Clean Diesel Technologies Closes on Previously Announced $1.8 Million Fundraising; Raises Additional $800,000-GBP 450,000.STAMFORD, Conn. -- Clean Diesel Technologies Inc. (CDT) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CDTI CDTI Centro Para el Desarrollo Tecnológico Industrial (Spain) CDTI Cockpit Display of Traffic Information CDTI Common rail Diesel Turbo Injection CDTI Commercial Driver Training Institute (Pakistan) )(AIM:CDT)(AIM:CDTS CDTS Continental Divide Trail Society CDTS Combat Development Tracking System CDTS Computer Directed Training System CDTS Clinic for Developmental Therapy Services CDTS Centralized Digital Telecommunications System ) announced that it has received the funds from its $1.8 million (GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.025 million) investment at a price of GBP 1.025 (US $1.82), announced on Sept. 20, 2004. The share price is based on the U.K. price as of Sept. 14, 2004. In addition CDT has received signed commitment letters from several current shareholders and directors, for the issuance of $800,000 (GBP 450,000) of CDT common stock at the same terms. CDT expects to close on the second investment by Oct. 8, 2004. In total from the two transactions the company has raised $2.6 million (GBP 1.5 million) from the sale of 1.43 million shares and now has 17.1 million shares outstanding. The company does not expect to raise additional funds on the same terms. Derek R. Gray, non-executive chairman and director, and Jeremy Peter-Hoblyn, director and former CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , are subscribing for 50,000 and 80,000 shares respectively in the second tranche, bringing their ownership totals to 415,000 and 130,000 shares respectively, or 2.4 percent and 0.8 percent of the total outstanding CDT stock. The $2.6 million of total fund-raising proceeds will strengthen the company's balance sheet and support the continued technology commercialization in the United States, Europe and Asia, as the company has a number of initiatives and programs in progress for the fourth quarter of 2004 and the first half of 2005. Recently the company has been announcing and shipping significant orders for its EPA-verified Platinum Plus(R) Purifier System including a state of Pennsylvania grant and the supply of Purifier Systems for several school bus projects. The company also announced its second EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. verification for the Platinum Plus fuel borne catalyst (FBC) additive with a particulate filter designed by Mitsui/PUREarth. The new CDT restricted common shares will be issued in reliance on the exemption from registration under Regulation S under the U.S. Securities Act of 1934 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 United States or U.S. persons, but may otherwise be traded in the United Kingdom without other restrictions. Application for the shares to trade on the Alternative Investment Market (AIM) of the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. has been made and the shares will trade on AIM under the ticker symbol CDTI. About Clean Diesel Technologies Inc. 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 ARIS American Religious Identification Survey ARIS Architecture of Integrated Information Systems ARIS Active Rack Isolation System ARIS Aggregate Route-based IP Switching ARIS Agentia Romana pentru Investitii Straine (R) 2000 urea injection systems for selective catalytic reduction Selective catalytic reduction (SCR) is a means of removing nitrogen oxides, often the most abundant and polluting component in exhaust gases, through a chemical reaction between the exhaust gases, a (reductant) additive, and a catalyst. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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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