Company Announcement : Turbodyne Responds To Asensio & Co. Remarks
Woodland Hills, CA - August 21, 1998 -- Turbodyne Technologies Inc. (NASDAQ: TRBD, EASDAQ: TRBD), ("the Company"), responded today to the published remarks of Asensio & Company, Inc. While the Company does not wish to dignify the activities of parties such as Asensio, it feels it is important to address the campaign of blatant misinformation about the Company.
The Company can only speculate on the motives of Asensio & Company, but feels confident that their activities are not based on a desire to legitimately analyze the investment potential of the Company.
With respect to statements made about Turbodyne's designation under the United Nations Flag Technology program, the Company confirms that, after a rigorous examination, the Turbodyne technology was awarded this designation on March 14, 1997, which is prior to the date Asensio & Company claims. The reason the Company obtained the designation was because its unique technology is important in assisting in the creation of environmentally appropriate sustainable development in emerging economies.
The Company has never had any involvement with GK Intelligent Systems, Inc., Greystone Financial Services, Inc. or Mr. Thomas Ackerly and accordingly, will not comment on the suggestion that the Company is somehow guilty by association with respect to the activities of those persons.
The Company vigorously denies the false and malicious allegations made with respect to its technology. There is an overwhelming body of studies, reports and other evidence indicating that the Company's technology improves the efficiency of internal combustion engines. Testing has been carried on by a number of credible testing agencies and other organizations including Southwest Research Institute and Golden West Emission Laboratories.
In addition, the Company's technology has received United States Environmental Protection Agency (EPA) certification in conjunction with the Detroit Diesel Corporation for the EPA's Urban Bus Retrofit/Rebuild Program. Under the EPA regulations, the certificate was published in the Federal Register subsequent to notification on April 6, 1998.
As with all new technologies, it takes a period of time to gain market acceptance. This is particularly true with respect to original equipment manufacturer (OEM) markets because of the significant costs that must be incurred by OEMs to reorganize and retool production to incorporate new technology. The Company is continuing to pursue OEM sales but has concentrated, in the short run, on after-market applications such as its program with Detroit Diesel as after-market sales are generally a quicker route to the market.
The reason existing vehicle and after market engine component manufacturers with greater resources than Turbodyne are not producing a product like ours is because of Turbodyne's extensive patent protection which was the subject of our news release dated August 5, 1998. Characterizing Turbodyne's product as an electric supercharger is a gross simplification of the complicated electronic and engineering design covered by patent protection.
Turbodyne Systems, the Engine Technology Division of Turbodyne, develops, manufactures, designs, and markets patented pollution- reduction, fuel economy and performance enhancing products for internal combustion engines in the automotive, transportation, construction, marine, agriculture, mining, military and power generation industries. Turbodyne's light metals division is a manufacturer of machined aluminum castings and a leading supplier to the automotive industry.
Offices and plants are located in Carpinteria, La Mirada, Encinitas and Woodland Hills, CA; Ensenada and Mexico City, Mexico; Northants, England; Frankfurt, Germany; Vancouver, Canada; and Paris, France.
To view previously released news and technical information about the Company, please visit Turbodyne's website. The World Wide Web address is: turbodyne.com
Contacts:
Mark White, Investor Relations (800) 350-2031
Meredith Lefforge, Media Relations (800) 350-2031
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