VENTURA, Calif., Aug. 30, 2012 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI) ("CDTi" or the "Company"), a cleantech emissions control company, commented today on an announcement made by the Manufacturers of Emission Controls Association ("MECA") regarding industry sales of diesel particulate filters ("DPFs") under the mandatory California Truck and Bus Regulation. Earlier this month, MECA issued a press release which highlighted the slow pace of diesel retrofit sales in California. This is consistent with the sales volumes experienced by CDTi this year, as discussed in the Company's second quarter 2012 earnings call. CDTi believes this may, in part, have been attributable to the level of operator education and the intensity of state enforcement actions. The Company supports the recent declaration by the California Air Resources Board ("CARB") designating the month of August as "Gear Up for Clean Truck Month." CARB has initiated a multi-agency campaign to ensure that trucks traversing the state's highways are in compliance with state air pollution laws.
CARB, working in conjunction with the California Highway Patrol and other agencies, will deploy inspectors throughout the state, focusing on truck stops, fleet facilities, weigh stations, ports, rail yards and major points of entry into the state, to ensure full compliance with the regulation's requirements. Operators will face enforcement actions involving citations and audits if found in non-compliance with the regulation.
In the press release issued by MECA, it indicated that the total number of verified DPFs sold by MECA member companies in California in the first half of 2012 was 3,030, much lower than the volume expected by retrofit suppliers. The MECA press release also cited CARB projections that approximately 12,000 filters would be installed in 2012 and that approximately 66,000 filters overall would be installed from 2011 through 2015."We are very pleased and supportive of CARB's efforts to reach out and better inform truck operators about the importance of complying with the state mandated diesel emission regulation and enforcement timelines," said Craig Breese, Chief Executive Officer of CDTi. "The rate of verified DPFs sold has been below ours and the industry's expectations. However, while we have been successful in winning fleet operator business, we expect the trends to continue through the third quarter. We trust that the targeted and coordinated efforts by multiple state agencies will stimulate operators to initiate steps to comply with the January 1, 2013 deadline and drive sales in the fourth quarter and beyond."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV