DGAP-News: Clean Diesel Technologies, Inc. Finalizes Financing Facility

(firmenpresse) - Clean Diesel Technologies, Inc.

17.02.2011 15:00
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VENTURA, Calif., 2011-02-17 15:00 CET (GLOBE NEWSWIRE) --Clean Diesel Technologies, Inc. (Nasdaq:CDTI) ('Clean Diesel' or the
'Company'), a cleantech emissions reduction company, announced today that it
has entered into a financing agreement with Faunus Group International, Inc.
('FGI').

Clean Diesel and certain of its subsidiaries entered into separate Sale and
Security Agreements with FGI to provide for a $7.5 million secured demand
credit facility, backed by the Company's receivables and inventory. The
facility provides for a two-year term and may be extended for additional one
year terms. FGI was granted a security interest in substantially all of the
Company's assets. Approximately $2.1 million of proceeds from the initial
advances under this facility have been used, to pay in full the balance of the
Company's obligations under the Second Amended and Restated Loan Agreement
dated as of June 27, 2008 with Fifth Third Bank.

Under the FGI facility, FGI can elect to purchase eligible accounts receivables
from the Company and certain subsidiaries at up to 80% of the value of such
receivables (retaining a 20% reserve). At FGI's election, FGI may advance the
Company up to 80% of the value of any purchased accounts receivable, subject to
the $7.5 million limit. Reserves retained by FGI on any purchased receivable
are expected to be refunded to the Company net of interest and fees on advances
once the receivables are collected from customers. In addition, the Company may
borrow up to $1 million against eligible inventory subject to the aggregate
$7.5 million limit under the FGI facility and certain other conditions.

The interest rate on advances or borrowings under the FGI facility will be the


greater of (i) 7.50% per annum and (ii) 2.50% per annum above the Wall Street
Journal 'prime rate.' The Company will also pay FGI standby fees any time its
aggregate borrowings are less than $2.4 million, as well as collateral
management fees, and agreed to pay termination fees to FGI if the Company
elects to terminate the facility prior to the end of the initial two-year term.
Any advances or borrowings under the FGI facility are due on demand.

The Company anticipates that its Sweden and UK subsidiaries will enter into
substantially similar agreements in the near future.

Material terms and form of agreement were filed with the Securities and
Exchange Commission ('SEC') on Form 8-K, which may be found on the Company's
website at www.cdti.com or the SEC's website at www.sec.gov.

About the Company

Clean Diesel Technologies, Inc. (Nasdaq:CDTI), 'Clean Diesel,' 'CDT' or the
'Company' is, as a result of the recent business combination with Catalytic
Solutions, Inc. ('CSI'), a vertically integrated global manufacturer and
distributor of emissions control systems and products, focused on the heavy
duty diesel (HDD) and light duty vehicle (LDV) markets. CDT utilizes its
proprietary patented Mixed Phase Catalyst (MPC(r)) technology, as well as its
ARIS(r) selective catalytic reduction; Platinum Plus(r) Fuel-Borne Catalyst (FBC),
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. CDT is headquartered in Ventura, California,
along with its wholly-owned subsidiary, CSI, 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.

The Clean Diesel Technologies, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5742


CONTACT: Kristi Cushing, Investor Relations Manager
Tel: +1 (805) 639-9458
News Source: NASDAQ OMX



17.02.2011 Dissemination of a Corporate News, transmitted by DGAP -
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The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Clean Diesel Technologies, Inc.


United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US18449C3025
WKN:

End of Announcement DGAP News-Service

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Bereitgestellt von Benutzer: EquityStory
Datum: 17.02.2011 - 15:00 Uhr
Sprache: Deutsch
News-ID 350747
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Diese Pressemitteilung wurde bisher 244 mal aufgerufen.

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