New Order and Trading Update
January 15 2008 - 2:01AM
UK Regulatory
RNS Number:7534L
Clean Air Power Limited
15 January 2008
For immediate release 15 January 2008
Clean Air Power Ltd
("Clean Air Power" or "the Company")
New Order and Trading Update
New Contract Win
Clean Air Power Ltd (AIM:CAP), the developer of Dual-FuelTM combustion
technology that enables heavy-duty diesel engines to run on a combination of
both diesel and natural gas, is pleased to announce that it has received a new
order to provide 9 catalytic converters for a major manufacturer of gas
compression equipment in the USA, the order is worth �0.5m. This order is due
for delivery in the first half of 2008 and will further strengthen the Company's
emission reduction business.
The contract increases the Company's order book for the coming year which now
stands at �2.7m for delivery in 2008. This represents a significant improvement
on the same period last year when the corresponding order book was less than
�0.5m.
Trading Update
The Dual-FuelTM division of the Company has delivered �1m of the previously
announced �2.4m order to Mitchell Corp Pty in Australia and will deliver the
remaining �1.4m in the first half of 2008. Additionally Clean Air Power will
deliver the remaining �0.25m of the recently announced UK order for Robert
Wiseman Dairies in the first half of 2008.
Furthermore, the steady growth of Clean Air Power's components division
continues and the orders on hand for this division amounted to around �0.5m at
the beginning of 2008.
The main objective of the Company remains to enter into a cooperation agreement
whereby its Dual- FuelTM technology is adopted by a major manufacturer. Clean
Air Power recently announced that considerable progress has been made with a
major manufacturer. Although a formal agreement has not yet been reached, the
Company continues to believe that the discussions could lead to a formal
cooperation agreement being reached in the first half of 2008.
Lastly, at the end of 2007, the Company had �1.8m in cash exceeding the board's
expectation of �1.3m. The Company continues to pursue a number of fundraising
options and is making progress towards raising the necessary funds in the first
quarter of the year. These funds will be used to provide working capital to
support existing operations, to support further in-house product development and
to provide resources for potential manufacturer cooperation activity.
John Pettitt, CEO, commented "Clean Air Power is very encouraged by the interest
being shown in the Genesis Dual-FuelTM product in both the UK and Europe. The
Company enters 2008 with a strong order book and we expect to maintain this
momentum going forward. The environmental and financial drivers for our products
remain compelling and the goal in 2008 is for Clean Air Power to build on the
significant recent progress to realise the full potential of its technology."
For further details please contact:
Clean Air Power Tel: +44 (0) 1494 527110
John Pettitt, Chief Executive
Peter Rowse, Finance Director
Buchanan Communications Tel: +44 (0)20 7466 5000
Charles Ryland/Ben Willey
Canaccord Adams Ltd Tel: +44 (0)20 7050 6500
Robert Finlay/Erin Needra
Notes to Editors:
Clean Air Power is the developer and provider of Dual-FuelTM combustion
technology for heavy duty diesel engines. Dual-FuelTM engines substantially cut
fuel costs and carbon emissions without sacrificing the original engine's
characteristic efficiency or reliability. Clean Air Power is well positioned to
assist corporations and governments to deliver on their environmental
commitments while at the same time reducing transport operators overheads.
Further information on Clean Air Power is available at www.cleanairpower.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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