28 Jul 2015 15:07
28 July 2015
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Clean Air Power Limited
("Clean Air Power" or the "Group")
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Update on the Review of Strategic Options
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Clean Air Power (AIM: CAP), the global leader in the development and delivery of compression-ignited natural gas systems and software for heavy duty vehicles, today provides a further update on the review of the Group's strategic options announced on 23rd June 2015 and following its previous update on 15th July 2015.
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KPMG has run an exhaustive process and the Board, as advised by KPMG, remains in discussion with a number of parties that may or may not lead to an offer for all or part of the Group. However, in the event of an offer, and partly due to the short term financial constraints that the Group is operating under, the Board can provide no assurance that significant value will be returned to shareholders. Furthermore, as the Group's holding company is based in Bermuda, the Board is also considering the options available under Bermudan and local jurisdictions to execute any transaction within the timeframe set by the Group's financial position.
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For further information, please contact:
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Clean Air Power John Pettitt, Chief Executive Neill Skinner, Chief Financial Officer  | Tel: +44 (0)1772 624 499 |
Citigate Dewe Rogerson Malcolm Robertson  KPMG Corporate Finance Jonathan Boyers Pinesh Mehta  Panmure Gordon Corporate Finance Freddy Crossley / Atholl Tweedie Corporate Broking Tom Salvesen  Peat & Co Charlie Peat John Beaumont | Tel: +44 (0)20 7282 2867     Tel: +44 (0)20 7311 1000    Tel: +44 (0)20 7886 2500      Tel: +44 (0)20 3540 1721   |
Notes to Editors
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About Clean Air Power
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Clean Air Power designs, develops and delivers diesel ignited natural gas engines for heavy duty transport applications. Clean Air Power's technology substantially cuts fuel costs and carbon emissions without sacrificing the original engine's characteristic efficiency or reliability. Clean Air Power is well positioned to assist corporations and governments to deliver on their environmental commitments while at the same time reducing transport operators overheads.
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Initially founded in the USA in 1991, around £50m has been invested in developing the technology with the result that 59 patents are currently held or pending. The holding company of the Group is based in Bermuda with operational subsidiaries in the UK, the USA and Australia. The Group was admitted to the AIM market of the London Stock Exchange in February 2006.
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Further information on Clean Air Power is available at www.cleanairpower.com