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OXNARD, Calif., June 3, 2015 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI) ("CDTi" or "the Company"), a leader in advanced emission control technology, announced it has launched a commercialization program with market-leading AP Exhaust Technologies, Inc. ("AP"). AP is a portfolio company of Audax Private Equity.
The collaboration is CDTi's next step in bringing to market its latest catalyst technologies, which include MPC®, BMARS™ and Spinel™, across portions of AP's extensive aftermarket catalytic converter product line. The initial drive to commercialization will target the North American aftermarket for light duty replacement catalytic converters and is designed to achieve large-scale, rapid commercialization of CDTi's advanced catalyst technologies. AP expects enhanced performance and cost savings from CDTi's technology.
The companies' plan involves a powder-to-coat business model whereby CDTi would sell AP enabling proprietary catalytic powders that AP would precision coat onto catalytic converter substrates in AP's state-of-the-art coating facility in Indiana. The collaboration will leverage in-kind funding by both companies for engineering studies, vehicle testing, regulatory certifications and potential commercial launches. Given these mutual commitments, first sales could occur during 2015.
"This priority initiative highlights our commercialization strategy to engage with emission control market leaders to more quickly introduce our newest technologies into the field," stated Chris Harris, CDTi's President and CEO. "AP Exhaust is an ideal partner and prospective customer given its world-class catalyst coating manufacturing capability, its leading market position in exhaust systems and its commitment to pioneering innovations to fuel growth of its business."
According to a May 2015 report from the Manufacturers of Emission Controls Association (MECA), during calendar year 2014, well over 2 million aftermarket converters and almost 3 million coated substrates were sold for aftermarket converter applications in North America. Catalytic converter sales fall under various categories with certifications from either the U.S. Environmental Protection Agency (EPA) or the California Air Resources Board (CARB). AP holds more than 60 certifications spanning EPA and CARB approved applications. Meanwhile, CDTi estimates that North American aftermarket catalytic converter coaters annually spend approximately $25 million on platinum group metals (PGM), and that the Company believes that its advanced catalyst technologies could substantially reduce these costs.
AP's CEO, Chris Ostrander, noted, "AP Exhaust is excited to be working closely with a technology leader like CDTi. Given CDTi's long track record as a supplier to demanding global OEM vehicle manufacturers, AP's substantial and growing aftermarket presence, and AP being the only vertically-integrated catalytic converter manufacturer in the North American light vehicle exhaust and emissions aftermarket, both companies stand to gain from this promising collaboration. We are committed to accelerating the validation and introduction of CDTi's latest cost-saving and growth-enabling technologies."
CDTi manufactures and distributes vehicle emissions control products that leverage its advanced materials technology. CDTi utilizes its proprietary patented Mixed Phase Catalyst (MPC®) technology and other related technologies to provide high-value sustainable solutions to reduce emissions, increase energy efficiency and lower the carbon intensity of on- and off-road combustion engine systems. Reflecting its continued focus on innovation, CDTi is developing and commercializing proprietary advanced low-platinum group metal (PGM) catalysts including synergized-PGM (SPGM™), as well as zero-PGM (ZPGM™) catalysts. CDTi is headquartered in Oxnard, California and has operations in the U.K., Canada, France, Japan and Sweden. For more information, please visit www.cdti.com.
About AP Exhaust Technologies, Inc.
Founded in 1927, AP Exhaust Technologies is a market-leading manufacturer of a complete line of OEM replacement exhaust and emission products for the automotive, light truck, heavy-duty, agricultural, and industrial markets. Under leading trademarks including ANSA®, CATCO®, Aristo®, TruckEx®, Cherry Bomb®, Silverline® and Xlerator®, AP markets its high-quality mufflers, exhaust pipes, catalytic converters, performance exhaust systems, and related accessories to automotive replacement parts distributors throughout North America. AP is headquartered in Goldsboro, North Carolina and utilizes state-of-the-art catalyst coating and metal fabrication processes within 650,000 square feet of manufacturing footprint at its key U.S. sites in North Carolina and Indiana. For more information, please visit www.apexhaust.com.
About Audax Private Equity
Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. In the last ten years, Audax has invested over $2.5 billion in over 85 platform and 375 add-on companies. Audax partners with management teams that have the vision and drive to create much larger entities through acquisitions and organic growth. Through its disciplined buy & build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. Audax' investments span several business sectors, and its automotive portfolio companies include, among others, AP Exhaust Technologies, Inc., AAMP of America, Curt Manufacturing, Rough Country, and Wheel Pros. For more information, please visit www.audaxprivateequity.com.
Certain information contained in this press release constitutes forward-looking statements, including any statements that are not statements of historical fact. You can identify these forward-looking statements by the use of the words "believes", "expects", "anticipates", "plans", "may", "will", "would", "intends", "estimates", "promises", and other similar expressions, whether in the negative or affirmative. Forward-looking statements are based on a series of expectations, assumptions, estimates and projections which involve substantial uncertainty and risk. In this press release, the Company includes forward-looking statements regarding commercialization of CDTi's catalyst technologies, its intended collaboration with AP, their anticipated business model, and anticipated benefits of the parties' products and technologies, such as cost savings and performance improvements. In general, actual results may differ materially from those indicated by such forward-looking statements as a result of risks and uncertainties, including, but not limited, to (i) the inability of the parties to work collaboratively with each other, the failure of the collaboration to develop the coating processes contemplated, and, even if developed, the failure of the technology to achieve the benefits anticipated, including widespread commercialization; (ii) changing market conditions; (iii) the Company may not be able to (a) decrease costs, (b) increase sales, (c) obtain adequate funding, (d) retain existing or secure new customers, (e) protect its intellectual property, (f) successfully evolve into an advanced materials supplier or, even if successful, achieve profitability, (g) successfully market new products, (h) obtain required product verification or approvals, (i) attract or retain key personnel, or (j) realize benefits from investments; (iv) funding for and enforcement and tightening of emissions controls, standards and regulations; (v) prices of metals; (vi) supply disruptions or failures; (vii) regulatory, marketing and competitive factors; (vii) environmental harm or damages; and (ix) other risks and uncertainties discussed or referenced in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K. In addition, any forward-looking statements represent the Company's estimates only as of the date of such statements and should not be relied upon as representing the Company's estimates as of any subsequent date. The Company specifically disclaims any obligation to update forward-looking statements. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.
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