CTSU Catalytic (DI)

 

TIDMCTS TIDMCTS TIDMCTSU 
 
RNS Number : 1958D 
Catalytic Solutions, Inc. 
27 November 2009 
 

 
 
This announcement and the information contained herein is restricted and is not 
for publication, release or distribution in whole or in part in, or into, the 
United States of America, Canada, Australia, The Republic of Ireland, Japan or 
South Africa. 
 
 
 
For Immediate Release27 November 2009 
 
 
Catalytic Solutions, Inc. 
("The Company") 
 
 
Update on Financial Position 
 
 
 
 
Catalytic Solutions, Inc. (AIM: CTS and CTSU), the Company behind Mixed Phase 
Catalyst technology, announces that Fifth Third Bank, its secured lender, has 
agreed in principle to extend forbearance until 31 January 2010 on the Company's 
outstanding debt obligations owed to it. Terms are currently being finalised and 
a further update will be provided in due course. 
 
 
As of 27 November 2009, the Company remains in default on the loan payable to 
Fifth Third Bank due to its failure to achieve two of the covenants under the 
bank loan agreement, further details of which are set out in the Company's 
interim results announcement of 9 November 2009. 
 
 
The Company's shares, which were suspended from trading on 30 September 2009, 
will remain suspended from trading while the Company works to resolve its 
liquidity issues. The Company remains in discussions with a view to the 
provision of short-term finance while it seeks longer-term solutions to its 
liquidity situation through discussions with additional parties. While the board 
is working towards a successful conclusion to these discussions, there can be no 
guarantee of success. 
 
 
 
 
For further details please contact: 
 
 
Catalytic Solutions Inc.      +1 805 639 9463 
Charlie Call, Chief Executive Officer 
Steve Golden, Chief Technical Officer 
Nikhil Mehta, Chief Financial Officer 
 
 
Canaccord Adams      020 7050 6500 
Guy Blakeney 
Bhavesh Patel 
 
 
Buchanan Communications    020 7466 5000 
Charles Ryland 
Ben Wiley 
 
 
 
About Catalytic Solutions, Inc. 
Catalytic Solutions, Inc. is a global manufacturer and distributor of emissions 
control systems and products, focused in the heavy-duty diesel and light-duty 
vehicle markets. The Company's emissions control systems and products are 
designed to deliver high value to our customers while benefiting the global 
environment through air quality improvement, sustainability and energy 
efficiency. Catalytic Solutions, Inc. is listed on AIM of the London Stock 
Exchange (AIM: CTS and CTSU) and currently has operations in the USA, Canada, 
France, Japan and Sweden as well as an Asian joint venture. 
 
 
The material set forth herein is for informational purposes only and is not 
intended, and should not be construed, as an offer of securities for sale into 
the United States or any other jurisdiction. The securities of the Company 
described herein have not been registered under the U.S. Securities Act of 1933, 
as Amended (the "Securities Act"), or the laws of any state, and may not be 
offered or sold within the United States, except pursuant to an exemption from, 
or in a transaction not subject to, the registration requirements of the 
Securities Act and applicable state laws. There is no present intention to 
register the Company's securities in the United States or to conduct a public 
offering of securities in the United States. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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