Exhibit 99.3
NEWS RELEASE FOR JANUARY 23, 2006 AT 2:30 AM EST AND 7:30 AM GMT
- ----------------------------------------------------------------
Contact: ALLEN & CARON INC or CLEAN DIESEL TECHNOLOGIES, INC.
Jesse E. Deal (US investors) David W. Whitwell, CFO
(212) 691-8087; jesse@allencaron.com (203) 327-7050; dwhitwell@cdti.com
Len Hall (US media)
(949) 474-4300; len@allencaron.com
ABCHURCH COMMUNICATIONS
Heather Salmond (UK investors) +44 (0) 20 7398 7700
heather.salmond@abchurch-group.com
CLEAN DIESEL TECHNOLOGIES ANNOUNCES MANAGEMENT CHANGES
STAMFORD, CT (JANUARY 23, 2006) Clean Diesel Technologies, Inc. (EBB:CDTI &
AIM:CDT/CDTS), a developer of chemical and technological solutions to reduce
harmful engine emissions, announced today a series of management changes, all
effective immediately, to bolster its operations for growth that is anticipated
as its emission control technologies and products are approaching wider
acceptance among market influentials and regulators.
Dr. Bernhard Steiner, Chief Executive Officer, has been appointed to the
additional post of President. Dr. Walter Copan, formerly Vice President and
Chief Technology Officer, will now serve as Executive Vice President / North
American Operations in addition to his continued worldwide technology
responsibilities. North American sales, marketing and engineering will report
to Dr. Copan. Glen Reid remains Vice President / Sales and Marketing, and
reports to
Dr. Copan.
David Whitwell, Chief Financial Officer since 1999, becomes both CFO and
Senior Vice President / Administration, with global responsibility for material
management, distribution and human resources in addition to finance and
accounting for both the North American and international operations.
Tim Rogers, formerly Vice President/International, is now Executive Vice
President / International Operations, responsible for sales and marketing in
Europe and Asia. Mr. Rogers, Dr. Copan and Mr. Whitwell all continue to report
to Dr. Steiner.
Clean Diesel announced that it had released James M. Valentine from
employment as President and Chief Operating Officer effective immediately. The
Company also said that Mr. Valentine had resigned as a director of the Company.
Dr. Steiner stated the separation between Clean Diesel and Mr. Valentine
was amicable and Mr. Valentine had left to pursue other interests. Dr. Steiner
acknowledged, "Mr. Valentine has made many contributions during his years of
service to Clean Diesel; we thank him for his role in developing its
technologies and the management, and the Board and the Company wish Jim well as
he pursues new opportunities."
MORE-MORE-MORE
CLEAN DIESEL ANNOUNCES MANAGEMENT CHANGES
Page 2-2-2
Dr. Steiner added that, "We are very optimistic about our 2006
opportunities in the United States, Europe and Asia. Funding for retrofit
emission programs is moving forward in the marketplace and our Platinum Plus
fuel-borne catalyst, ARIS 2000 selective catalyst reduction, wire-mesh diesel
particulate filter and EGR-SCR technologies are rapidly gaining recognition and
acceptance with regulators, fuel distributors, vehicle manufacturers and
tier-one automotive
supply companies."
About Clean Diesel Technologies, Inc.
- -------------------------------------
Clean Diesel Technologies, Inc. and its UK representative office, Clean
Diesel International LLC, is a developer of chemical and technological solutions
to reduce harmful engine emissions. Clean Diesel Technologies has patented
products that reduce emissions from combustion engines while simultaneously
improving fuel economy and power. Products include Platinum Plus(R) fuel borne
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.
# # # #