Clean Diesel Technologies, Inc. (EBB: CDTI, AIM: CDT/CDTS & XETRA: CDI), a developer of technological solutions to reduce harmful engine emissions, increased revenue by 40% for the first quarter (compared to Q1 2005)to $269,000.
Net loss for the quarter was $1,584,000 ($0.06 loss per share), compared to the previous year of $1,184,000 ($0.07 loss per share).
Platinum Plus fuel borne catalyst (FBC) sales and other revenue increased in the first quarter of 2006. Clean Diesel has won several new customers in Europe and the US, and also is seeing strong additive growth from the U.S. mining sector.
Dr. Bernhard Steiner, President and CEO, commented: “The Company continues to see a growing demand for its technologies. Recent interest in alternative energy, pending emission reduction requirements in the United States, Europe and Asia, and growing environmental activity, are providing Clean Diesel with global opportunities. Clean Diesel is now operating on four continents and rapidly expanding its partner and customer base to address demand.”
Dr. Steiner added: “With the looming 2007 – 2010 emission reduction requirements for NOx and particulate matter, Clean Diesel’s technologies have gained substantial interest and acceptance with original equipment manufacturers and Tier one suppliers. As a result, Clean Diesel is now in testing programs and negotiations with most leading engine manufacturers or suppliers.”
Dr. Steiner noted: “The global interest in bio-diesel fuel is expanding rapidly. Clean Diesel has developed proprietary bio-diesel formulations that eliminates the NOx increase associated with most bio-diesel blends and provides additional particulate reduction and fuel economy improvement. Clean Diesel’s low emission bio-fuels research is intended to expand the potential bio-diesel and renewable fuels market. Clean Diesel is actively working with bio-diesel suppliers and blenders to incorporate our low emission bio-diesel formulation into their commercial products.”
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