TURD TRBD
21 January 1999 13:00
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Notice of Trade Halt: Turbodyne Technologies Inc.- EASDAQ Market Authority Announces Temporary Halt of Trading in Shares of Turbodyne Technologies, Inc. (EASDAQ: TRBD)
January 20, 1999
The EASDAQ Market Authority has initiated a temporary halt in the trading of shares of Turbodyne Technologies, Inc. on the EASDAQ Stock Market, effective immediately. The trading halt will remain in effect until the close of the market (16:30 CET) on February 3, 1999, unless otherwise determined by the Market Authority.
The Market Authority has also notified Turbodyne that it plans to initiate disciplinary proceedings against the company for, among other things, allegedly issuing a number of press releases which contained false or misleading price sensitive information to the market.
This action has been taken by the Market Authority as the result of an investigation undertaken on its behalf by the EASDAQ Surveillance Department. The Market Authority is responsible for ensuring the integrity, security and fair dealing of the EASDAQ Stock Market and applies rigorous standards to the conduct of its Members and Issuers to protect investors.
Potential sanctions which could result from disciplinary actions include a range of options, up to the withdrawal of admission to trading of Turbodyne shares. Turbodyne is accorded rights under the EASDAQ Code of Formal Proceedings, which governs the procedures to be followed connected with disciplinary actions. Among these are the right to submit a written response, and to request a hearing before the Market Authority, within thirty days of receiving a written claim regarding this action. A decision will only be made after the conclusion of the hearing, if a hearing is requested. Decisions made by the Market Authority concerning this matter may be appealed to an International Commission of Appeal.
Shares of Turbodyne Technologies, Inc. began trading on the EASDAQ stock market on July 30, 1997. The shares had previously been admitted to trading on the NASDAQ Stock Market.
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