Turbodyne Responds to Lawsuit Claims
Woodland Hills, CA - October 6, 1998 - Turbodyne Technologies Inc. (NASDAQ: TRBD, EASDAQ: TRBD) responded today to reports that Pollution Research and Control Corp. ("PRCC") had initiated a lawsuit against Turbodyne. While Turbodyne has not been served with or otherwise seen any complaint filed by PRCC, based on its familiarity with the underlying facts Turbodyne believes that any PRCC claims are without merit.
According to a Turbodyne spokesman, "Turbodyne believes that there never was an agreement between PRCC and Turbodyne. The instrument that PRCC is claiming constitutes an agreement, however, contains at least fourteen distinct conditions to Turbodyne's obligation to proceed, including approval by the Turbodyne Board of Directors. The Turbodyne directors have indicated that they would not approve the transaction. In addition, the transaction would have been subject to Turbodyne's satisfaction in its sole discretion with the results of its business, legal, environmental, accounting and other due diligence examinations of PRCC and its subsidiaries.
"Under these circumstances," Turbodyne's spokesman continued, "we are astounded that PRCC would have proceeded with legal action." The Turbodyne spokesman indicated that the Company may have further comments after it has received and reviewed with its counsel the PRCC complaint and any claims Turbodyne may have against PRCC. |
