BRIDGEPORT, Conn., Sept. 1, 2009 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI), the clean-tech emissions reduction company providing sustainable solutions to reduce emissions, increase energy efficiency and lower the carbon intensity of on- and off-road engine applications, today announced certain changes to its Board of Directors. These include the departure of one Director, the election of a new Director, and the election of a new Chairman.
During the Board meetings that took place on August 26 and 28, Mungo Park was elected as a Director of the Company and Derek R. Gray submitted his resignation as Chairman; Mr. Gray continues to serve as a Director of the Company and Chairman of the Audit Committee. Mungo Park was elected the new Chairman. John J. McCloy II, a Director of the Board and member of both the Audit and the Compensation and Nominating Committees, resigned.
Mr. Park, 53, is the Chairman of Innovator Capital Limited, ("Innovator"), the London, England-based specialist clean-tech investment bank which provided financial advice to Clean Diesel from 2006 through January 2009. Mr. Park is not an independent director within the meaning of NASDAQ Rule 5605(a)(2) and will not be a member of the Audit or the Compensation and Nominating Committees of the Board. Mr. Park is not related to any other member of the Board of Directors. Mr. Park's nomination for election was requested by principals of both Ruffer LLP and Hawkwood Fund Limited, which, while unrelated to one another, directly or through affiliates are believed to collectively own beneficially 2,071,915, or 25.3%, of Clean Diesel's outstanding common shares.
Mr. Park stated, "Clean Diesel has been aggressively revising its business strategy and making the appropriate organizational changes to address today's business and environmental challenges as well as capitalize on future opportunities. It is my belief that management is in the process of taking the necessary and sufficient steps to position itself for future growth. My expertise and insights will help guide the Company through these challenging times."
Mr. Park advised Clean Diesel that, currently, it is not his intention to stand for reelection at the 2010 annual meeting. As Chairman, among his other duties, he will focus on recruiting new members of the Board.
Commenting on the Board changes, Michael Asmussen, Clean Diesel's CEO and President, stated, "We want to thank Derek Gray for his commitment and devotion while serving as Chairman of the Board of Directors; we know his continued assistance as a Director and Chairman of the Audit Committee will be invaluable. We also appreciate John McCloy's true dedication to Clean Diesel and reluctantly accept his resignation from the Board."
About Clean Diesel Technologies
Clean Diesel Technologies (Nasdaq:CDTI) is a cleantech company providing sustainable solutions to reduce emissions, increase energy efficiency and lower the carbon intensity of on- and off-road engine applications. Clean Diesel's patented technologies and products allow manufacturers and operators to comply with increasingly strict regulatory emissions and air quality standards, while also improving fuel economy and power.
The company's solutions significantly reduce emissions formed by the combustion of fossil fuels and biofuels (without increasing secondary emissions such as nitrogen dioxide, NO2), including particulate matter (PM), nitrogen oxides (NOx), carbon monoxide (CO) and hydrocarbons (HC). As a result, they are effective for: OEMs, Tier 1 suppliers and retrofit providers; businesses entering the emissions control market seeking solutions and expertise; operators requiring compliant emissions solutions; fuel, biofuels and additive suppliers seeking low emissions and energy efficient products; and regulators creating public policy. Clean Diesel's solutions, therefore, are ideal for such markets as: on-road vehicles, construction, mining, agriculture, port/freight handling, locomotive, marine, and power generation.
Clean Diesel develops and manages intellectual property from original concept to full-scale commercial deployment. Building on its almost 300 granted and pending patents, its offerings include ARIS(r) selective catalytic reduction (SCR); the patented combination of SCR and exhaust gas recirculation (EGR); hydrocarbon injection for emissions control applications; Platinum Plus(r) Fuel-Borne Catalyst (FBC); the Purifier(tm) family of particulate filter systems; and its wire mesh filter particulate filter technologies. The company was founded in 1995 and is headquartered in Bridgeport, Connecticut. A wholly-owned subsidiary, Clean Diesel International, LLC is based in London, England. For more information, please visit www.cdti.com.
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Safe Harbor
Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known or unknown risks, including those detailed in the company's filings with the U.S. 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.