Clean Diesel Technologies Inc. Arranges $1.75 Million Equity Financing.STAMFORD, Conn.--(BUSINESS WIRE)--Aug. 5, 1999-- Clean Diesel Technologies Inc. (EBB: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) ) Thursday announced that it has received commitments from private European investors for the issuance of a further tranche of Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". in order to raise $1.75 million. The financing is expected to close during the month of August, 1999, subject to the completion of documentation. CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT President and Chief Executive Officer Jeremy D. Peter-Hoblyn said, "The funds will be used to support the commercialization of the company's three product groups for diesel engines. These are 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 (TM) 2000 NOx reduction technology for which commercial systems have been delivered, the Platinum Plus(R) fuel catalysts for particulate filters and oxidizers and the Platinum Plus fuel catalysts for premium diesel fuel, reflecting economy improvement and emissions reduction. "As previously announced, the company is in discussion with potential partners for the licensing of its ARIS 2000 technology both for stationary and mobile diesel engines," he said. Clean Diesel Technologies is a development-stage company supplying advanced catalytic fuel additives and systems that reduce harmful emissions from internal combustion engines Internal combustion engine A prime mover, the fuel for which is burned within the engine, as contrasted to a steam engine, for example, in which fuel is burned in a separate furnace. while improving fuel economy in diesel- and gasoline-fueled engines and nitrogen oxide Noun 1. nitrogen oxide - any of several oxides of nitrogen formed by the action of nitric acid on oxidizable materials; present in car exhausts pollutant - waste matter that contaminates the water or air or soil (NOx) reduction systems and chemicals for control of NOx emissions from diesel engines. Platinum Plus(R) is a registered trademark of Clean Diesel Technologies Inc. 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, 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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