I like some of the text on Smith & Co's CPES page:
Smith's Clear Penetrating Epoxy Sealer is the only product made largely from the natural resins of wood itself.
. . .
Wood naturally contains water, typically 8% to 15%, even 25% or more in humid environments such as around boats or in chronically humid climates. The solvent system that carries the natural wood resins of Smith's Clear Penetrating Epoxy Sealer into the wood has to be capable of dissolving that water [emphasis mine], so that the penetration show [sic] in the prior examples can happen.
Take a look at these more recent MSDS' for CPES. It's a laundry list of nasty solvents:
On top of toluene and xylene, it's a veritable cornucopia of other solvents, including Methyl-[something]-Ketones.