CDTi Amends Loan Agreements to Extend Maturity Date
October 13 2015 - 8:00AM
Clean Diesel Technologies, Inc. (Nasdaq:CDTI) ("CDTi" or "the
Company"), a leader in advanced emission control technology,
announced it has amended its loan agreements with Kanis SA to
extend the maturity dates to October 1, 2018. The three loans, with
an aggregate $7.5 million in principal and 8% interest rate, were
originally set to mature on October 1, 2016.
Chris Harris, CDTi President and Chief Executive Officer,
stated, "Amending and extending our loan agreements provides us
with greater financial flexibility in executing our growth
strategy. We believe this transaction also demonstrates our
long-time investor's support and confidence in CDTi's strategy to
build a global advanced catalytic materials business via our
Powder-to-Coat (P2C™) business model, and shorter-term to drive
sales and market share expansion in the heavy duty diesel
replacement market."
In consideration of Kanis agreeing to the loan amendments, CDTi
has agreed to revise the expiration date and strike price on
warrants to purchase common shares. As a result, all 249,000
warrants held by Kanis will expire on Nov. 11, 2019 with the strike
price for 75,000 of the warrants adjusted to $1.75. Additional
detail on the amended agreements can be found on the Company's
Current Report on Form 8-K filed with the Securities and Exchange
Commission today.
About CDTi
CDTi manufactures and distributes vehicle emissions control
products that leverage its advanced materials technology. CDTi
utilizes its proprietary technology 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. Continuing its focus on innovation and a
strategy to scale its business globally, CDTi is pursuing a
Powder-to-Coat (P2C™) business model that exploits
high-performance, advanced low-platinum group metal (PGM) emission
reduction catalysts. Key technology platforms include Mixed Phase
Catalyst (MPC®), Base Metal Activated Rhodium Support (BMARS™),
Synergized PGM (SPGM™), Zero PGM (ZPGM™) and Spinel™. CDTi is
headquartered in Oxnard, California and has operations in Canada,
Japan, the United Kingdom and Sweden. For more information, please
visit www.cdti.com.
Forward-Looking Statements
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 strategic plans. 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; and (vii) 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. Contact
Information: Becky Herrick or Cathy Mattison LHA (IR
Agency) +1 415 433 3777 bherrick@lhai.com cmattison@lhai.com
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