Exercise of Warrants
09 Julho 2007 - 4:01AM
UK Regulatory
RNS Number:8577Z
Clean Diesel Technologies, Inc
09 July 2007
Clean Diesel Technologies, Inc.
300 Atlantic Street, Suite 702, Stamford, CT 06901-2522 Tel: (203) 327-7050 Fax:
(203) 323-0461
NEWS RELEASE for 9 July 2007 at 2:00 AM EDT and 7:00 AM UK
Clean Diesel Technologies, Inc. Nets $6.9 Million Upon Exercise Of Warrants;
Registration Statement Filed; Application to NASDAQ Capital Market
Stamford, CT (9 July 2007) ... Clean Diesel Technologies, Inc. ("Clean Diesel"
or the "Company") (OTC-BB: CLDS, AIM: CDT/CDTS & XETRA: CDI), an innovation
leader for clean energy and environmental technologies to reduce harmful engine
emissions, today announced that it has received US$7.1 million in gross proceeds
from the exercise of warrants. The proceeds, net of placement fees, total
US$6.9 million and will be used for continuing commercialization of Clean
Diesel's product offering and core technologies.
Class A and Class B Warrants had been issued in connection with the Private
Placement, arranged by Innovator Capital Limited, announced on 3 January 2007.
The Class A Warrants (adjusted for the reverse split effected on 15 June 2007)
entitled the holders until 2 July 2007 to purchase, at a price of US$10.00 per
share, up to a total of 700,000 shares of common stock. The Class B Warrants
(adjusted for the reverse split effected on 15 June 2007) entitle the holders
until 29 December 2007 to purchase, at a price of US$12.50 per share, up to a
total of 700,000 shares of common stock. Essentially all of the Company's Class
A Warrants, a total of 699,883, and 9,500 of the Class B Warrants have been
exercised. The newly issued shares are restricted and may not be traded in the
U.S. but may trade offshore under Regulation S. As of today, Clean Diesel has
approximately 7.4 million common shares outstanding, of which approximately 4.2
million are restricted under Regulation S. Further, approximately 1.6 million
common shares are reserved for the exercise of stock options and warrants,
including the Class B Warrants.
Directors and senior management exercised warrants to acquire 7,133 common
shares for an aggregate exercise price of US$71,330. These include Derek Gray,
non-executive Chairman of the Board of Directors, for 3,703 shares; John de
Havilland, non-executive Director, for 2,500 shares; and Ann Ruple, Vice
President, Chief Financial Officer and Treasurer, for 930 shares.
The Company made a Block Admission application on the Alternative Investment
Market of the London Stock Exchange effective 3 July 2007 for the 1,400,000 new
common shares underlying the Class A and Class B Warrants.
A Registration Statement on Form S-1 relating to the common shares issued in the
Private Placement and the shares underlying the Class A and Class B Warrants has
been filed with the Securities and Exchange Commission but has not yet become
effective. These securities may not be sold in the US nor may offers to buy be
accepted prior to the time the Registration Statement becomes effective. The
Registration Statement may be obtained by a request to the Company or by
visiting the SEC's website (http://www.sec.gov).
The Company has applied for listing on the NASDAQ Capital Market.
The Registration Statement and the NASDAQ application are both expected to take
effect following regulatory review and compliance. Once the Registration
Statement is effective, the shares of our common stock underlying the warrants
and the shares sold earlier in the Private Placement will be unrestricted.
About Clean Diesel Technologies, Inc.
Clean Diesel Technologies, Inc., together with its wholly-owned subsidiary,
Clean Diesel International, LLC, is a clean energy and environmental technology
company that provides innovative solutions to reduce harmful engine emissions
and conserve energy. Clean Diesel Technologies' patented technologies, products
and solutions enable cost-effective reduction of harmful emissions from internal
combustion engines while also improving fuel economy and power. Products
include Platinum Plus(R) fuel-borne catalysts, the Platinum Plus Purifier
Systems, the ARIS(R) urea injection systems for selective catalytic reduction of
NOx, diesel particulate filter and biofuels technologies. Their products are in
commercial use around the world. Platinum Plus and ARIS are registered
trademarks of Clean Diesel Technologies, Inc. For more information, visit Clean
Diesel at www.cdti.com or contact the Company directly.
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 US 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.
For further information:
Clean Diesel Technologies, Inc. http://www.cdti.com
Dr. Bernhard Steiner, CEO & President 300 Atlantic Street, Suite 702
Email: bsteiner@cdti.com Stamford, CT 06901-3522
Ann Ruple, CFO & Vice President & Treasurer Tel: +1 (203) 327-7050
Email: aruple@cdti.com
J. M. Finn & Co. Ltd www.jmfinn.com
Matthew Robinson Tel: +44 (0) 207 600 1658
matthew.robinson@jmfinn.com
-Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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