Attached files
file | filename |
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8-K - FORM 8-K - CDTI ADVANCED MATERIALS, INC. | c07145e8vk.htm |
EX-10.1 - EXHIBIT 10.1 - CDTI ADVANCED MATERIALS, INC. | c07145exv10w1.htm |
EX-23.1 - EXHIBIT 23.1 - CDTI ADVANCED MATERIALS, INC. | c07145exv23w1.htm |
EX-10.2 - EXHIBIT 10.2 - CDTI ADVANCED MATERIALS, INC. | c07145exv10w2.htm |
Exhibit 99.1
PRESS RELEASE |
FOR IMMEDIATE RELEASE
CLEAN DIESEL TECHNOLOGIES, INC. ANNOUNCES CLOSING OF MERGER
AND REVERSE STOCK SPLIT
AND REVERSE STOCK SPLIT
BRIDGEPORT, CT., October 15, 2010. Clean Diesel Technologies, Inc. (CDTI) (Nasdaq: CDTI), a
cleantech emissions reduction company, announced today that it has completed its merger with
Catalytic Solutions, Inc., which was approved by stockholders on October 12, 2010.
In parallel with this transaction CDTI completed a $1.0 million capital raise through the sale of
common stock and warrants pursuant to a Regulation S offering.
Clean Diesel also today announced it filed a certificate of amendment to implement a one-for-six
reverse stock split of the Companys common stock. The reverse stock split, which was previously
approved by the Companys Board of Directors and stockholders, will take effect at 4:30 pm EDT on
Friday, October 15, 2010. Trading of Clean Diesels common stock on the NASDAQ Global Market is
expected to continue, on a reverse stock split-adjusted basis, commencing with the opening of the
markets on Monday, October 18, 2010.
Catalytic Solutions shareholders will receive in the aggregate approximately 2.3 million shares and
warrants to purchase approximately 667,000 shares of Clean Diesel common stock, after taking into
account the reverse stock split. Clean Diesel stockholders will receive one new Clean Diesel share
for every six shares that they held prior to the split, and will receive cash in lieu of any
fractional shares. After the merge and reverse stock split, the number of shares of the Companys
common stock outstanding will be reduced to approximately 3.8 million shares.
To indicate that the reverse stock split has occurred, a D will be added to the Companys trading
symbol, such that post-split common stock will trade under the symbol CDTI.D beginning on October
18, 2010 for a period of 20 trading days, after which the Companys common stock will resume
trading under the symbol CDTI. The CUSIP number for the Companys post-split common stock will
be 18449C 401.
American Stock Transfer Company (AST) is acting as exchange agent for the reverse split. As soon
as practicable, AST will provide registered holders with a letter of transmittal providing
instructions for the exchange of their certificates. The shares owned by beneficial holders (who
hold their shares in street name) will automatically be adjusted to reflect the reverse stock
split, subject to brokers particular processes.
For more information regarding the Companys reverse stock split, please refer to the definitive
proxy statement filed by the Company with the Securities and Exchange Commission on September 23,
2010.
Clean Diesel Technologies, Inc. * 10 Middle Street, Suite 1100 * Bridgeport CT 06604 * 203-416-5290
www.cdti.com
www.cdti.com
Clean Diesel Technologies, Inc.
Clean Diesel Technologies (Nasdaq: CDTI) is a cleantech company providing sustainable solutions to
reduce emissions, increase energy efficiency and lower the carbon intensity of on- and off-road
engine applications. Clean Diesels patented technologies and products allow manufacturers and
operators to comply with increasingly strict regulatory emissions and air quality standards, while
also improving fuel economy and power.
CDTIs solutions significantly reduce emissions formed by the combustion of fossil fuels and
biofuels (without increasing secondary emissions such as nitrogen dioxide, NO2), including
particulate matter (PM), nitrogen oxides (NOx), carbon monoxide (CO) and hydrocarbons (HC). As a
result, they are effective for: OEMs, Tier 1 suppliers and retrofit providers; businesses entering
the emissions control market seeking solutions and expertise; operators requiring compliant
emissions solutions; fuel, biofuels and additive suppliers seeking low emissions and energy
efficient products; and regulators creating public policy. Clean Diesels solutions, therefore, are
ideal for such markets as: on-road vehicles, construction, mining, agriculture, port/freight
handling, locomotive, marine, and power generation.
Clean Diesel develops and manages intellectual property from original concept to full-scale
commercial deployment. Building on its more than 200 granted and pending patents, its offerings
include ARIS® selective catalytic reduction (SCR); the patented combination of SCR and exhaust gas
recirculation (EGR); hydrocarbon injection for emissions control applications; Platinum Plus®
Fuel-Borne Catalyst (FBC); the Purifier family of particulate filter systems; and its wire mesh
filter particulate filter technologies. CDTI was founded in 1995 and is headquartered in
Bridgeport, Connecticut. A wholly-owned subsidiary, Clean Diesel International, LLC is based in
London, England. For more information, please visit www.cdti.com.
Safe Harbor
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 companys filings with the U.S. 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.
###
Contact Information:
Nikhil Mehta, Chief Financial Officer
Tel: +1 (805) 639-9458
Clean Diesel Technologies, Inc. * 10 Middle Street, Suite 1100 * Bridgeport CT 06604 * 203-416-5290
www.cdti.com
www.cdti.com
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