers, we have
focused the development of our flame sensor technology for ClearSign Eye on the development of a device that will validate whether
the flame of a burner pilot is on or off. While this sounds like a simple application, it's one of extreme importance and the currently
available technology with flame rods in the industry are a source of great frustration due to poor reliability, frequent need for
replacement and operational delay to our customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The prospect of providing an alternative device that avoids
the common failures of flame rods was met with the unanimous strong support by every customer group consulted. This is not one
customer thinking it's interesting. This is every customer polled saying it would be outstanding. One key failure of the existing
technology is that the probe that enables the flame rod to detect the flame has to be actually immersed in the flame and this leads
to frequent failures. However, one key advantage of the ClearSign Eye technology is that the sensor services are positioned significantly
outside of the flame and therefore are not subject to heat-induced deterioration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In many burner systems the pilot flame rods are considered a
safety device. Basically, they are required to prove that the pilot flame is on before the control system is allowed to let fuel
gas flow to the main burner. For those not aware of how the system works, the pilot flame ignites the main fuel gas. [Then there's]
the pilot flame in a residential water heater, only at the pilot flame in the industrial case is 12 to [18] inches long, and the
main flame is likely 10 to 20 feet long and 3 to 5 feet wide. Obviously there's a lot of gas driving such a large flame and if
the pilot flame is not on spewing gas into the heater is an extremely dangerous situation. And of course if the flame rod is not
indicating the presence of a flame, since it has been compromised sitting in the flame, even if not handled by the programming
of the combustion controls, the operator has no choice but to shut the system down. And downtime for maintenance or replacements
of flame rods -- less profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Given the importance of the pilot flame sensors to the operation
of the overall heater, it is clear that improving its reliability, that is minimizing the maintenance requirements as well as the
number of times the flame sensors do not work when needed, will be of great value to potential customers throughout the refining
and petrochemical industries. This potential market for our pilot flame sensor device is truly global and includes any type of
burner originally manufactured by any supplier, including low-emission and non-low-emission burners, [new] burners and retrofits
into existing burners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We anticipate that the first demonstration installations of
this technology will be installed in customer equipment in the next few months. At the same time, the industrial certification
process is underway, following which the final product will be formally launched.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also plan for ClearSign Eye to be included in the ExxonMobil
burners on a demonstration basis. The ClearSign Eye sensor will be sold by ClearSign either to burner manufacturers, pilot manufacturers
or directly to refining and petrochemical customers to retrofit into their existing burners. We also anticipate developing channel
partners as this business progresses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For those interested in the specific science behind our ClearSign
Eye technology, we have some more details on our website. And, additionally, we have started to market this sensor and those following
ClearSign on LinkedIn will have seen the initial promotional parts of our launch plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The second general application on our sensing technology is
into the transportation market. As we indicated in our announcement on Tuesday, we have a contract in place with a major global
aerospace company to validate the application of our sensor technology as a key component of a new system that we anticipate could
lead to increased efficiency and reduce maintenance on commercial and military aircraft. The development and subsequent testing
and certification of new technology for aircraft is an involved and time-consuming process. However, the value and size of the
final addressable market makes this a very appealing opportunity for ClearSign.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Developing this product with a customer from the start is a
great advantage and significantly reduces our risk, while at the same time increases our chances of success. We anticipate that
this technology will provide valuable diversification and business growth opportunities for ClearSign on the heels of the global
deployment of our burner-related products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, we do not see this as requiring a large investment
from ClearSign. Our input will be mainly in the form of limited manpower, with our primary contribution in the form of our intellectual
property rights for this market vertical. ClearSign has been discussing this possible application of our technology and developing
the relationship for a few years, so it's gratifying to finally have a formal business development plan initiated and this investment
in ClearSign's long-term growth underway.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For ClearSign today, without doubt, getting our technology out
and proven in the mainstream industrial arena, which includes securing formal supply partnerships, is job number one. But in parallel,
we are developing additional promotional and sales channels and partnerships to grow our business as rapidly as possible when those
are established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One example is creating a partnership with a company of environmental
lawyers and consultants to enable the value of NOx credits created in Texas to be accepted as payment for the supply of burners.
These mission reduction credits are traded on a market exchange. In essence, this plan will enable customers to avoid the capital
outlay for the purchase of our technology by monetizing the value of the NOx emissions reductions achieved by the installation
of our ClearSign Core products. For our customers, such emissions reductions may also reduce the future burden of compliance with
tightening emissions regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are also very pleased to formalize our agreement with California
Boiler, which was completed on March 5 in their Santa Ana, California office. This agreement engages California Boiler in promoting,
selling and installing all ClearSign combustion-rated products, in California especially, but also throughout the United States.
We have worked with California Boiler now for almost a year on an informal basis and they have proven to be a very professional,
progressive and growth-oriented company. And their experience at installation and customer support work on site is of a very high
quality. So we are very happy to be working with them for our mutual business growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a final note, I'd like to follow up on our last investor
call back in November, 2019. At that time we had just renamed ClearSign Combustion Corporation to ClearSign Technologies Corporation
to better reflect the ClearSign business model of providing technology rather than being a manufacturer in both the sensing- and
burner-related sectors. And it was just shortly after the call we launched the new ClearSign website. The anticipated development
of our flame center, and especially the aforementioned aerospace project that we are now able to reveal and other possibilities
along the same lines were key considerations in our renaming and rebranding decision. I also hope you have found the website useful.
If you have not seen the new site, I encourage you to do so. www.clearsign.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While our speed to market isn't as rapid as I, and I am sure
any of us, would like to see, I am encouraged by the progress we have made. The plans and commitments we have secured in this last
quarter for our process burner, boiler burner and sensing technologies and the expansion of the products that ClearSign provides,
particularly regarding our sensing technologies, we believe that we have made significant progress in our projects with marquee
customers and have secured the development and demonstration path for these to become successful ventures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Looking back over the past year, I joined the Company in late
February 2019, a lot has happened at ClearSign. We have made some great and very significant developments in our key technologies,
especially the developments with the process burner, developing that technology to operate like a standard burner, adding a pilot
to light the burner immediately upon demand and thus eliminate the need for a starter burner or warmup period and, when ready,
transitioning the flame to the ceramics. The consistent development of this technology has continued to extend the operating window
to match the needs of those who we believe will be our mainstream customers, resulting in the engagement and commitments we are
seeing today. The developments made to the process burner technology have also been transferred to the boiler burners, where the
same benefits have been demonstrated, and we look forward to getting back into China to complete our initial projects there.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the start of my tenure we made a concerted effort to focus
our development on what we identified as high-priority projects that we could get to market quickly. Nowhere has this been more
evident than with our sensing technology. This discipline has led to identifying the high-value opportunity and then focusing on
the development of the pilot sensor technology that we anticipate will be launched commercially later this year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have also defined and relaunched the ClearSign business model,
which included the development and branding of our burner technology as ClearSign Core. ClearSign Core will be included as the
high technology heart of a traditional burner OEM offering, thereby enabling ClearSign to lead with the value of our technology
with our asset-light company structure. And that partners resources and infrastructure to offer a truly differentiated high-value
product in what is traditionally a highly commoditized and price competitive burner market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As mentioned earlier, the fruition of this transition in both
the burner and sensor technology products, ultimately led to the renaming of the Company to ClearSign Technologies. We have also
made some internal and cultural changes to ClearSign. The work ethic and discipline has improved and the rate of cash burn has
significantly decreased, by 30%, or $2.3 million per year, while productivity in the development of commercialized products has
increased. This has been achieved even with the addition of our marketing and customer communications staff and the development
of our Tulsa office, which we added in anticipation of our pending process burner collaborative partnership and in preparation
for the true commercial launch and growth of that product line.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Looking forward, we have the commitment from a major burner
OEM to host our performance test for ExxonMobil and we anticipate that we will receive an equipment order to validate our burner
technology in the OEM's large Baytown refinery. We also have a host site in China to demonstrate our firetube boiler burner technology
outside the restrictions of the Chinese heating season. We anticipate the completion of these projects to establish ClearSign technology
as a validated solution to achieve the anticipated future low NOx emissions already being requested by customers in our <FONT STYLE="background-color: white">primary
target markets of the United States and China. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">We have also made solid
progress diversifying our sensor product range by leveraging our technologies to provide products of great value to large addressable
markets in the combustion space in the form of our flame sensors and with an eye to continued future expansion and growth of the
ClearSign business in the large transport market through our product development projects with our recently announced global aerospace
partner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To give insight into our immediate activities, what you'll see
if you walk through our doors today, we have three very clear burning projects being led by engineers with very definite understanding
of the task ahead of them and our tight timelines. Our process burner is being optimized to meet the operating requirements of
ExxonMobil and is scheduled for multi-burner test setup and demonstration in Tulsa. Jeff Lewallen, our Refining and Petrochemical
business leader and lead engineer, is driving this effort. Although based in Tulsa, he's close to living in Seattle recently. We
are making good progress. The testing is continuous. And we will not let up until it is done.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our firetube boiler technology is being pushed to demonstrate
commercial operation in China, beyond the original goal of proving performance, as soon as the coronavirus allows us to continue
there. While our demonstration is delayed by the coronavirus, our progress has not. Donald Kendrick, our Chief Technical Officer,
has this project and is solely focused on getting this done. If you visited late into the evening, you'd very likely see Donald
and his team pushing this project forward.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The third project is our burner sensor. This is at the stage
of creating fabrication drawings. Walking in, you'd see one of our Seattle conference rooms is converted to what we have called
a &quot;war room,&quot; set up for our engineering, commercialization and design teams to finalize this task so they can take the
design to fabricators for final production optimization. We are set up this way so that any questions related to design or manufacturing
options or needs for a quick validation test to prove the proper function of the design details can be done almost immediately
without a loss of momentum. We have already set the clock ticking for the completion of this project with our [launch] promotion.
Everyone is committed to making this a reality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Finally, and in closing, I'd like to thank our loyal investors
for your continued support. I look forward to rewarding your patience as we transition the ClearSign business to commercial operations.
I also want to acknowledge and thank our employees, who've seen many changes this past year and are responding well to the change
in focus and intensity as we push to get our project -- products to market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With that, I'll ask the Operator to open up the call for our
Q&amp;A. Operator, could we please take questions now?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Questions &amp; Answers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator: We will now begin the question-and-answer session.
[Operator Instructions] Our first question comes from Jeff Feinglass, a private investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jeff Feinglass: Hey, Jim, congrats on the accomplishments last
year and unfortunate that this hysteria has kept you guys out of finishing in China, but hope that resumes quickly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Away from China, just a couple of questions. The first, I know
you're not going to -- you can't mention who the potential burner manufacturer partner is. But you mentioned that we're going to
use their test facility. I mean, is that meaningful that they're going to allow us to use their test facility? Is that a sign of
their kind of positive outlook on our burner technology?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Back when I was in my previous employment, ClearSign
actually approached me and asked if we would be prepared to lend our test facility to ClearSign. And very distinctly my answer
was absolutely no, because the biggest fear I had was that somehow ClearSign Technology would be accepted and proven in the marketplace
and get a foothold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So we've been working to develop our collaborative partnership
with a major burner OEM in Tulsa now really since I've joined the Company. And whilst I really can't speak for them, joining the
dots, for them to offer ClearSign the ability to use their world-class test facility to demonstrate our burners to a company like
ExxonMobil that they very well know is really going to put ClearSign on the roadmap to full commercialization and to be a real
player in the market -- but I'll say, without speaking for them, I don't think it takes a lot of extrapolation to really believe
that this is a very solid sign that that company truly wants ClearSign to be part of the industry. And of course doing that one
would infer that they would fully anticipate that they would be able to benefit from that relationship as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So to me, Jeff, I would say, yes, this is extremely important
and extremely significant, both for the launch of ClearSign, but also the fact that it is a requirement for ClearSign to provide
burners to the likes of ExxonMobil so it allows that project to go ahead, but ultimately go into a demonstrating our burners in
their facility so that ExxonMobil get the chance to validate our burners in their facility for their future use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Going to that, they've spent a lot of time with us in the past
as well. So this is really a cascading benefit to ClearSign, the establishment of this with the burner OEM. It gives us a solid
channel to market. And then for ExxonMobil to be able to demonstrate our products in their refinery of which they would not be
investing in if they didn't have a very clear picture of what they intended to use our products for in the future. So all of that
related, it is an extremely significant offering on the part of the burner manufacturer, [and one] that I truly believe they have
made with their eyes fully open as to the implications of what they are offering for us and what that can do for both us and them
and the industry in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jeff Feinglass: Great. Thank you for that. Also kind of related
to that, so we're going to use a test facility and this is going to potentially lead to an order by Exxon for test burners. Can
you walk me through the timeline on what that looks like to get the test facility order implementation in their Baytown facility,
et cetera?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Certainly. And this &ndash; you have to look at
the whole timeline to really understand the full context of what this means for ClearSign and investors, you've got to go back
a couple of years. Exxon had been spending a lot of time vetting the ClearSign burner technology. They made visits to us out here
in Seattle prior to my joining the Company. And they've also been out while I've been here. They've seen the burner operating throughout
its range and put it through its paces in simulating the fuel gases and the operating requirements that they would see in their
production units. So they've got a lot of their key engineers and a lot of man hours and time invested in assessing ClearSign technology
as a solution for Exxon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">They placed an engineering order with us last year, which we
have completed. And the main focus of that order was to assess the application on the burners into their specific heater at Baytown
and to look at the control system and for Exxon to truly understand what it would take to implement the ClearSign technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And the next stage for them is to place an order. We are talking
to them weekly so we're getting a lot of momentum with ExxonMobil. We fully expect to receive that order very soon. As soon as
we get that we will be doing the final design and actually building the test burners which then have to be demonstrated in this
multi-burner test furnace in Tulsa. We will do that as soon as we can get that test scheduled and the burners built. And my best
expectation at this point is that that will be around the middle of this year. And that is truly going to be a milestone for ClearSign.
The ability to demonstrate our burners for a company like ExxonMobil in the premises of a global partner and then basically having
everyone sign off on that success is really everything coming together for us. And from that point forward, we will build the burners
for installation on the Exxon refinery likely around the end of the year, after which of course the burners will be started up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">But that really is just the start. This is a product performance
for Exxon. As I said, by that time they've invested a lot of money in assessing this technology and a lot of time. If they didn't
have the intention of using this much wider &ndash; and I really can't speak for Exxon here, but I'm really drawing conclusions
they would not invest that type of time or money on a single heater in Baytown if they truly didn't have the intention of deploying
the technology much more widely going forward and if they didn't see a really significant use and value of our technology for them.
So I really -- whilst this project has a fairly short timeline, I think it's really the start of something much bigger that's going
to go on a long way into the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jeff Feinglass: Got it. Thank you for that. That's all my questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator: [Operator Instructions] Our next question will come
from David Brown, a private investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David Brown: Jim, thanks for the encouraging words in the call.
I just wanted to ask a question since ClearSign is headquartered in what some have called the ground-zero for the United States
of the coronavirus. And I've seen another company that's just reported earnings and had a huge hit on its stock today that's in
the Seattle area. Are there effects of this for ClearSign right now? Or are you seeing anything that concerns you for doing business
besides what's obviously happening in China?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Obviously China is the most immediate and most distinct
effect, just the delay to the projects there are obviously very clear.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the office we are very focused on getting the projects done.
And that really requires our employees to be here. We are lean. Everyone has tasks assigned. And we do instill all the precautions
that are being recommended, but work has to go on. I think everyone is totally committed to getting this work done, just being
responsible. We are taking all the precautions we can to make sure that we can do this safely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David Brown: Great. That's really what I wanted to know. And
I congratulate you on the continued momentum that you're building and also saving money over what expenses were in years past.
That's showing great discipline, so congratulations on that.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator: This concludes our question-and-answer session. I
would like to turn the conference back over Jim Deller for any closing remarks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Deller: Well, I thank everyone for joining this call. If
there are no further questions, thank you for participating and we look forward to updating you on our progress at -- as events
occur. And, truly, we very much appreciate your continued support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator: The conference has now concluded. Thank you for attending
today's presentation. You may now disconnect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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