OXNARD, Calif., May 14, 2015 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI) ("CDTi" or "the Company"), a leader in advanced emission control technology, announced it has signed an agreement with a national private label for distribution of CDTi's DuraFit™ diesel particulate filters (DPFs). Under the agreement, DuraFit DPFs will be distributed into the heavy and medium duty vehicle aftermarket for a period of up to 3 years. First shipments to the national private label distributor, whose name is being withheld in accordance with the agreement, are expected to begin in the 2nd quarter.
"This national distribution agreement signifies the growing penetration of DuraFit technology throughout North America," stated Chris Harris, CDTi's President and CEO. "Since launching DuraFit in August of 2014, we have been aggressively pursuing the fast-growing replacement filter market with a multi-channel strategy targeting regional distribution, national distribution and fleet sales. Through this new private label relationship, our aftermarket DPFs will now be available to several hundred retail locations across North America. DuraFit is an important component of our strategy to drive near-term growth in our Heavy Duty Diesel Systems division, and we are excited to partner with this national private label to expand our share of the replacement market."
Designed and manufactured in North America, DuraFit DPFs are exact-fit original equipment manufacturer (OEM) replacements that meet or exceed OEM emissions requirements. DuraFit DPFs are fully-supported by a growing distributor network and field application specialists, and DuraFit DPFs distributed by the private label will have a 1-year unlimited mileage warranty.
DuraFit DPFs address the fast-growing 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 5-year OEM warranty on DPFs has expired for many of these vehicles which are now owned by 2nd or 3rd owners. In many medium and heavy duty diesel vehicles, the DPF is expected to be replaced 2 or 3 times during the vehicle's lifetime. According to a 2012 industry report, the market for medium and heavy duty vehicle after-treatment maintenance and repair is projected to grow 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 distribution of DuraFit DPFs, growing penetration of DuraFit technology in North America, availability of CDTi's aftermarket DPFs at several hundred retail locations across North America, growth strategies, expansion of market share, market growth, expected DPF replacement cycles, and anticipated benefits of products and technologies. 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 the parties' relationship; (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.