OXNARD, Calif., May 11, 2015 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI) ("CDTi" or the "Company"), a leader in advanced emission control solutions, will be a supplier of DuraFit™, its new line of original equipment manufacturer (OEM) replacement diesel particulate filters (DPFs), to the New York City Department of Sanitation (DSNY) fleet. The DSNY operates the largest municipal-owned sanitation fleet in the world consisting of approximately 3,000 vehicles including refuse collection trucks and mechanical street sweepers. Mondial Automotive, a regional distributor for CDTi, will supply DuraFit products to the DSNY fleet.
"This important fleet win with the DSNY demonstrates the growing distribution reach of DuraFit, which addresses the $300 million plus replacement filter market," stated Chris Harris, CDTi's President and CEO. "DuraFit is an important growth driver in our Heavy Duty Diesel Systems division. We are excited the DSNY selected DuraFit to provide exceptional durability and service life, as well as filtration performance that either meets or exceeds the requirements of increasingly stringent environmental regulations."
Rocco DiRico, Deputy Commissioner with DSNY said, "This product has and will continue to be put to the test under the extreme operating conditions faced by the New York City Sanitation Fleet."
"CDTi offers replacement DPFs for all major Class 5 to Class 8 OEM applications," Showky Kaldawy, President of Mondial Automotive, said. "To be successful, our customers require dependability, uptime and extended service life of their diesel equipment. We are confident DuraFit will meet these demands for the DSNY fleet."
Designed and manufactured in North America, DuraFit DPFs are exact-fit OEM replacements that meet or exceed OEM emissions requirements and are backed by an industry-leading two-year, unlimited mileage warranty. DuraFit DPFs address a growing opportunity in the heavy duty aftermarket to replace original equipment DPF units. According to market analysis firm Power System Research, North American OEMs have produced an average of 250,000 heavy duty on-road diesel vehicles equipped with DPFs each year since 2007 to comply with Environmental Protection Agency requirements. The typical OEM warranty on DPFs is five years and has expired for many of these vehicles with more continuing to expire in the coming years. As 2007 and newer DPFs from OEMs fail and require replacement, aftermarket DPFs are needed as replacements. According to a 2012 industry report, the market for medium and heavy duty vehicle after-treatment maintenance and repair is projected to grow from $0.5 billion in 2010 to $3.0 billion by 2017.
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.
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", 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 document, the Company includes forward-looking statements regarding future supply of DuraFit™ to the DSNY, supply to DSNY fleet through Mondial Automotive, the potential market for replacement filters, growth drivers, anticipated benefits of products and technologies, confidence of CDTi in DuraFit meeting DSNY's demands, market and growth opportunities, anticipated expirations of DPF warranties, and the future need for replacement DPFs. 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) future disruptions or issues regarding CDTi's relationship with DSNY; (ii) changing market conditions; (iii) that the Company may not be able to (a) meet expectations or projections; (b) decrease costs; (c) increase sales; (d) obtain adequate funding; (e) retain or secure customers; (f) increase its customer base; (g) protect its intellectual property; (h) successfully evolve into an advanced materials supplier or, even if successful, increase profitability; (i) successfully market new products; (j) obtain product verifications or approvals; (k) attract or retain key personnel; or (l) realize benefits from investments; (iv) funding for and enforcement and tightening of emissions controls, standards and regulations; (v) prices of PGM and rare earth metals; (vi) royalty and other restrictions on sales in certain Asian countries; (vii) supply disruptions or failures; (viii) regulatory, marketing and competitive factors; (ix) environmental harm or damages; and (x) 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.
Source:Clean Diesel Technologies, Inc.