Company Announcement: Turbodyne Update 09:00 April 8, 1999
Woodland Hills, CA - April 8, 1999 - Turbodyne Technologies
Inc. (EASDAQ: TRBD) earlier reported that the Nasdaq Listing
Qualifications Panel determined to delist the Company's
securities from The Nasdaq Stock Market effective with the close
of business on April 1, 1999. The NASD has informed the Company
that in the opinion of the Panel, which consisted of two
independent panelists, the Company engaged in a pattern of
issuing misleading and incomplete press releases, which often
were unsupported by an adequate basis in fact. The Panel
acknowledged that the Company had issued "qualifying statements"
or corrective statements for certain of the press releases at
issue. However, the Panel was concerned that those statements
were often disseminated in a manner less visible and apparent
than the original press release. The Panel also recognized that
the Company has taken steps toward creating a procedure which it
believes will assist it in its disclosure obligations going
forward. However, the Panel noted that the procedure does not
remedy the problems identified by the staff of the NASD and the
Panel was not convinced that the new procedures would be
effective.
The Company strongly disagrees with the Panel's conclusions,
and particularly with the delisting of the Company's securities
on the grounds identified by the Panel. The Company continues to
believe that all of its press releases and other public
statements were materially accurate when made and supported by an
adequate basis in fact. As earlier reported, the Company has
requested that the Nasdaq Listing and Hearing Review Council
review the decision of the Qualifications Panel in an effort to
reinstate the Company's securities for trading on The Nasdaq
Stock Market. At this time, the Company has not been informed
regarding the timing of the review process.
On March 1, 1999, the Easdaq Market Authority held a hearing
in connection with certain Company press releases which were
alleged to have contained false or misleading price sensitive
information. This hearing represented the conclusion of a full
investigation conducted by the Easdaq Surveillance Department.
The Market Authority concluded that the Company's press releases
were not intentionally misleading but may have given an overly-
optimistic impression of certain of the Company's prospects. On
March 3, 1999, the Company issued a statement updating each of
the prospects cited by the Market Authority and trading of the
Company's securities resumed on Easdaq on March 8, 1999.
As an accommodation to our stockholders, the Company is
taking all steps necessary in an effort to list its securities on
the OTC Bulletin Board. The Company's securities are currently
trading on the Easdaq Market and stockholders within and outside
of the United States may effect trades in the Company's
securities in this market. The Easdaq web site (www.easdaq.be)
contains information relating to brokers and market makers in the
Company's securities.
easdaq.be
CT |
