Clean Diesel Technologies Inc., Stamford, Conn., said revenue increased for the third quarter of 2003 and year-to-date over prior year periods.

Clean Diesel Technologies is a specialty chemical company with patented products that it says reduce emissions from diesel engines while simultaneously improving fuel economy.
Total revenue for this year's third quarter was $99,000 with a net loss of $664,000. This compares to total revenue of $51,000 and a net loss of $717,000 for the same period in 2002.
For the first nine months ended Sept. 30, 2003, total revenue was $478,000 with a net loss of $2,156,000. In the comparable 2002 period, revenue was $141,000 with a net loss of $2,240,000.
The rise in revenue was generated from both increased sales of its Platinum Plusfuel-borne catalyst (FBC) and from increased ARIS license, sales and royalty income.
President and Chief Operating Officer James M. Valentine said, "The increase in sales is attributable to the many applications of the FBC, including power generation, off-road and mining machinery, as well as the fuel-economy product."
Valentine also noted, "The company expects to receive its initial orders for the verified Platinum Plus System in the next few months. The system is being marketed to local delivery fleets, school buses, refuse trucks and municipal fleets with older, dirtier engines. The lower capital cost of the Platinum Plus Purifier system allows up to five vehicles to be retrofitted at the same cost as one vehicle retrofit for a traditional, heavily-catalyzed diesel particulate filter."
Clean Diesel intends to supply verified systems directly to end-users and through a planned network of licensed distributors. The Platinum Plus FBC can be delivered pre-blended in fuel by licensed fuel suppliers, or added to fuel on site by end-users using automatic dosing systems. Several on-board dosing systems are also under development.
Also during the third quarter, the company completed a $3.9 million private placement of its common stock with several current non-U.S. shareholders and PUREarth Inc., a wholly owned subsidiary of Mitsui & Co. Ltd. of Japan.
CDT and PUREarth have been working together for the last year on several programs to verify the emission reduction performance of PUREarth's catalyzed wire-mesh filter (CWMF) and CDT's Platinum Plus FBC. Initial testing of the FBC/CWMF system achieved particulate reductions of 65-70%, which would qualify as a Level 2 reduction with the California Air Resources Board (CARB).
Application for retrofit verification of the FBC/CWMF system has been submitted to the EPA and CARB. Final durability testing to complete verification testing requirements is awaiting test cell availability. Mitsui has also exclusively licensed the company's ARIS urea selective catalytic NOx reduction technology for stationary and mobile applications in Japan.
Clean Diesel’s products include Platinum Plus fuel-borne catalysts, which reduce engine-out emissions of particulate matter, carbon monoxide and hydrocarbons, while improving fuel economy and also increasing the regeneration of diesel particulate filters, and the ARIS 2000 urea-injection systems for selective catalytic reduction of NOx.