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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: January 10, 1997
CLEAN DIESEL TECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in its Charter)
No. 0-27432
(Commission File Number)
Delaware 06-1393453
(State of Incorporation) (I.R.S. Employer Identification Number)
Suite 702, 300 Atlantic Street
Stamford, CT 06901
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (203) 327-7050
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Item 5. Other Events
On January 10, 1997 the Registrant commenced mailing to its
stockholders the Preliminary 1996 Report of its Activities attached as Exhibit
A.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Clean Diesel Technologies, Inc.
(Registrant)
Date: January 13, 1997 By: /s/ C. W. Grinnell
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Charles W. Grinnell
Corporate Secretary
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CDT CLEAN DIESEL TECHNOLOGIES, INC.
300 Atlantic Street, Suite 702, Stamford, CT 06901-3522,
(203) 327-7050, FAX (203) 323-0461
EXHIBIT A TO FORM 8-K
10 January 1997
Dear Shareholder:
I am happy to report that 1996 has been an excellent year for Clean Diesel
Technologies, with progress accelerating for the last few months. We are now
aligned with several of the most progressive and illustrious companies in our
industry.
THE PLATINUM FUEL CATALYST (PFC) PRODUCTS
Holt Lloyd U.K, the biggest international car care company, has
now started selling our Platinum Plus(R) in the after-market for
diesel engines in France and will expand in 1997 in Europe and
Asia. This is our first commercially available product launch,
and it is being followed quickly by a Platinum Plus gasoline
additive that will extend the life of catalytic converters; we
expect this to be launched in 1997.
Lubrizol's Engine Control Systems Division and CDT are jointly
marketing our PFC with their diesel catalytic oxidizers.
Engelhard Corporation is working with us to evaluate our PFC for
use with ceramic coatings and diesel catalytic oxidizers.
Cummins Engine Company will, beginning in 1997, be working with
CDT to develop applications for use of the PFC with oxidizers and
particulate traps for a new generation of low emission engines.
We have completed the first stage development of a
platinum/cerium additive for use with Rhone-Poulenc's particulate
trap system.
There is increasing interest from oil companies in the use of the
PFC for premium fuels.
THE NOx CONTROL PRODUCTS
Engelhard Corporation and Nalco Fuel Tech (NFT) have agreed to
work with us to commercialize NOx reduction systems for high
horsepower diesel engines. There is a growing worldwide market
for these engines for use in electrical power generation.
The U.S. EPA and the Department of the Navy are working with us
to demonstrate NOx reduction technology for harbor vessels.
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Our strategic alliances position the company well to bring our products and
technologies to the market. We expect to start selling our first products in
1997.
Because our products and technologies are low cost and complementary to other
emission control systems and engine technologies, we expect them to have broad
application with engine companies, emission control companies, additive
companies, and oil companies.
TECHNOLOGY
During 1996, CDT has filed an additional 5 patent applications and now has a
total of 24 patents granted and 21 patent applications. These patents and patent
applications cover means of controlling the four principal emissions from diesel
engines (NOx, particulates, CO, and HC). CDT's focus is on integrating its
technologies with other emission control systems to thus work with the engine
manufacturers and emissions control companies in optimizing specific systems for
each engine type. This broad patent position supports and protects CDT in its
cooperative efforts with the major players in the market. Several fundamental
patents issued in 1996 covering the use of the PFC with oxidizers and on
fundamental and advanced LOE-NOx(TM) technology. Four new applications were
filed on advanced urea SCR technology.
At the start of 1996, CDT had $8.8 million in cash and receivables from the
rights offering. Expenses and costs of development programs for the year have
been within budget, and as of January 1, 1997 we had approximately $5.1 million
in cash and $0.7 million of debt. The funds expended during 1996 have achieved
outstanding advances in the products and technologies and in developing the
markets. We expect continued success in 1997.
J. D. Peter-Hoblyn
President and Chief Executive Officer
Statements in this letter which are not historical fact, so-called
"forward-looking statements", are made pursuant to the safe harbor provisions of
the Private Securities Litigation Act of 1995. Investors are cautioned that all
forward-looking statements involve risks and uncertainties, including those
detailed in the Company's filings with the Securities and Exchange Commission.
See Item 1 "Risk Factors of the Business" in the Company's Form 10-K for the
year ended December 31, 1995.
