Clean Diesel Technologies Reports Second Quarter Results.Business Editors STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn.--(BUSINESS WIRE)--Aug. 15, 2000 Clean Diesel Technologies Inc. (EEB EEB European Environmental Bureau EEB Encefalopatía Espongiforme Bovina (Spanish: Bovine Spongiform Encephalopathy) EEB Entry-Level Electronics Bay (computer hardware) :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) ) Tuesday reported results for the second quarter and six months ended June 30, 2000. As the attached Statement of Operations See Income statement. and Cash Flow Statement demonstrate, the company has continued its program for commercialization of its technologies with an increase in general administrative expenses and a reduction in research and development expenses. The company's strategy of seeking license revenue from commercial partners is progressing satisfactorily. As previously announced, the RJM RJM Resistojet Module RJM Religious of Jesus and Mary (France) (religious order) Corp. is the licensee licensee n. a person given a license by government or under private agreement. (See: license, licensor) LICENSEE. One to whom a license has been given. 1 M. Q. & S. 699 n. for 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 2000 NOx Reduction System for stationary Stationary can mean:
The steam-powered locomotive played a key role during the development and golden age of railroading, but, despite its long and picturesque history, it has diesel engines in the Americas with an initial license payment of $260,000 and furthur payments and royalties based on future sales. Also, as recently announced, the company has completed a short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. exlcusive license agreement with the Mitsui Co. of Japan for a fee of $160,000 which is being accounted for over the six month period of the agreement. After Mitsui has evaluated the Platinum Plus product and the ARIS 2000 system, it is hoped that they will proceed to a full license agreement for these technologies in Japan. The company will be able in due course to announce arrangements with other third parties which are under discussion or in preliminary evaluation stages. Substantial progress is being made in both the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Europe with potential partners who will undertake the distribution of the company's products. In the United States, Clean Diesel has more than a dozen commercial field trials in progress with several marketing and distribution partners. In addition, the Air Resources Board (ARB) of California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). recently announced a proposal requiring retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in of 1.2 million diesel engines for particulate par·tic·u·late adj. Of or occurring in the form of fine particles. n. A particulate substance. particulate composed of separate particles. reduction of 70% to 90%. The ARB proposal includes a performance review of the Platinum Plus product used with several diesel particulate filters “DPF” redirects here. For plasma focus device, see dense plasma focus. A diesel particulate filter, sometimes called a DPF, is a device designed to remove diesel particulate matter or soot from the exhaust gas of a diesel engine. for up to 95% particulate reduction and the complete proposal can be found at www.arb.ca.gov/toxics/diesel/diesel.htm The company's 10Q statement has been filed with the SEC and may be downloaded from www.sec.gov (select "search the edgar database" twice and then select "quick forms lookup A data search performed within a predefined table of values (array, matrix, etc.) or within a data file. "). Clean Diesel Technologies is a specialty chemical A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. company with patented advanced catalyst technologies that reduce emissions from diesel engines while simultaneously improving fuel economy and power. Products include Platinum Plus fuel catalysts and ARIS 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 is a registered trademark of Clean Diesel Technologies Inc. Certain statements in this news release constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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 here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" .
CLEAN DIESEL TECHNOLOGIES INC.
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
Revenue:
Sales $ 40 $ 50 $ 86 $ 59
License Revenue 19 -- 279 --
Total Revenue 59 50 365 59
Costs and expenses:
Cost of sales 25 33 47 38
General and administrative 489 371 918 752
Research and development 167 184 306 452
Patent filing and
maintenance 52 28 76 52
Loss from operations 674 566 982 1,235
Interest income (13) (7) (23) (22)
Interest expense -- -- 1 1
Net loss before preferred
stock dividend 661 559 960 1,214
Preferred Stock dividend
(non-cash) 168 105 331 154
Net loss attributed to Common
Stockholders $ 829 $ 664 $ 1,291 $ 1,368
Basic and diluted loss per
Common Share $ 0.32 $ 0.26 $ 0.49 $ 0.53
Average number of Common
Shares outstanding 2,627 2,591 2,609 2,567
CLEAN DIESEL TECHNOLOGIES INC.
BALANCE SHEET
(in thousands except share data)
June 30, December 31,
2000 1999
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 1,123 $ 892
Accounts Receivable 33 46
Inventories 312 321
Other current assets 35 52
Total current assets 1,503 1,311
Other assets 34 35
Total assets $ 1,537 $ 1,346
Liabilities and stockholders' equity
Current Liabilities:
Accounts payable and accrued expenses 631 690
Total Current Liabilities 772 690
Unrecognized License Revenue $ 141 $ --
Stockholders' equity:
Preferred Stock, par value $.05 per share,
Authorized 85,000 shares, no shares
issued and outstanding -- --
Series A Convertible Preferred Stock,
par value $.05 per share, $500 per
share liquidation preference, authorized
15,000 shares, issued and outstanding
13,218 and 11,082, involuntary liquidation
value (incl. dividends payable)
$6,937,000 and $5,934,000 1 1
Common Stock, par value $0.05 per share,
Authorized 15,000,000 shares, issued and
outstanding 2,658,946 and 2,594,456 shares 133 130
Additional paid-in capital 20,345 18,946
Accumulated Deficit (19,714) (18,421)
Total stockholders' equity 765 656
Total liabilities and stockholders'
equity $ 1,537 $ 1,346
CLEAN DIESEL TECHNOLOGIES, INC.
STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Six Months Ended
June 30
2000 1999
Operating activities
Net Loss before preferred stock dividend $ (960) $ (1,214)
Adjustments to reconcile net loss to cash
used in operating activities:
Depreciation 5 11
Director's stock compensation 20 20
Changes in working capital: 142 (99)
Net cash used in operating activities $ (793) $ (1,282)
Financing activities
Proceeds from sale of preferred stock 1,022
Proceeds from exercise of stock options 5 1
Net cash provided from (used in) financing
activities 1,027 1
Investing activities
Purchase of fixed assets (3) (6)
Net cash (used in) provided by investing
activities (3) (6)
Net (decrease) increase in cash and
cash equivalents 231 (1,287)
Cash and cash equivalents at beginning of
period 892 1,663
Cash and cash equivalents at end of
period $1,123 $ 376
Non-Cash activities
Preferred Dividend 331 154
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