CTSU Catalytic (DI)

 

TIDMCTS TIDMCTS TIDMCTSU 
 
RNS Number : 9257Z 
Catalytic Solutions, Inc. 
30 September 2009 
 

+-------------------------------------+------------------------------------------+ 
| For Immediate Release               |                        30 September 2009 | 
+-------------------------------------+------------------------------------------+ 
 
 
 
 
Catalytic Solutions, Inc. 
("The Company") 
 
 
Suspension of Trading in shares on aim 
 
 
Catalytic Solutions, Inc. (AIM: CTS and CTSU), the Company behind Mixed Phase 
Catalyst (MPC ) technology, announces today that it is unable to publish its 
half year results for the period ended 30 June 2009 within the requisite time 
period and the Company has therefore requested the suspension of trading in the 
Company's stock on AIM until such time that the results are announced. The 
primary item under consideration, and in respect of which the Company is seeking 
external guidance, is the effect of the global economic slowdown and the impact 
of the low price level of the Company's shares upon the treatment of the 
Company's previously acquired intangible assets and goodwill. 
 
 
The Company remains in constructive dialogue with its two lenders, Cycad Group 
LLC and Fifth Third Bank. The Company previously announced on 30 June 2009 that 
it was in default under loan agreements with these debt providers and was 
negotiating with these lenders to extend forbearance in order to allow the 
Company to obtain funding. The Directors and management continue to pursue 
additional options to recapitalise the Company. Alternatives under consideration 
include the sale of Company stock and/or a sale of the Company's assets. 
 
 
At this time the Company cannot provide any assurances that it will be 
successful in its continuing efforts to recapitalize the balance sheet or in its 
work with the lender on loan modifications. In the event that the Company is not 
successful in the immediate future, there is substantial doubt that the Company 
will be able to continue operations without filing a petition of bankruptcy. 
There can be no assurances that in that event the Company would be able to 
reorganize through bankruptcy, and it might be forced to effect a liquidation of 
its assets. 
 
 
Further updates relating to the publication of the Company's interim results and 
progress relating to the recapitalisation of the Company will be made in due 
course. 
 
 
  For further details please contact: 
+--------------------------------+----------------------+-------------------------+ 
| Catalytic Solutions, Inc.      | Canaccord Adams      | Buchanan Communications | 
| Charlie Call, Chief Executive  | Robert Finlay        | Charles Ryland          | 
| Officer                        | Guy Blakeney         | Ben Willey              | 
| Tel: +1 (805) 639-9463         | Bhavesh Patel        | Christian Goodbody      | 
| Steve Golden, Chief Technical  | Tel: 020 7050 6500   | Tel: 020 7466 5000      | 
| Officer                        |                      |                         | 
| Tel: +1 (805) 639-9464         |                      |                         | 
| Nikhil Mehta, Chief Financial  |                      |                         | 
| Officer                        |                      |                         | 
| Tel: +1 (805) 639-9461         |                      |                         | 
+--------------------------------+----------------------+-------------------------+ 
 
 
 
 
About Catalytic Solutions, Inc. 
Catalytic Solutions, Inc. is a global manufacturer and distributor of emissions 
control systems and products, focused in the heavy-duty diesel, energy and 
light-duty vehicle markets. The Company's emissions control systems and products 
are designed to deliver high value to our customers while benefiting the global 
environment through air quality improvement, sustainability and energy 
efficiency. Catalytic Solutions, Inc. is listed on AIM of the London Stock 
Exchange (AIM: CTS and CTSU) and currently has operations in the USA, Canada, 
France, Japan and Sweden as well as an Asian joint venture. The Company's 
website is www.catalyticsolutions.com 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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