Clean Diesel Technologies, Inc. (OTCBB:CDTI; AIM:CDT), a developer of chemical and technological solutions to reduce engine emissions, has secured commitments totaling US$9.5 million from new and existing individual and institutional shareholders, as well as from directors and management of the Company.
The private placement will result in Clean Diesel issuing an aggregate of 7 million separable units of common stock and warrants at a price of US$1.35 per unit. CEO Bernhard Steiner said the proceeds of the financing will provide working capital, predominantly for the continued commercialization and protection of its core technologies and products at a pivotal time for the Company.
Dr. Steiner added: “In light of the growing concern for the effects of global warming and air pollution, the world and its governments have adopted a more focused attitude towards greenhouse gas emissions and especially the need for the immediate reduction of particulate matter, oxides of nitrogen and fuel consumption. This acceleration and enforcement of legislation is requiring polluters to reduce tailpipe and other emissions. It is in precisely these markets that our technologies have worldwide application, especially when they enable cheaper and more effective use of existing pollution control systems.”
About Clean Diesel Technologies, Inc.
Clean Diesel Technologies, Inc. and its UK representative office, Clean Diesel International LLC, is a developer of chemical and technological solutions to reduce harmful engine emissions. Clean Diesel Technologies has patented products that reduce emissions from combustion engines while simultaneously improving fuel economy and power. Products include Platinum Plus® fuel borne catalysts, the Platinum Plus Purifier System and the ARIS® 2000 urea injection systems for selective catalytic reduction of NOx. Their products are now operational in commercial trucking fleets in the US and Europe, as well as in municipal bus lines.
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