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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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 (Date of earliest event reported): February 17, 1998
CLEAN DIESEL TECHNOLOGIES, INC.
(Name of Registrant as Specified in Charter)
Delaware 0-27432 06-1393453
(State or Other Juris- (Commission File (IRS Employer
diction of Incorporation) Number) Identification Number)
Suite 702, 300 Atlantic Street
Stamford CT 06901
(Address of Principal Executive Offices)
(203) 327-7050
(Registrant's telephone number, including area code)
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Item 5. Other Events
On February 17, 1998 the registrant issued the press release attached as
Schedule A to this report on Form 8-K.
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.
Date: February 17, 1998 By:____________________________
Charles W. Grinnell
Corporate Secretary
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Schedule A to Form 8-K
February 1998
Clean Diesel Technologies, Inc.
[CLEAN DIESEL LETTERHEAD]
FOR RELEASE February 17, 1998 at 4:00 PM EST
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Contact: Allen & Caron Inc or James M. Valentine, COO
Mark Alvino (investors) Clean Diesel Technologies, Inc.
212-698-1360 203-327-7050
Owen Daley (media)
714-252-8440
CLEAN DIESEL ARRANGES SHORT-TERM
FINANCING PROVIDED BY FUEL-TECH NV
STAMFORD, CT (February 17, 1998)....Following the successful testing of its
bimetallic additive for diesel fuel, Clean Diesel Technologies, Inc. (Nasdaq:
CDTI) announced today that it has arranged a short-term loan to fund operations
while the Company continues to pursue options for longer-term financing. These
include negotiations already in process with financial investors, and
discussions with customers and other strategic investors.
The loan ($500,000) has been arranged from Fuel-Tech N.V. (Nasdaq:
FTEKF) which already owns 27.4 percent of the common stock of CDT. The loan is
secured against the patents and intellectual property of the Company. As a
result of the loan, the Company believes it will have sufficient cash balances
to fund its operations through mid-June, 1998.
The Company believes that it will be successful in raising additional
capital to continue development and operations and to place it in compliance
with new NASDAQ requirements for continued listing that will be effective on
February 23. There is no guarantee that the Company will be able to raise
capital on satisfactory terms, nor, absent such capital, that the Company's
NASDAQ listing can be maintained. Nonetheless, the Company will pursue any and
all available options to maximize shareholder value.
The Company has developed a bimetallic platinum-based fuel additive
marketed under the Platinum Plus(R) trade name for use in diesel and gasoline
fuel. Extensive testing of the additive on light duty and heavy duty diesels has
confirmed reduction in emission of up to 25 percent particulates, 35 percent
hydrocarbons, and 15 percent carbon monoxide. Modest reduction in nitrogen oxide
emissions and improvement in fuel economy have also been reported. The latinum
additive is compatible with diesel catalytic oxidizers and particulate filters,
and substantially improves the regeneration performance of particulate filters
enabling the filter to be continuously regenerated under normal operating
conditions. The Company is engaged in several commercial demonstrations with
engine manufacturers, oil companies, and emission control companies interested
in application of CDT's Platinum Plus for new vehicles, existing vehicles, and
for cleaner burning diesel fuels.
MORE-MORE-MORE
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CLEAN DIESEL ARRANGES SHORT-TERM FINANCING
Page 2-2-2
Clean Diesel Technologies, Inc. is a development-stage company with patent-
protected products that reduce emission from diesel engines while simultaneously
improving fuel economy and power. R&D efforts and products are grouped into two
categories: Platinum Fuel Catalysts and NOx Reduction Systems. Platinum Plus is
a registered trademark of Clean Diesel Technologies, Inc.
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, 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.
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