Board Approves Legal Action Against Asensio & Company
WOODLAND HILLS, Calif., Sept. 14 /PRNewswire/ -- Turbodyne Technologies Inc. (Nasdaq: TRBD; Easdaq), (''the Company''), reported today that both directors up for re-election, and the Company's 1998 Stock Incentive Plan, were approved by shareholders at the Company's annual meeting on Friday, September 11, 1998.
Re-elected to Turbodyne's board of directors were Walter F. Ware, 55, Turbodyne's President & CEO and Robert Taylor, 58, former director and president of Shell Canada Products. Mr. Taylor retired from Shell in 1996. Both Mr. Ware and Mr. Taylor were re-elected to serve a three-year term.
During the meeting, Turbodyne's chief litigation counsel announced, ''The board of directors has instructed us to proceed vigorously with legal action against Asensio & Company and other parties that have disseminated and published false and misleading information about Turbodyne. Legal action will be filed in the United States under the provisions of applicable laws, as well as in Germany through Turbodyne's counsel in Frankfurt, on behalf of the corporation and stockholders as applicable.'' Further details about these actions will be announced, as they become available.
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