Exhibit 1.0
FOR RELEASE JULY 6, 2000 AT 7:30AM EDT
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Contact : Allen & Caron Inc or Clean Diesel Technologies, Inc.
Mark Alvino (investors) James M. Valentine, COO
212-698-1360 203-327-7050
mark@allencaron.com jvalentine@cdti.com
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Kari Rinkeviczie (media) David W. Whitwell, CFO
616-647-0780 203-327-7050
kari@allencaron.com dwhitwell@cdti.com
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Tokyo Metropolitan Government Calls for Diesel Emissions Control
CLEAN DIESEL TECHNOLOGIES INC SIGNS LETTER OF INTENT
TO LICENSE MITSUI & CO., LTD.
FOR EXCLUSIVE DISTRIBUTION IN JAPAN OF PLATINUM PLUS (R)
AND ARIS(TM) SCR DIESEL EMISSION REDUCTION TECHNOLOGIES
STAMFORD, CT (July 6, 2000) . . . Clean Diesel Technologies, Inc. (EBB:CDTI)
announced today that it has signed a Letter of Intent (LOI) with Tokyo-based
Mitsui & Co., Ltd., for the exclusive marketing and sales of its Platinum
Plus(R) bimetallic fuel borne catalyst (FBC) and ARIS(TM) 2000 urea SCR
technologies in Japan.
Under the LOI, the parties will conduct field trials and complete a market
assessment prior to executing a formal license agreement targeted for year-end
2000. Such license is intended to include customary license fees, purchase
requirements and running royalties. CDT will provide Mitsui with samples of both
technologies under the LOI and technical program support, for which it will be
compensated by Mitsui under a limited license agreement during the term of the
LOI.
MORE-MORE-MORE
CLEAN DIESEL SIGNS LETTER OF INTENT
PAGE 2-2-2
Japan recently announced plans to fit new and existing diesel powered vehicles
with filters to reduce particulates and has also called for further reductions
in NOx emissions. The Tokyo Metropolitan Government called for retrofit
particulate control programs on over 900,000 vehicles operating within the city
limits starting in 2002-2003. Both the ARIS technology and the Platinum Plus FBC
have been demonstrated to provide reductions in diesel NOx and particulate
emissions in excess of 85 percent with current sulfur fuels.
About Mitsui & Co., Ltd.
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Mitsui & Co., Ltd. is one of world's largest and most diversified international
trading companies, with business extending from chemicals to steel and metals to
transportation machinery. Its Inorganic Chemical Group, together with a unit of
Mitsui & Co.(USA), Inc., Mitsui's wholly-owned U.S. subsidiary headquartered in
New York City, is working with several industrial partners active in
engineering, fuels and heavy-duty vehicles to address diesel engine emissions in
Japan. The selection of CDT technologies for license is due to their
demonstrated field performance, proprietary patent position, low cost and ease
of use. CDT is actively seeking licensees in Europe and Asia to expand
penetration of the FBC and ARIS technologies worldwide.
About Clean Diesel Technologies Inc.
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Clean Diesel Technologies, Inc. is a specialty chemical company with patented
products that reduce emissions from diesel engines while simultaneously
improving fuel economy and power. Products include Platinum Plus fuel catalysts
and the ARIS 2000 urea injection systems for selective catalytic reduction
of NOx. Platinum Plus is a registered trademark of Clean Diesel Technologies,
Inc.
Certain statements in this news release constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known or unknown risks, including those
detailed in the Company's filings with the Securities and Exchange Commission,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Company, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
hereof.
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