Turbodyne Technologies Inc. (TRBDF) Message Board

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Technology Stocks : Turbodyne Technologies Inc. (TRBDF)

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To: Nathan Hansen who wrote (3451)	2/4/2004 1:14:12 AM
From: Nathan Hansen	Read Replies (1) of 3458

NICE!!! Turbodyne Announces Resumption of Business of Operations 2004-02-03 14:34 ET - News Release CARPINTERIA, Calif., Feb. 3 /PRNewswire-FirstCall/ -- Turbodyne Technologies, Inc. (OTC Bulletin Board: TRBD; Berlin: TUD) (the "Company") announces that it has resumed business operations. The resumption of business operations follows the entering into of a settlement agreement with Honeywell International Inc. ("Honeywell") wherein the Company received settlement proceeds and all rights to its Turbopac electrically driven compressor products and technology. The Company will not be obligated to make any royalty payments to Honeywell in respect of the Turbopac electrically driven compressor products and technology. In exchange, the Company has transferred to Honeywell all remaining rights of the Company to the Dynacharger electrically assisted products and technology. Honeywell will not be obligated to make any royalty payments to the Company with respect to the Dynacharger electrically assisted products and technology. The Company plans to use the net proceeds of the settlement to fund its strategy for the resumption of its business operations as set forth in its Quarterly Report on Form 10-QSB for the nine months ended September 30, 2003. A portion of the proceeds will be used to pay certain creditors and lien holders and to repay short-term loans obtained by the Company to provide working capital, plus applicable bonuses. The Company plans to continue the development and commercialization of its Turbopac and TurboAir products. The Company will no longer pursue development of the Dynacharger. TURBODYNE TECHNOLOGIES, INC. Dan Black, President Congratulations, team. The sky is blue again.

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