VENTURA, Calif., May 18, 2011 /PRNewswire/ -- Clean Diesel Technologies, Inc. (NASDAQ: CDTI) ("Clean Diesel"), a cleantech emissions reduction company, announced today an agreement with Tanaka Kikinzoku Kogyo Kabushiki Kaisha ("TKK"), Clean Diesel's joint venture partner in Asia Pacific, to provide catalyst engineering and support services to advance the deployment of Mixed Phase Catalyst (MPC®) emission control technology in
China. TKK is establishing a venture in partnership with CDGM Glass Co., Ltd. ("CDGM") that will manufacture and sell catalysts to the Chinese automobile sector. The agreement will combine Clean Diesel's expertise in emission control catalyst technology with TKK's industrial products manufacturing abilities and the capabilities of CDGM in the Chinese automobile industry. Clean Diesel will receive $1.45 million in exchange for contributing its engineering expertise and support to assist TKK in the establishment of a catalyst manufacturing capability in China. The agreement
consists of an up-front payment with the balance to be paid upon completion of certain milestones expected to last approximately 14 months.
Charles Call, Chief Executive Officer of Clean Diesel Technologies, Inc., said, "The agreement is an important strengthening of the strategic relationship between Clean Diesel and TKK and enables an important commercialization of our MPC® emissions control catalyst technology in this rapidly developing market. We believe this collaboration between the companies will create a catalyst technology business in China with significant local presence, focus, resources and expertise."
About Tanaka Kikinzoku Group
Established in 1885, Tanaka Precious Metals has built a diversified range of business activities focused on the use of precious metals. On April 1, 2010, the group was reorganized with Tanaka Holdings Co., Ltd. as the holding company (parent company) of Tanaka Precious Metals. In addition to strengthening corporate governance, the company aims to improve overall service to customers by ensuring efficient management and dynamic execution of operations. Tanaka Precious Metals is committed, as a specialist corporate entity, to providing a diverse range of products through cooperation among group companies.
Tanaka Precious Metals is in the top class in Japan in terms of the volume of precious metal handled, and for many years the group has developed and stably supplied industrial precious metals, in addition to providing accessories and savings commodities utilizing precious metals. As precious metal professionals, the Group will continue to contribute to enriching people's lives in the future.
About CDGM Glass Co., Ltd.
CDGM is a leading professional optoelectronic materials supplier in China and has a certain influence in the world. The products are widely used in the fields of photoelectric information, aerospace and new energy. The annual output and annual sales volume ranked first in the world. In order to meet the demands of modern photoelectric information products, CDGM supplies more than 200 glass types with different forms such as strip, pressing and aspherical preform. CDGM also provides special glass, lighting glass, electronic glass and precious metal (platinum and rhodium, etc.) refining and processing services.
About Clean Diesel Technologies, Inc.
Clean Diesel is a vertically integrated global manufacturer and distributor of emissions control systems and products, focused on the heavy duty diesel and light duty vehicle markets. Clean Diesel utilizes its proprietary patented Mixed Phase Catalyst (MPC®) technology, as well as its ARIS® selective catalytic reduction, Platinum Plus® fuel-borne catalyst, and other technologies to provide high-value sustainable solutions to reduce emissions, increase energy efficiency and lower the carbon intensity of on- and off-road engine applications. Clean Diesel is headquartered in Ventura, California, along with its
wholly-owned subsidiary, Catalytic Solutions, Inc., and currently has operations in the U.S., Canada, U.K., France, Japan and Sweden as well as an Asian joint venture. For more information, please visit www.cdti.com and www.catsolns.com.
Forward-Looking Statements Safe Harbor
Certain statements in this news release, such as statements about the proposed manufacture and sale of catalysts to the Chinese automobile sector and the ability to create a catalyst technology business in China 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 U.S. Securities and Exchange Commission and the risks inherent with entering a new market, as well as other uncertainties and factors that may cause the actual results, performance or achievements of the Company 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. The Company assumes no obligation to update the forward-looking information contained in this release.
SOURCE Clean Diesel Technologies, Inc.