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.
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SOURCE ClearSign Combustion Corporation