Clean Diesel Technologies Reports Strong Revenue Increases for Fourth Quarter, Year-End.Business Editors STAMFORD, Conn.--(BUSINESS WIRE)--March 18, 2002 New Letter of Intent Signed With Mitsui & Co; 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. Jeremy Peter-Hoblyn Elected Chairman Clean Diesel Technologies Inc.(CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT )(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) )(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 ) today reported that year-to-year increases in license and royalty revenue, when compared with the prior year periods, led to a substantial increase in total revenue for the fourth quarter and fiscal year ended Dec. 31, 2001. For the fourth quarter, CDT reported total revenue of $158,000 with a net loss attributable to common stockholders of $1.92 million, or a $0.63 loss per share, compared with total revenue of $105,000 with a net loss of $741,000, or $0.28 loss per share, for the year-earlier period. The 2001 fourth quarter loss includes a one-time non-cash preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. conversion premium of $1.28 million related to the conversion of all of the company's preferred stock to common stock in December 2001. Excluding the one-time preferred stock conversion premium, the 2001 fourth quarter loss was $650,000, or a $0.21 loss per share. For the 12 months ended Dec. 31, 2001, CDT reported total revenue of $1.6 million with a net loss of $3.0 million, or a $1.08 loss per share, compared with total revenue of $582,000 with a net loss of $2.7 million, or a $1.03 loss per share, for the comparable year-earlier period. Excluding the one-time preferred stock conversion premium, the 2001 year-end loss was $1.7 million, or a $0.62 loss per share. Chairman and CEO Jeremy Peter-Hoblyn commented: "2001 marked significant progress for us as we completed key licensing and distribution agreements for our patented Platinum Plus(R) diesel fuel additive with The Lubrizol Corporation, Baker Petrolite, Global Companies LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Valv Tect Petroleum Products, and generated more than $1.4 million in revenue from license and royalty agreements for our patented 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) 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 technology for stationary engines with Mitsui & Co. Ltd of Japan and the RJM RJM Resistojet Module RJM Religious of Jesus and Mary (France) (religious order) Corporation in the U.S. We also raised $5.2 million in a private placement of common stock and listed on AIM (Alternative Investment Market) 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. ." James Valentine James Valentine is a name shared by a number of notable individuals.
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. to president, remarked that this progress should continue in 2002. The company expects sales to build in the coming quarters at existing licensee locations, while adding additional fleets and marketing/distributor licensees. "During the first quarter of 2002, Global Companies LLC began automatic blending of Platinum Plus at one of its New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. terminals and has initiated sales and distribution to fleets under the Diesel One with Platinum Plus name," Valentine said. "Valv Tect contracted with its first fuel marketer in the mid-west and Lubrizol captured its first sales of Platinum Plus with filters in Europe while continuing programs with OEMs." The California Air Resources Board California Air Resources Board (CARB) is the "clean air agency" of the state of California in the United States. Established originally in 1967, it is a part of the California Environmental Protection Agency, an organization which reports directly to the California is revising the Diesel Retrofit Regulations for emission reduction of the state's 1.2 million diesel engines and the company is in discussions with several potential partners about verifying the company's Platinum Plus under the program. The EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. Voluntary Diesel Retrofit Program has been expanded to include fuels and fuel additives and the company has been invited to participate in workshops for fleet owners in Atlanta, Phoenix and Houston. The company announced that Mitsui signed a letter of intent to exercise their option to license the company's ARIS urea SCR (Sequence Control Register) See program counter. technology for mobile applications in Japan. Mitsui has previously licensed the ARIS technology for stationary applications. Separately, sales of ARIS systems by the company's U.S. stationary licensee have slowed but are expected to pick-up later in the year. The company also announced that Ralph E. Bailey, chairman and non-executive director A non-executive director (NED, also NXD) or outside director is a member of the board of directors of a company who does not form part of the executive management team. He or she is not an employee of the company or affiliated with it in any other way. of CDT, and Douglas G. Bailey, non-executive director of CDT, have resigned from the board. Both are managing directors of Fuel-Tech N.V. and have resigned to concentrate more fully on the activities of Fuel-Tech N.V., a CDT shareholder. The board subsequently elected CEO Peter-Hoblyn to chairman and reduced its size from seven to five directors. Full financial information is included in the company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission (www.SEC.gov). About Clean Diesel Technologies Inc. Clean Diesel Technologies is a specialty chemical and energy technology company with patented products that reduce emissions from diesel engines while simultaneously improving fuel economy. Products include Platinum Plus(R) fuel borne catalysts which reduce engine out emissions of particulate (PM), carbon monoxide carbon monoxide, chemical compound, CO, a colorless, odorless, tasteless, extremely poisonous gas that is less dense than air under ordinary conditions. It is very slightly soluble in water and burns in air with a characteristic blue flame, producing carbon dioxide; (CO) and hydrocarbons (HC), while improving fuel economy and also increasing the regeneration of diesel particulate filters, and the ARIS(TM) 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. Certain statements in this news release constitute "forward-looking statement 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 statement 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. Note to Editors: Platinum Plus is a registered trademark of Clean Diesel Technologies Inc.
CLEAN DIESEL TECHNOLOGIES INC.
STATEMENT OF OPERATIONS
(in thousands except per share data)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
2001 2000 2001 2000
Revenue:
Product
revenue $ 23 $ 62 $ 176 $ 199
License and
royalty revenue 135 43 1,424 383
Total revenue 158 105 1,600 582
Costs and expenses:
Cost of sales 8 45 117 133
General and
administrative 512 433 1,858 1,799
Research and
development 111 120 365 534
Patent filing
and maintenance 58 55 196 152
Loss from
operations 531 548 936 2,036
Interest
expense (income) 116 (3) 170 (35)
Net loss before
preferred stock
dividend 647 545 1,106 2,001
Preferred stock
dividend
(non-cash) 0 196 621 712
Preferred stock
conversion
premium 1,276 0 1,276 0
Net loss
attributed
to common
stockholders $ 1,923 $ 741 $ 3,003 $ 2,713
Basic and
diluted loss
per common
share $ 0.63 $ 0.28 $ 1.08 $ 1.03
Weighted
average
number of
common shares
outstanding 3,073 2,660 2,777 2,631
CLEAN DIESEL TECHNOLOGIES INC.
BALANCE SHEET
(in thousands except per share data)
Dec. 31,
2001 2000
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 4,023 $ 541
Accounts receivable 197 50
Inventories 296 287
Other current assets 96 87
Total current assets 4,612 965
Other assets 46 92
Total assets $ 4,658 $ 1,057
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
Notes payable $ 250 $ --
Accounts payable and
accrued expenses 558 400
Total current liabilities 808 400
Notes payable -- 500
Deferred compensation and
pension benefits 368 308
Total long term liabilities 368 808
STOCKHOLDERS' EQUITY (DEFICIT):
Preferred Stock, par
value $0.05 per share,
authorized 80,000, no
shares issued and outstanding
Series A Convertible Preferred
Stock, par value $0.05 per share,
$500 per share liquidation
preference, authorized 20,000 shares,
14,623 shares issued and
outstanding in 2000. -- 1
Common Stock, par value $0.05
per share, authorized
15,000,000 shares, issued
and outstanding 11,214,280
and 2,660,611 shares 561 133
Additional paid-in capital 27,058 20,849
Accumulated deficit (24,137) (21,134)
Total stockholders'
equity (deficit) 3,482 (151)
Total liabilities and
stockholders' equity (deficit) $ 4,658 $ 1,057
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