Exhibit 99.1
NEWS RELEASE FOR AUGUST 26, 2004 AT 7:30 AM GMT (LONDON) & 2:30 AM EDT
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Contact: Allen & Caron Inc or Clean Diesel Technologies, Inc.
Jesse E. Deal (investors) James M. Valentine, President & COO
212) 691-8087; David W. Whitwell, CFO
jesse@allencaron.com (203) 327-7050
Len Hall (media)
949) 474-4300;
len@allencaron.com
DR. BERNHARD STEINER APPOINTED CHIEF EXECUTIVE OFFICER
OF CLEAN DIESEL TECHNOLOGIES INC
STAMFORD, CT (August 26, 2004) The Board of Directors of Clean Diesel
Technologies Inc (CDT) (EBB:CDTI & AIM:CDT/CDTS) announced today that effective
September 14, 2004, Bernhard Steiner, PhD, 56, has been appointed its Chief
Executive Officer, and elected a director after the CDT Board authorized an
increase in Board members from five to six. Steiner succeeds Jeremy D.
Peter-Hoblyn, 64, who has been CEO of CDT since its formation in 1995.
Peter-Hoblyn will remain on the Board of Directors, and his previously announced
retirement begins concurrent with Steiner's arrival. Steiner is a marketing and
business development veteran with a solid understanding of global markets. He
has a history of recognizing and developing market opportunities for new and
existing technologies, as well as bringing new technologies to market
successfully.
Most recently Steiner was Executive Director of Sales and Marketing at
Sweden-based Wayfinder Systems AB, which has launched server-based navigation
systems for mobile phones and has become the market leader in the field. From
1999 through March 2003, Steiner served in varying positions with Motorola, Inc.
beginning as Director, Strategic Marketing and New Business Development for the
Integrated Electronics Systems Sector, working with four business groups:
automotive, telematics, energy systems and computer platforms. Within one year
Steiner was promoted to Director, Worldwide Sales and Marketing, and then to
General Manager Global Solutions, for the company's personal communication
sector, where he created and grew a team of more than 200 professionals to enter
into the hardware services and application business. From 1994 through 1998,
Steiner held the position of Group Managing Director at London-based NXT PLC,
where he was involved in strategic planning including M&A and technical
developments to ensure the Group's continued growth and profitability. He also
served as Chairman and CEO of Huntingdon, UK-based Mission Electronics and Leeds
and UK-based Wharfedale International Limited under NXT PLC, where he
restructured the companies to integrate them into the company and make them
profitable.
"Over the last 10 years, Jeremy Peter-Hoblyn directed the development of
the Company's proprietary products: Platinum Plus(R) fuel-borne catalysts (FBC),
purifier systems and ARIS(R) urea injection systems. During this time a strong
patent position was developed for the core technologies. The Company also
received EPA verification last year for its FBC purifier system and recently for
its FBC catalyzed wire-mesh filter system with its strategic partner PUREarth (a
subsidiary of Mitsui Inc. of Japan)," said CDT Non-Executive Chairman, Derek R.
Gray. "We thank Jeremy for his contribution and are pleased that he is remaining
a member of the Board.
MORE-MORE-MORE
DR. BERNHARD STEINER APPOINTED CHIEF EXECUTIVE OFFICER OF CDT
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Gray added, "Following EPA verification, important contracts have been
achieved with key customers in the US that are now beginning to result in sales.
To accelerate this process, we will look to Bernhard to build the organization
for a company that is a commercial leader in the global environmental solutions
market. His record demonstrates his ability to develop market research and
targeted growth strategies, prepare and negotiate acquisitions and license
agreements, and introduce products into new markets."
Steiner said, "I am enthusiastic about joining Clean Diesel. I believe a
sound foundation for growth is in place and I see great opportunities for our
existing and future products. Clean air and energy efficiency are two areas of
great concern around the world and we have technologies and know-how that will
be key to improving both of these."
Steiner received his Bachelor's, Master's and Doctorate in Business
Administration from the University of St. Gallen in Switzerland. He speaks
several languages, including German, Italian, French and English, and resides in
Mainz-Kostheim in Germany.
On August 11, 2004, the Company announced that Jeremy Peter-Hoblyn, Chief
Executive Officer, had informed the Board of Directors of his intention to
retire before the end of the year.
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, the Platinum Plus Purifier System, 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, visit CDT at www.cdti.com or contact the Company directly.
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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