Below is the news from the Bloomberg:
10:09 - Mar. 5, 1999. Turbodyne Shares Seen Lower When Stock Resumes Trading March 8.
Brussels, March 5 (Bloomberg) -- Turbodyne Technologies Inc. shares are expected to fall on March 8, when they resume trading after an inquiry by the Easdaq exchange into whether the company tried to mislead investors, traders said.
Shares of the U.S. maker of pollution control equipment will be traded again on the Brussels-based Easdaq and in Frankfurt after Easdaq's market authority decided that Turbodyne's press releases haven't been "intentionally misleading."
"It never helps investor confidence when a trade halt is put on a company's stock," said Nick Bealer, a trader a Quartz Capital Partners, one of the market makers in the stock. He said he expects Turbodyne shares to open 25 to 33 percent lower than their last trade on Easdaq, at $5.35.
California-based Turbodyne makes pollution reduction, fuel economy and performance enhancing products for internal combustion engines.
"We clarified all of this," said Peter Kitzinski, the director of Turbodynes European unit. "Our statements were not even misleading, just a little too optimistic."
The stock has been suspended since Jan. 21 on Easdaq -- an exchange for smaller stocks, modeled on the Nasdaq in the U.S. -- and since Feb. 26 on Nasdaq.
-- Thomas Mulier in the Brussels bureau. (32-2) 285 4300
Copyright 1998 Bloomberg L.P.
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