OXNARD, Calif., Sept. 24, 2015 (GLOBE NEWSWIRE) — Clean Diesel Technologies, Inc. (Nasdaq:CDTI) (“CDTi” or “the Company”), a leader in advanced emission control technology, released the following statement in response to numerous questions from industry analysts and investors regarding recent emissions compliance issues within the automotive industry.
“Recent news surrounding non-compliance with automotive emission laws emphasizes the priority government regulators and the public place on improving air quality and safeguarding human health around the world,” stated Chris Harris, CDTi’s President and Chief Executive Officer. “The strong reaction to the negative aspects of non-compliance makes it crystal clear that governments intend to strictly enforce stringent emission regulations as they urgently and aggressively tackle the enormous environmental, social and economic costs stemming from harmful vehicular pollutants.”
“Globally, there will soon be 100 million new passenger cars produced annually as the world’s population grows and rising living standards spur demand for cars and commercial vehicles. Simultaneously, governments are moving quickly to safeguard human health and the environment. While more stringent emission regulations take effect worldwide, and car designers leverage turbo, direct gas injection and hybrid engine technologies for fuel efficiency, conventional catalytic converter technology is stretched. Clearly now is the time for the rapid and broad-scale adoption of breakthrough innovations that enable cost-effective compliance.”
Harris concluded, “With its long track history supplying emission solutions for passenger cars and heavy duty vehicles, CDTi’s next-generation technologies promise cost-effective compliance with increasingly strict emission standards around the world. We believe our proprietary technologies that include MPC®, Spinel™, BMARS™ and SPGM™, offer vehicle manufacturers superior emission reduction performance at substantially lower cost. We intend to accelerate commercialization of our breakthrough compliance-enabling technologies.”
The Spinel platform is a family of proprietary materials using various base metals that replace costly platinum group metals (PGMs) and rare earth metals in coatings on standard catalytic converters. Spinel works across a wide range of engine and vehicle applications – both gasoline and diesel – and has the potential for significant cost savings for OEMs by dramatically reducing or eliminating expensive PGMs and rare earth metals. The technology promises to enable early, cost-effective compliance with stricter emissions standards in the U.S. and around the world and to mitigate OEM exposure to supply uncertainty and price volatility in the PGM and rare earth markets.
CDTi manufactures and distributes vehicle emissions control products that leverage its advanced materials technology. CDTi utilizes its proprietary patented Mixed Phase Catalyst (MPC®) technology and other related technologies to provide high-value sustainable solutions to reduce emissions, increase energy efficiency and lower the carbon intensity of on- and off-road combustion engine systems. Reflecting its continued focus on innovation, CDTi is developing and commercializing proprietary advanced low-platinum group metal (PGM) catalysts including synergized-PGM (SPGM™), as well as zero-PGM (ZPGM™) catalysts. CDTi is headquartered in Oxnard, California and has operations in the U.K., Canada, France, Japan and Sweden. For more information, please visit www.cdti.com.
Certain information contained in this press release constitutes forward-looking statements, including any statements contained herein that are not statements of historical fact. You can identify these forward-looking statements by the use of the words “believes”, “expects”, “anticipates”, “plans”, “may”, “will”, “would”, “intends”, “estimates”, “promises”, and other similar expressions, whether in the negative or affirmative. Forward-looking statements are based on a series of expectations, assumptions, estimates and projections which involve substantial uncertainty and risk. In this press release, the Company includes forward looking statements regarding CDTi’s proposed presentation, promise of Spinel technology patents, future tests and results, and the development, commercialization and potential benefits of CDTi’s products and technologies including Spinel™. In general, actual results may differ materially from those indicated by such forward-looking statements as a result of risks and uncertainties, including, but not limited, to (i) any inability by CDTi to (1) realize the benefits of investments; (2) successfully transition into an advanced materials supplier; (3) execute its strategic priorities; (4) commercialize its technology due to agreements with third parties; (5) protect its intellectual property; (6) obtain verifications, approvals or market acceptance of its products or technology; or (7) achieve anticipated results; (ii) changes in or lack of enforcement of or funding for emissions programs, regulations or standards; (iii) competitive conditions; (iv) prices of PGM and rare earth metals; (v) intellectual property infringement allegations; (vi) inability to meet emissions control standards; (vii) any cancellation or postponement of the JSAE 2015 Annual Congress; and (viii) other risks and uncertainties discussed or referenced in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K. In addition, any forward-looking statements represent the Company’s estimates only as of the date of such statements and should not be relied upon as representing the Company’s estimates as of any subsequent date. The Company specifically disclaims any obligation to update forward-looking statements. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.