OXNARD, Calif., June 01, 2016 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI) (“CDTi” or “the
Company”), a leader in advanced emission control technology, appointed Tracy A. Kern as Chief Financial Officer effective June 1,
2016. She will report to CDTi’s CEO Matthew Beale.
“To execute our advanced materials and high-value catalyst strategy, we have repositioned the company,” stated Beale. “We
welcome Tracy, our new CFO who is a proven accounting executive with more than 15 years of financial leadership experience. In
addition to her wealth of strategic and operational expertise, she has helped shepherd two public companies through
transformations. As we continue the acceleration of our commercial and operational goals, her deep understanding of process
improvements and turnarounds will provide important insight for CDTi.”
Kern added, “I am excited to join CDTi at this pivotal time for the company as it drives toward sustainable profitability and
long-term growth, and I look forward to contributing to its success as an advanced materials provider for the global emissions
control market.”
Beale concluded, “I would also like to extend my gratitude to Dave Shea, who has served as chief financial officer since July
2014 and will assist in the transition process. We appreciate Dave’s contributions and wish him well in his future endeavors.”
Ms. Kern, 48, has more than 15 years of experience in finance, accounting and auditing. Her most recent position was Chief
Financial Officer at Interlink Electronics Corporation, Inc. (Nasdaq:LINK), a provider of force-sensing technologies, where she led
the company’s relisting with Nasdaq after a five-year absence and instituted internal controls to ensure compliance with SEC
requirements. From 2008 to 2015, Kern was Corporate Controller at Vitesse Semiconductor Corporation, a global provider of high
performance integrated circuit solutions for carrier, enterprise and internet-of-things networks that was traded under the ticker
VTSS until it was acquired by Microsemi Corporation. At Vitesse she managed a 10-member accounting team responsible for all aspects
of domestic and international operational accounting, implemented financial statement controls and supported due diligence leading
to debt negotiations and the company’s merger. From 2003 to 2008, Kern was Chief Financial Officer of CHAD Therapeutics, Inc., a
publicly traded medical device manufacturing company. At CHAD she was responsible for financial analysis and reporting and SEC
compliance, and was part of the successful negotiation of significant corporate asset sales as well as acquisition of corporate
financing. From 1998 to 2003, Kern was Audit Manager at the public accounting firm KPMG, LLP. Kern is a Certified Public Accountant
and holds a Bachelor of Science degree in Accounting from California Lutheran University.
About CDTi
CDTi develops advanced materials technology for the emissions control market. CDTi’s proprietary technologies provide high-value
sustainable solutions to reduce hazardous emissions, increase energy efficiency and lower the carbon intensity of on- and off-road
combustion engine systems. With a continuing focus on innovation-driven commercialization and global expansion, CDTi’s breakthrough
Powder-to-Coat (P2C™) technology exploits the Company’s high-performance, advanced low-platinum group metal (PGM) emission
reduction catalysts. Key technology platforms include Mixed Phase Catalyst (MPC®), Base Metal Activated Rhodium Support (BMARS™),
Synergized PGM (SPGM™), Zero PGM (ZPGM™) and Spinel™. For more information, please visit www.cdti.com.
Forward-Looking Statements
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 the
acceleration of the Company’s business transformation into an advanced materials company and the Company’s future financial
performance are all subject to risks and uncertainties that could cause our actual results and financial position to differ
materially. 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) that the Company may not be able to (a) successfully
implement, or implement at all, its strategic priorities; (b) streamline its operations or align its organization and
infrastructure with the anticipated business; (c) meet expectations or projections; (d) decrease costs; (e) increase sales; (f)
obtain adequate funding; (g) retain or secure customers; (h) increase its customer base; (i) protect its intellectual property; (j)
successfully evolve into an advanced materials supplier or, even if successful, increase profitability; (k) successfully market new
products; (l) obtain product verifications or approvals; (m) attract or retain key personnel; (n) validate, optimize and
scale our powder-to-coat capability; or (o) realize benefits from investments; (ii) funding for and enforcement and tightening of
emissions controls, standards and regulations; (iii) prices of PGM and rare earth metals; (iv) royalty and other restrictions
on sales in certain Asian countries; (v) supply disruptions or failures; (vi) regulatory, marketing and competitive factors; (vii)
environmental harm or damages; and (viii) 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 and Quarterly Report on Form 10-Q. 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.
Contact Information:
Becky Herrick or Cathy Mattison
LHA (IR Agency)
+1 415 433 3777
bherrick@lhai.com / cmattison@lhai.com
