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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED
STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C. 20549</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
8-K</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
Report (Date of earliest event reported): <font style="DISPLAY: inline; FONT-WEIGHT: bold">February 13, 2009 (February 10,
2009)</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CLEAN
POWER TECHNOLOGIES INC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
name of registrant as specified in its charter)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(State
      or other jurisdiction</font></div>
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      incorporation)</font></div>
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      Number)</font></div>
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      </font></td>
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      Employer</font></div>
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      No.)</font></div>
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N.W., Calgary, Alberta, Canada T2K 0C1</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;(Address
of principal executive
offices)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Zip
Code)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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277-2944</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
telephone number, including area code</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
applicable</font></div>
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name or former address, if changed since last report)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):</font></div>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Wingdings">&#168;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></div>
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      </font></div>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Wingdings">&#168;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
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      </font></div>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Wingdings">&#168;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></div>
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      </font></div>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Wingdings">&#168;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font>Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Forward-Looking
Statements</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Statements
in this Current Report on Form 8-K (including the exhibits) that are not purely
historical facts, including statements regarding Clean Power's beliefs,
expectations, intentions or strategies for the future, may be "forward-looking
statements" under the Private Securities Litigation Reform Act of 1995. All
forward-looking statements involve a number of risks and uncertainties that
could cause actual results to differ materially from the plans, intentions and
expectations reflected in or suggested by the forward-looking statements. These
risks and uncertainties include Clean Power's entry into new commercial
businesses, the risk of obtaining financing, recruiting and retaining qualified
personnel, and other risks described in Clean Power's Securities and Exchange
Commission filings. The forward looking statements in this Form 8-K speak only
as of the date hereof, and Clean Power disclaims any obligation to provide
updates, revisions or amendments to any forward looking statement to reflect
changes in the Clean Power&#8217;s expectations or future events.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
1.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Entry
into a Material Definitive Agreement</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
February 10, 2009, Clean Power Technologies Inc. (&#8220;Clean Power&#8221; or the
&#8220;Company&#8221;) entered into a Stock Purchase Agreement (the &#8220;Purchase Agreement&#8221;)
with The Quercus Trust (&#8220;Quercus&#8221;), a California Trust that purchased $2,000,000
in convertible debentures issued by the Company pursuant to an offering
conducted in July 2008 (the &#8220;July Offering&#8221;).&#160;&#160;The Purchase Agreement
provided for the purchase by Quercus&#160;&#160;of 2,222,222 shares of the
Company&#8217;s Common Stock at a price of $0.45 per share, or&#160;&#160;for an
aggregate purchase price of $1,000,000 (the &#8220;Shares&#8221;)<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt">.</font>&#160;&#160;In
addition to the Shares, the Company also agreed to issue Warrants to purchase
2,777,778 shares of the Company&#8217;s Common Stock at an exercise price of $0.60 per
share for 1,666,667 Warrants and at an exercise price of $0.85 per share for the
remaining 1,111,111 Warrants.&#160;&#160;Each of the Warrants has a one year
term.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">From the
date of the Agreement until Quercus holds any of the Shares, Quercus agrees not
to pledge, hypothecate, loan or enter into short sales or other hedging
transactions with broker-dealers or other financial
institutions.&#160;&#160;Further, the Company agreed that for any debt, equity
or equity linked private financing consummated with twelve (12) months after the
Closing, Quercus shall have a pro-rata right to purchase all or a part of the
private financing on the same terms and conditions, and Quercus shall be
precluded from converting the debentures or from exercising the warrants
previously issued to pursuant to the July Offering until Quercus has either
agreed to match the terms of the said financing or five (5) days after the
rejection by Quercus,&#160;&#160;whichever shall occur later.&#160;&#160;Quercus
shall have five (5) trading days to respond to a signed and accepted term sheet
by the Company.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company has also granted certain registration rights to Quercus requiring that
the Company use its best efforts to effect as soon as possible, but in no event
later than six months from the Closing, the registration of the securities
purchased as would permit or facilitate the sale or distribution of all the
securities in the manner and in all states reasonably requested by
Quercus.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Purchase Agreement also provided that upon the execution thereof, the Company
shall immediately seek the resignation of one of its current board members and
thereafter cause its board of directors to be reconstituted at five (5) members
which shall include one (1) Quercus designee. Further, as per the Purchase
Agreement, Quercus shall be entitled to an additional seat on the Company&#8217;s
board of directors at such time as Quercus funds an additional $2,000,000, which
funding is required to take place pursuant to the Agreement,&#160;&#160;upon the
Company attaining a predetermined milestone.</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Quercus
previously invested $2,000,000 in the Company&#8217;s Senior Secured Convertible
Debentures on July 11, 2008, as previously disclosed by the Company on Current
Report on Form 8-K, filed on July 16, 2008.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company has agreed to issue to vFinance Investments, Inc., the Company&#8217;s
placement agent, Warrants to purchase an aggregate of 222,222 shares of the
Company&#8217;s common stock, with the same terms and conditions as the Warrants
issued to Quercus.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company is providing this report in accordance with Rule 135c under the
Securities Act of 1933, as amended (&#8220;Rule 135c&#8221;), and the notice contained
herein does not constitute an offer to sell the Company&#8217;s securities, and is not
a solicitation for an offer to purchase the Company&#8217;s securities. The securities
offered have not been registered under the Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A copy of
the Purchase Agreement, Registration Rights Agreement, $0.60 Warrants, and $0.85
Warrants are filed herewith as Exhibits 10.1, 10.2, 10.3 and 10.4,
respectively.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
3.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Unregistered
Sales of Equity Securities</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">See Item
1.01 above.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company claims an exemption from the registration requirements of the Securities
Act of 1933, as amended (the &#8220;Act&#8221;) for the private placement of these
securities pursuant to Section 4(2) of the Act and/or Rule 506 of Regulation D
promulgated thereunder since, among other things, the transaction does not
involve a public offering, the Investor is an &#8220;accredited investor&#8221; and/or
qualified institutional buyer, the Investor has access to information about the
Company and its investment, the Investor will take the securities for investment
and not resale, and the Company is taking appropriate measures to restrict the
transfer of the securities.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
5.02<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Departure
Of Directors Or Principal Officers, Election Of Directors, Appointment Of
Principal Officer</font><br></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
February 10, 2009, Robert Bailey resigned from the Company&#8217;s Board of
Directors.&#160;&#160;Mr. Bayley did not resign as the result of any
disagreement with the Company on any matter relating to the Company&#8217;s
operations, policies, or practices, but rather to effect the requirements under
the Quercus Agreement to appoint one member to the Board of Directors of the
Company.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As Mr.
Bayley&#8217;s replacement, the Company appointed David Anthony to the Company&#8217;s Board
of Directors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beginning
in 2006, David Anthony has been acting as managing partner of 21 Ventures, LLC,
a New York based company that provides seed and bridge capital to early stage
technology ventures. Mr.&#160;Anthony also serves on the board of directors of
Agent Video Intelligence, Orion Solar, BioPetroClean, Cell2Bet, Juice Wireless,
Visioneered Image Systems, and VOIP Logic. He is an Adjunct Professor at the New
York Academy of Sciences and also serves as entrepreneur-in-residence at the
University of Alabama, Birmingham School of Business. Mr.&#160;Anthony received
his MBA from The Tuck School of Business at Dartmouth College in 1989 and a BA
in economics from George Washington University in 1982.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There are
no familial relationship between or among any of the officers and directors of
the Company.</font></div>
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</font></div>
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9.01 Financial Statements and Exhibits</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.01
(d) Exhibits</font></div>
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      Number</font></div>
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            </td>
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              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
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            <td align="left" valign="top" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Filed
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              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
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            <td align="left" valign="top" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Filed
      herewith</font></div>
            </td>
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          <tr>
            <td align="left" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10.4</font></div>
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            <td align="left" valign="top" width="16%">
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="top" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">CLEAN
      POWER TECHNOLOGIES INC.</font></font></font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" valign="top" width="50%" style="BORDER-BOTTOM: #ffffff solid">
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      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">February
      13, 2009</font></font></div>
              </td>
              <td valign="top" width="3%" style="BORDER-BOTTOM: #ffffff solid">
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              <td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/&#160;Abdul
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              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name:
      Abdul Mitha </font></td>
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              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Title:
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              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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form8k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported):
February 13, 2009 (February 10,
2009)
CLEAN
POWER TECHNOLOGIES INC.
(Exact
name of registrant as specified in its charter)
Nevada
(State
      or other jurisdiction
of
      incorporation)
000-51716
(Commission
File
      Number)
98-0413062
(IRS
      Employer
Identifica­tion
      No.)
436-35
th
Avenue
N.W., Calgary, Alberta, Canada T2K 0C1
(Address
of principal executive
offices)               (Zip
Code)
(403)
277-2944
Registrant's
telephone number, including area code
Not
applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
¨
Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
¨
Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
¨
Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))
¨
Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))
1
Forward-Looking
Statements
Statements
in this Current Report on Form 8-K (including the exhibits) that are not purely
historical facts, including statements regarding Clean Power's beliefs,
expectations, intentions or strategies for the future, may be "forward-looking
statements" under the Private Securities Litigation Reform Act of 1995. All
forward-looking statements involve a number of risks and uncertainties that
could cause actual results to differ materially from the plans, intentions and
expectations reflected in or suggested by the forward-looking statements. These
risks and uncertainties include Clean Power's entry into new commercial
businesses, the risk of obtaining financing, recruiting and retaining qualified
personnel, and other risks described in Clean Power's Securities and Exchange
Commission filings. The forward looking statements in this Form 8-K speak only
as of the date hereof, and Clean Power disclaims any obligation to provide
updates, revisions or amendments to any forward looking statement to reflect
changes in the Clean Power's expectations or future events.
Item
1.01                      Entry
into a Material Definitive Agreement
On
February 10, 2009, Clean Power Technologies Inc. ("Clean Power" or the
"Company") entered into a Stock Purchase Agreement (the "Purchase Agreement")
with The Quercus Trust ("Quercus"), a California Trust that purchased $2,000,000
in convertible debentures issued by the Company pursuant to an offering
conducted in July 2008 (the "July Offering").  The Purchase Agreement
provided for the purchase by Quercus  of 2,222,222 shares of the
Company's Common Stock at a price of $0.45 per share, or  for an
aggregate purchase price of $1,000,000 (the "Shares")
.
In
addition to the Shares, the Company also agreed to issue Warrants to purchase
2,777,778 shares of the Company's Common Stock at an exercise price of $0.60 per
share for 1,666,667 Warrants and at an exercise price of $0.85 per share for the
remaining 1,111,111 Warrants.  Each of the Warrants has a one year
term.
From the
date of the Agreement until Quercus holds any of the Shares, Quercus agrees not
to pledge, hypothecate, loan or enter into short sales or other hedging
transactions with broker-dealers or other financial
institutions.  Further, the Company agreed that for any debt, equity
or equity linked private financing consummated with twelve (12) months after the
Closing, Quercus shall have a pro-rata right to purchase all or a part of the
private financing on the same terms and conditions, and Quercus shall be
precluded from converting the debentures or from exercising the warrants
previously issued to pursuant to the July Offering until Quercus has either
agreed to match the terms of the said financing or five (5) days after the
rejection by Quercus,  whichever shall occur later.  Quercus
shall have five (5) trading days to respond to a signed and accepted term sheet
by the Company.
The
Company has also granted certain registration rights to Quercus requiring that
the Company use its best efforts to effect as soon as possible, but in no event
later than six months from the Closing, the registration of the securities
purchased as would permit or facilitate the sale or distribution of all the
securities in the manner and in all states reasonably requested by
Quercus.
The
Purchase Agreement also provided that upon the execution thereof, the Company
shall immediately seek the resignation of one of its current board members and
thereafter cause its board of directors to be reconstituted at five (5) members
which shall include one (1) Quercus designee. Further, as per the Purchase
Agreement, Quercus shall be entitled to an additional seat on the Company's
board of directors at such time as Quercus funds an additional $2,000,000, which
funding is required to take place pursuant to the Agreement,  upon the
Company attaining a predetermined milestone.
2
Quercus
previously invested $2,000,000 in the Company's Senior Secured Convertible
Debentures on July 11, 2008, as previously disclosed by the Company on Current
Report on Form 8-K, filed on July 16, 2008.
The
Company has agreed to issue to vFinance Investments, Inc., the Company's
placement agent, Warrants to purchase an aggregate of 222,222 shares of the
Company's common stock, with the same terms and conditions as the Warrants
issued to Quercus.
The
Company is providing this report in accordance with Rule 135c under the
Securities Act of 1933, as amended ("Rule 135c"), and the notice contained
herein does not constitute an offer to sell the Company's securities, and is not
a solicitation for an offer to purchase the Company's securities. The securities
offered have not been registered under the Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements.
A copy of
the Purchase Agreement, Registration Rights Agreement, $0.60 Warrants, and $0.85
Warrants are filed herewith as Exhibits 10.1, 10.2, 10.3 and 10.4,
respectively.
Item
3.02                      Unregistered
Sales of Equity Securities
See Item
1.01 above.
The
Company claims an exemption from the registration requirements of the Securities
Act of 1933, as amended (the "Act") for the private placement of these
securities pursuant to Section 4(2) of the Act and/or Rule 506 of Regulation D
promulgated thereunder since, among other things, the transaction does not
involve a public offering, the Investor is an "accredited investor" and/or
qualified institutional buyer, the Investor has access to information about the
Company and its investment, the Investor will take the securities for investment
and not resale, and the Company is taking appropriate measures to restrict the
transfer of the securities.
Item
5.02
Departure
Of Directors Or Principal Officers, Election Of Directors, Appointment Of
Principal Officer
On
February 10, 2009, Robert Bailey resigned from the Company's Board of
Directors.  Mr. Bayley did not resign as the result of any
disagreement with the Company on any matter relating to the Company's
operations, policies, or practices, but rather to effect the requirements under
the Quercus Agreement to appoint one member to the Board of Directors of the
Company.
As Mr.
Bayley's replacement, the Company appointed David Anthony to the Company's Board
of Directors.
Beginning
in 2006, David Anthony has been acting as managing partner of 21 Ventures, LLC,
a New York based company that provides seed and bridge capital to early stage
technology ventures. Mr. Anthony also serves on the board of directors of
Agent Video Intelligence, Orion Solar, BioPetroClean, Cell2Bet, Juice Wireless,
Visioneered Image Systems, and VOIP Logic. He is an Adjunct Professor at the New
York Academy of Sciences and also serves as entrepreneur-in-residence at the
University of Alabama, Birmingham School of Business. Mr. Anthony received
his MBA from The Tuck School of Business at Dartmouth College in 1989 and a BA
in economics from George Washington University in 1982.
There are
no familial relationship between or among any of the officers and directors of
the Company.
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Item
9.01 Financial Statements and Exhibits
9.01
(d) Exhibits
Exhibit
      Number
Description
10.1
Form
      of Stock Purchase Agreement
Filed
      herewith
10.2
Form
      of Registration Rights Agreement
Filed
      herewith
10.3
Form
      of $0.60 Warrant
Filed
      herewith
10.4
Form
      of $0.85 Warrant
Filed
      herewith
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
CLEAN
      POWER TECHNOLOGIES INC.
Date:
February
      13, 2009
By:
/s/ Abdul
      Mitha
Name:
      Abdul Mitha
Title:
      Chief Executive Officer
4