ClearSign designs, develops and markets technologies that aim to improve the key performance characteristics of combustion systems, including emission, operational performance, energy efficiency and overall cost effectiveness.
SEATTLE, Dec. 6, 2017 /PRNewswire/ -- ClearSign Combustion Corporation (NASDAQ: CLIR), an emerging leader in industrial combustion technologies that reduce emissions and improve efficiency, today announced that the company has submitted a request to the Securities and Exchange Commission to withdraw its S-1 Registration Statement (File No. 333-221467) (the "Registration Statement") on file with the U.S. Securities and Exchange Commission (the "SEC"). The Registration Statement has not been declared effective by the SEC, and no securities have been sold in connection with the offering described in the Registration Statement. The company will be reviewing alternate funding and strategic options.
"In light of the recent stock price decline the company feels that it is in the best interests of shareholder value to withdraw the registration statement. Our board is continuing to go through a thorough review process to consider alternative funding and strategic options, and to pursue the best possible path for shareholders and the company," said Stephen Pirnat, Chairman and Chief Executive Officer of ClearSign. "We remain optimistic about the direction of the company, specifically our recent announcements regarding a new multi-unit Plug and Play order, successful testing with a supermajor, and the launch of our Hong Kong subsidiary."
For more information about ClearSign visit: www.clearsign.com.
About ClearSign Combustion Corporation
ClearSign Combustion Corporation designs and develops products and technologies for the purpose of improving key performance characteristics of combustion systems, including emissions and operational performance, energy efficiency and overall cost-effectiveness. Our patented Duplex™, Duplex Plug & Play™ and Electrodynamic Combustion Control™ platform technologies enhance the performance of combustion systems in a broad range of markets, including the energy (upstream oil production and down-stream refining), commercial/industrial boiler, chemical, petrochemical, and power industries. For more information, please visit www.clearsign.com.
Cautionary note on forward-looking statements
All statements in this press release that are not based on historical fact are "forward-looking statements." While management has based any forward-looking statements included in this press release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control, which could cause actual results to materially differ from such statements. Such risks, uncertainties and other factors include, but are not limited to, general business and economic conditions, the performance of management and our employees, our ability to obtain financing, competition, whether our technology will be accepted and other factors identified in our Annual Report on Form 10-K filed with the Securities & Exchange Commission and available at www.sec.gov and other factors that are to be detailed in our periodic and current reports available for review at www.sec.gov. Furthermore, we operate in a competitive environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
SOURCE ClearSign Combustion Corporation