CTS Catalytic

 

TIDMCTS TIDMCTSU 
 
RNS Number : 5020G 
Catalytic Solutions, Inc. 
02 February 2010 
 

 
 
 
                            Catalytic Solutions, Inc. 
 
                                (The "Company") 
 
                          UPDATE ON FINANCIAL POSITION 
 
 
Catalytic Solutions, Inc. (AIM: CTS and CTSU), the Company behind Mixed Phase 
Catalyst (MPC ) technology, announces that further to the Company's press 
release of 21 December 2009, the Company and Fifth Third Bank have agreed to 
extend forbearance on the debt obligations owed by the Company to Fifth Third 
Bank until 30 April 2010.  Under the terms of the extension, the credit limit on 
the Company's revolving line of credit, which is part US Dollar and part 
Canadian Dollar denominated, has been reduced to a total of Canadian $7.5 
million from Canadian $8.5 million, with the limit being reduced by Canadian 
$100,000 per month.  The outstanding balance under the line as of 31 December 
2009 was approximately Canadian $5.4 million.  In addition, the interest rate on 
the line has been increased by 250 basis points to US / Canadian Prime Rate plus 
2.75 percent.  Final documentation of the extension is expected be completed 
shortly. 
 
The board continues to seek a longer term solution to the Company's liquidity 
position; however there can be no guarantee of success.  Further announcements 
regarding the Company's liquidity position will be made in due course, as 
appropriate. 
 
For further details, please contact: 
 
+-----------------------------------------+----------------------------+-------------------------------+ 
| Catalytic Solutions, Inc.               | Canaccord Adams            | Buchanan Communications       | 
| Charlie Call, Chief Executive Officer   | Robert Finlay              | Charles Ryland                | 
| Tel: +1 (805) 639-9463                  | Guy Blakeney               | Ben Willey                    | 
| Steve Golden, Chief Technical Officer   | Bhavesh Patel              | Christian Goodbody            | 
| Tel: +1 (805) 639-9464                  |                            |                               | 
| Nikhil Mehta, Chief Financial Officer   | Tel: 020 7050 6500         | Tel: 020 7466 5000            | 
| Tel: +1 (805) 639-9461                  |                            |                               | 
+-----------------------------------------+----------------------------+-------------------------------+ 
 
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 Company's 
website is www.catalyticsolutions.com. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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