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News Breaks
June 20, 2013
16:32 EDTCDTICDTi accelerates development of materials science platform
Clean Diesel Technologies announced that it has conducted a strategic review of its business and determined to pursue aggressive development of its unique materials science platform, which it views as the most likely path to enhance growth and improve shareholder value over the long-term. The strategy is intended to build on recent announcements and initiatives, including the appointment to its Board of Directors of Dr. Lon E. Bell, a noted technologist with significant product commercialization experience, an increased focus on patenting its proprietary, advanced low- and zero-platinum group metal technologies and the implementation of a joint-venture with Pirelli Group to market their combined catalogue of emission control products in Europe. The company intends to pursue additional licensing and partnership arrangements to accelerate the commercialization of its patented and proprietary materials technology and reduce its need for additional, significant capital expenditures to expand its manufacturing platform.
News For CDTI From The Last 14 Days
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October 21, 2014
08:07 EDTCDTICDTi reports preliminary Q3 revenue from cont. ops. $9.3M, consensus 11.6M.
The company said that the lower revenue was largely due to a sharp downturn in retrofit demand at a time when DuraFit sales had not yet begun to ramp. As a result, the company expects to report a third quarter operating loss from continuing operations of between $2M-$2.5M, including $0.8M related to severance and charges. The standard exhaust and specialty parts business will be classified as assets held for sale and discontinued operations in CDTi's financial statements.
08:06 EDTCDTICDTi sells standard exhaust, specialty parts busines assets for $1.3M
Clean Diesel Technologies sold substantially all of the assets of its Reno, Nevada-based standard exhaust and specialty parts business on October 20 for approximately $1.3M in cash, subject to certain working capital adjustments. In addition to DuraFit, the company anticipates demand for retrofit products will be stronger in Q4, but that demand will tail off in succeeding quarters. In response to the slowdown in its retrofit business, the company has streamlined its staffing to better align its cost structure with the anticipated softening demand. Combined with measures taken earlier in the quarter, which included consolidation of various staff positions and relocating its corporate office with existing operations in Oxnard, California, these actions will result in an estimated annual reduction in manufacturing and operating expense of approximately $1.2M..

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