Clean Diesel Technologies Announces the Election of Two Independent Directors; Responds to NASDAQ Listing Requirement
August 26 2010 - 5:37PM
Clean Diesel Technologies, Inc. ("CDTI") (Nasdaq:CDTI), a cleantech
emissions reduction company, today announced the appointment of two
independent directors, Frank Gallucci and David W. Whitwell, to its
Board of Directors.
During a Board meeting that took place on August 25, 2010, Mr.
Frank Gallucci (60) and Mr. David W. Whitwell (44) were appointed
Directors of the Company and appointed to serve as members of the
Company's Audit Committee. In so doing, the Company believes it has
satisfied the NASDAQ listing deficiency previously reported in
September of 2009.
Frank Gallucci is a Managing Director and founder of Whitestone
Associates, LLC, a boutique investment banking firm specializing in
M&A services and strategic planning, established in 1992. Since
2008, Mr. Gallucci has also served as a Vice President-Mergers and
Acquisitions for Valhalla Management, a private equity firm based
in Winnipeg, Canada. Mr. Gallucci holds a BS degree from the
State University of New York-Oneonta and an MS and MBA from Hofstra
University. Since 2003, Mr. Gallucci has served as an adjunct
professor at Adelphi University's Graduate School of Business.
David W. Whitwell is a Partner with B2B CFO Partners, LLC, a
national firm providing part-time senior level financial and
operational advisory services to emerging and middle market
businesses. Prior to joining B2B CFO Partners, Mr. Whitwell served
as Vice-President and Chief Financial Officer of IWT Tesoro Inc., a
publicly-traded tile and stone distribution concern, from November
2006 through January 2008. From 1999 to November 2006, Mr. Whitwell
served as Vice- President and Chief Financial Officer of Clean
Diesel Technologies Inc. Mr. Whitwell holds a BS degree from
Pennsylvania State University and an MBA from Lehigh
University.
Commenting on the Board additions, Mr. Mungo Park, Chairman of
CDTI's Board of Directors, stated: "I am very pleased to welcome
Mr. Gallucci and Mr. Whitwell to the CDTI Board. Their
addition culminates a several month process in which we worked
closely with the NASDAQ Listing Qualifications Group and our
proposed merger partner to determine the most effective way to
maintain proper governance in light of our future merger
plans. Moving forward, the experience and business acumen that
these two gentlemen bring to the Board will prove invaluable as we
complete this process."
About Clean Diesel Technologies, Inc.
Clean Diesel Technologies is a cleantech company providing
sustainable solutions to reduce emissions, increase energy
efficiency and lower the carbon intensity of on- and off-road
engine applications. Clean Diesel's patented technologies and
products allow manufacturers and operators to comply with
increasingly strict regulatory emissions and air quality standards,
while also improving fuel economy and power.
The Company's solutions significantly reduce emissions formed by
the combustion of fossil fuels and biofuels, including particulate
matter (PM), nitrogen oxides (NOx), carbon monoxide (CO) and
hydrocarbons (HC)—without increasing secondary emissions, such as
nitrogen dioxide (NO2). As a result, they are effective for: OEMs,
Tier 1 suppliers and retrofit providers; businesses seeking
solutions and expertise upon entering the emissions control market;
operators requiring compliant emissions solutions; fuel, biofuel
and additive suppliers seeking low emissions and energy efficient
products; and regulators creating public policy. Clean Diesel's
solutions, therefore, are ideal for on-road vehicles and
applications in a wide range of industries, including construction,
mining, agriculture, port/freight handling, locomotive, marine and
power generation.
Clean Diesel develops and manages intellectual property from
original concept to full-scale commercial deployment. Building on
almost 200 granted and pending patents, its offerings include ARIS®
selective catalytic reduction (SCR); the patented combination of
SCR and exhaust gas recirculation (EGR); hydrocarbon injection for
emissions control applications; Platinum Plus® Fuel-Borne Catalyst
(FBC); the Purifier™ family of particulate filter systems; and its
wire mesh particulate filter technologies. The Company was founded
in 1995 and is headquartered in Bridgeport, Connecticut. A
wholly-owned subsidiary, Clean Diesel International, LLC is based
in London, England.
For more information, please visit www.cdti.com.
The Clean Diesel Technologies, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5742
Safe Harbor
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, including those detailed
in the company's filings with the U.S. Securities and Exchange
Commission, 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.
CONTACT: Clean Diesel Technologies, Inc.
John Wynne, Vice President, Treasurer
and Interim Chief Financial Officer
(203) 416-5290
jwynne@cdti.com
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