A memorandum of understanding has been signed between Global
Thermoelectric Inc. and Turbo Genset Inc. for evaluating the
introduction of Turbo Genset's microturbine-powered electrical
generators in Canada and elsewhere.
Global Thermoelectric Inc. (ASE - GLE) is the world's leading
supplier of thermoelectric generators for use in remote power
applications and has developed a marketing network in Canada, the
United States and in more than forty countries worldwide. With over
20 years of field experience under severe climatic conditions,
Global Thermoelectric Inc.'s solid state generators have proven to
be reliable and economic power sources for remote applications.
The company is also involved in the design and manufacture of a new
line of military heaters as well as the commercialization of
leading edge solid oxide fuel cell power generating equipment.
Turbo Genset has developed a unique, patented alternator to harness
the power of a small gas turbine engine. The machine is capable of
generating 50 kW of power operating at speeds of about 60,000 rpm.
The unit is highly compact and light weighing under 9 kg and being
roughly the size of a car alternator, but providing over 50 times
the electrical power. In comparison, conventional
motors/generators of the same power typically operate at speeds of
about 2,000 rpm and weigh over 400 kg.
In addition, with its high grade exhaust heat and low emission
levels, the turbo genset is suited to a range of heat and power
(co-generation) applications such as local/distributed power
generation, providing local heating and steam raising in
combination with boilers, providing local air-conditioning and
refrigeration with absorption heater-chillers and for use in
desalination and water purification facilities.
Pursuant to the memorandum of understanding, Global Thermoelectric
and Turbo Genset have agreed to combine their efforts to
investigate, identify and exploit markets for microturbine-based
gensets in the power range of 20 to 100 kW electrical. This will
include applications requiring high levels of reliable power such
as co-generation, standalone electrical power generation, portable
power generation and emergency power generation. Together, they
will develop short, mid-term and long-term strategies for
manufacturing, marketing, distribution, and maintenance support.
According to Professor Colin Besant, C.E.O. of Turbo Genset Inc,
"We are very excited about our relationship with Global
Thermoelectric and we look forward to continuing a rigorous testing
programme of our microturbine genset to prove that it meets the
demanding requirements of their customers."
Turbo Genset expects to deliver a fully-operational TG 50 genset to
Global Thermoelectric in the fall of 1998 for testing and
demonstrations in the first quarter of 1999.
This release may contian certain "forward looking statements"
within the meaning of the Securities Exchange Act 1933, as amended
and Securities Exchange Act 1934, as amended. Although Turbo Genset
Inc. has taken all care in preparing this release, and believes
that its expectations are based on reasonable assumptions, it can
give no assurance that its goals will be achieved. The statements
included here, other than those statements of historical fact,
involve certain risks and uncertainties. Important factors that
could cause actual results to differ from those in the forward
looking statements contained herein include, among others, the
success and timing of certain projects, agreements and orders, the
ability to generate reasonable gross profit margins on revenues
that are realized, and changes in the demand for the products of
Turbo Genset during the period covered by the future lookingstatements.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.For more information, please contact:
Prof. Colin Besant, C.E.O., Turbo Genset Inc. (011 441) 71 594-7045
Allan McGirr -- Powerpoint Investment Communications Inc.(604) 708-2462
Jim Perry, or Larry Kyle - Global Thermoelectric (403) 236-5556 |
