Exhibit 99.1
NEWS RELEASE FOR SEPTEMBER 8, 2003 AT 2:30 AM EDT AND 7:30 AM GMT (LONDON TIME)
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Contact: Allen & Caron Inc or Clean Diesel Technologies, Inc.
Jay F. McKeage (investors) James M. Valentine, President
(212) 691-8087 David W. Whitwell, CFO
jay@allencaron.com (203) 327-7050
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Len Hall (media)
(949) 474-4300
len@allencaron.com
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CLEAN DIESEL TECHNOLOGIES SIGNS COMMITMENT LETTERS TO RAISE $3.8 M
FUNDS WILL SUPPORT EPA AND CARB VERIFICATION OF JOINT TECHNOLOGY
FOR DIESEL EMISSIONS CONTROL
STAMFORD, CT (September 8, 2003) Clean Diesel Technologies, Inc. (CDT)
(EBB:CDTI & AIM:CDT/CDTS) announced today that it has signed commitment letters
with a strategic partner and several current UK based CDT shareholders for the
issue of $3.8 Million of CDT's common stock at a price of $1.63 per share. CDT
expects to complete the private placement on September 26, 2003.
The new CDT common shares will be issued in reliance on the exemption from
registration under Regulation S under the US Securities Act for offshore private
placements. Because the new shares are subject to transfer restrictions for a
period of time, they may not be resold to persons in the US or US persons, but
may otherwise be traded in the UK without other restrictions. Application
for the shares to trade on the Alternative Investment Market (AIM) of the London
stock exchange will be made and the shares are expected to trade on AIM under
the ticker symbol CDTI.
The proceeds of the fund raising will be used to complete verification with
EPA and the California Air Resources Board (CARB) of a catalyzed wire mesh
filter (CWMF) and the Company's patented Platinum Plus(R) fuel borne catalyst
(FBC), as well as general operating purposes. Previous tests at Southwest
Research Institute (SwRI) of the FBC/CWMF system generated over 65 percent
particulate reduction and in excess of 75 percent reduction of hydrocarbons (HC)
and carbon monoxide (CO) while minimizing the formation of unwanted nitrogen
dioxides (NO2). The Company is in the process of obtaining the required 1,000
hours of in-field use for final verification testing expected to take place in
fourth quarter 2003.
James Valentine, CDT President & COO, commented, "These funds will allow us
to complete the required field trials and third party testing required by EPA
and CARB for verification, as well as to expand our sales and technical support
functions with key corporate customers. Once verified, the combination of
FBC/CWMF will provide a strong Level 2 control technology under CARB's diesel
retrofit protocol."
MORE-MORE-MORE
CLEAN DIESEL TECHNOLOGIES SIGNS COMMITMENT LETTERS TO RAISE $3.8 M
Page 2-2-2
CDT recently completed testing to support verification with both the EPA
and CARB of its Platinum Plus Purifier System, consisting of CDT's Platinum Plus
FBC and a lightly-catalyzed diesel oxidation catalyst (DOC). Tests at SwRI of
the FBC/DOC system resulted in over 45 percent reduction in particulate
emissions which meets a solid Level 1 control with CARB's retrofit program. The
FBC/DOC system is now listed on the EPA's verified technologies website, with
final reduction percentages expected to be posted in the next 30 to 60 days
after the EPA reviews all of the data.
Both the FBC/DOC and FBC/CWMF systems will be targeted at school bus
fleets, delivery vehicles and refuse trucks. They will provide lower cost
solutions to end users without the problems of excessive NO2 generation from
traditional heavily catalyzed systems.
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(R) fuel
catalysts and the ARIS(R) 2000 urea injection systems for selective catalytic
reduction of NOx. Platinum Plus and ARIS are registered trademarks of Clean
Diesel Technologies, Inc.
For more information contact Clean Diesel Technologies directly, or visit
their web site at www.cdti.com.
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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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