Clean Diesel Technologies Announces the Election of Two Independent Directors; Responds to NASDAQ Listing Requirement

/ Source: GlobeNewswire

BRIDGEPORT, Conn., Aug. 26, 2010 (GLOBE NEWSWIRE) -- 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.

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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