Clean Diesel Technologies, Inc. (CDTI) Announces Changes in Its Board of Directors

BRIDGEPORT, Conn., Sept. 1, 2009 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI - News), the clean-tech emissions reduction company providing sustainable solutions to reduce emissions, increase energy efficiency and lower the carbon intensity of on- and off-road engine applications, today announced certain changes to its Board of Directors. These include the departure of one Director, the election of a new Director, and the election of a new Chairman. During the Board meetings that took place on August 26 and 28, Mungo Park was elected as a Director of the Company and Derek R. Gray submitted his resignation as Chairman; Mr. Gray continues to serve as a Director of the Company and Chairman of the Audit Committee. Mungo Park was elected the new Chairman. John J. McCloy II, a Director of the Board and member of both the Audit and the Compensation and Nominating Committees, resigned. Mr. Park, 53, is the Chairman of Innovator Capital Limited, ("Innovator"), the London, England-based specialist clean-tech investment bank which provided financial advice to Clean Diesel from 2006 through January 2009. Mr. Park is not an independent director within the meaning of NASDAQ Rule 5605(a)(2) and will not be a member of the Audit or the Compensation and Nominating Committees of the Board. Mr. Park is not related to any other member of the Board of Directors. Mr. Park's nomination for election was requested by principals of both Ruffer LLP and Hawkwood Fund Limited, which, while unrelated to one another, directly or thro...
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CLEAN DIESEL TECHNOLOGIES INC Files SEC form 8-K, Change in Directors or Principal Officers

Show all filings for CLEAN DIESEL TECHNOLOGIES INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for CLEAN DIESEL TECHNOLOGIES INC 12-Aug-2009Change in Directors or Principal Officers Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for infor...
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Clean Diesel Technologies, Inc. (CDTI) Receives Non-Compliance Letter From NASDAQ Stock Market

BRIDGEPORT, Conn., Sept. 21, 2009 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI - News), the clean-tech emissions reduction company providing sustainable solutions to reduce emissions, increase energy efficiency and lower the carbon intensity of on- and off-road engine applications, today announced that it received a Nasdaq Staff Deficiency Letter on September 15, 2009 as a result of recently reported Board of Directors changes. The Company was notified that it fails to comply with NASDAQ Listing Rule 5605(c)(4)(A) because it does not have at least three Audit Committee members, all of which must be considered independent by NASDAQ standards, and Listing Rule 5605(b)(1) because its Board does not have a majority of independent directors. These deficiencies occurred on August 28, 2009 when Mr. John J. McCloy II, who had been a member of the Board and the Audit Committee resigned, leaving the Audit Committee with two members and the Board with three independent directors and three non-independent directors. The Company was given a cure period to regain compliance: the earlier of the next annual meeting of stockholders or August 28, 2010, or, if the next annual stockholders' meeting is held before February 24, 2010, then no later than February 24, 2010. Commenting on the letter, Michael Asmussen, Clean Diesel's CEO and President, stated: "The notice was fully anticipated by the Company's Board of Directors which, as previously announced, remains fully engaged in the process of re...
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CLEAN DIESEL TECHNOLOGIES INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Financial Statements an

Show all filings for CLEAN DIESEL TECHNOLOGIES INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for CLEAN DIESEL TECHNOLOGIES INC 11-Sep-2009Entry into a Material Definitive Agreement, Financial Statements an Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All informa...
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CLEAN DIESEL TECHNOLOGIES INC Files SEC form 8-K, Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers. On August 26, 2009, the Registrant's Directors increased the number of its Directors from six to seven and elected Mungo Park, 53, as a director of the Registrant to fill the vacancy. On August 28, 2009 the Directors accepted the resignation of Derek R. Gray as Chairman of the Board of the Registrant and elected Mr. Park as Chairman in Mr. Gray's place. Mr. Gray continues as a Director of the Registrant and Chairman of the Audit Committee. Also, on August 28, 2009, John J. McCloy II resigned as a Director of the Registrant. Mr. McCloy, who had been a member of the Audit and Compensation and Nominating Committees of the Board, advised the Registrant that he resigned because he objected both to the election of Mr. Park as Chairman and to the manner in which Mr. Park had been elected Chairman. A copy of Mr. McCloy's written correspondence concerning the circumstances of his resignation is attached as Exhibit 17 to this report on Form 8-K. On August 28, 2009 following Mr. McCloy's resignation, the Directors reduced the number of the Registrant's Directors from seven to six. Mr. Park is the Chairman of Innovator Capital Limited, a financial services company ("Innovator"), of London, England. Innovator provided financial advice to the Registrant from 2006 through January, 2009 and received cash compensation for such advice of $224,136 in 2008 and $36,000 in 2009. Innovator also as compensation for its services to the Registrant holds warrants to purchase 283,974 shares of common stock of the Registrant at exercise prices from $8.4375 to $15.625 which expire from December 29, 2011 through December 29, 2012. Mr. Park is not an independent director within the meaning of NASDAQ Rule 5605(a)(2). Mr. Park will not be a member of the Audit or the Compensation and Nominating Committees of the Board of the Registrant. Mr...
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Clean Diesel Technologies, Inc. (CDTI) Reports Third Quarter 2009 Results

BRIDGEPORT, Conn., Nov. 10, 2009 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI - News), the cleantech emissions reduction company providing sustainable solutions to reduce emissions, increase energy efficiency and lower the carbon intensity of on- and off-road engine applications, today announced its operating results for the third quarter ended September 30, 2009 and its outlook for the immediate future. Business Overview * Third quarter 2009 revenues were $253,000 as compared to $1.58 million for the third quarter of 2008, a decrease of 84%. Revenues for the first three quarters of 2009 were $974,000 compared to $6.8 million for the same period in 2008, a decrease of 85.7%. During the third quarter, product sales contributed 88.9% and license fees and royalties contributed 11.1% to total sales. Revenue reflects declines in product sales as well as licensing fees and royalties. * Sales declined in the third quarter of 2009 compared to the same period the prior year, primarily as a result of the lower demand for the Clean Diesel's Purifier systems, due to the completion of phase one of the London Low Emission Zone in 2008; the decline also reflects the economic downturn's impact on the automotive and general transportation industries to which the company markets emission control products and technologies. Additionally, there were delays and suspensions in certain emission control compliance deadlines as well as delays in obtaining new verific...
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CLEAN DIESEL TECHNOLOGIES INC Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements Statements in this Quarterly Report on Form 10-Q that are not historical facts, so-called "forward-looking statements," are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform 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 1A, "Risk Factors," and Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the year ended December 31, 2008. Results of Operations Three Months ended September 30, 2009 Compared to Three Months ended September 30, 2008 Total revenue in the three months ended September 30, 2009 was $253,000 compared to $1,580,000 in the three months ended September 30, 2008, a decrease of $1,327,000, or 84.0%, reflecting declines in product sales as well as licensing fees and royalties. Of our operating revenue for the three months ended September 30, 2009, approximately 88.9% was from product sales and 11.1% was from technology licensing fees and royalties. Of our operating revenue for the three months ended September 30, 2008, approximately 89.6% was from product sales and 10.4% was from technology licensing fees and royalties. The mix of our revenue sources during any reporting period may have a material impact on our operating results. In particular, our execution of technology licensing agreements, and the timing of the revenue recognized from these agreements, has not been predictable. Product sales were $225,000 in the third quarter of 2009 compared to $1,415,000 in the same 2008 quarter, a decrease of $1,190,000. The decrease in product sales was attributable primarily to lower demand for our Platin...
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CLEAN DIESEL TECHNOLOGIES INC Files SEC form 8-K, Notice of Delisting or Failure to Satisfy a Continued Listing Rule

Show all filings for CLEAN DIESEL TECHNOLOGIES INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for CLEAN DIESEL TECHNOLOGIES INC 21-Sep-2009Notice of Delisting or Failure to Satisfy a Continued Listing Rule Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All informat...
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CLEAN DIESEL TECHNOLOGIES INC Financials

Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback Quotes delayed, except where indicated otherwise.Delay times are 15 mins for NASDAQ, 20 mins for NYSE and Amex. See also delay times for other exchanges.Fundamental company data provided by Capital IQ. Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. Real-...
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Q3 2009 CLEAN DIESEL TECHNOLOGIES INC Earnings Release - Time Not Supplied

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