LONDON, UNITED KINGDOM--Professor Colin Besant, Chairman and Chief
Executive of Turbo Genset Inc. announced that the company's shares
have commenced trading today on the London OFEX. Secondly,
Professor Besant announced that the company has won a contract
from Williams Grand Prix Engineering to develop and demonstrate
the applications of the company's technologies in world class motorsport.
Turbo Genset Inc, is a Canadian company that trades on the Alberta
Stock Exchange (Symbol-TUR.A). As the company announced in
February 1999, the decision to list on the OFEX in London was
prompted by numerous requests from present and future shareholders
in Europe who wish to have a market for the company's shares in
the European time zone. The OFEX market is operated by the market
making company, J.P. Jenkins & Co. as a matched bargain facility
with prices updated once a day at close of business (4.30pm London
time). Daily OFEX pricing and other information can be accessed
through the internet at ofex.co.uk.
Turbo Genset Inc.'s only asset is a 91 percent holding in the
Turbo Genset Company Limited (TGC), a UK based company established
in 1993 to develop and exploit technology related to small scale
power generation. The technology has been and continues to be
developed by Imperial College, London which has assigned all
intellectual property rights in the technology to TGC in exchange
for a 9 percent shareholding in the company. Patents in the
technology have been awarded in the U.K., European Union, USA and Japan.
Turbo Genset's innovation is a high-speed, highly compact
alternator, powered by a small gas turbine, which it has
incorporated into a small scale generator (a "turbo genset")
capable of generating large amounts of power. Conventional
generators capable of producing 50kW weigh typically between 1-2
tons while a turbo genset weighs only 150 kg and can produce the same power.
The turbo genset's compactness, portability, reliability, ease of
maintenance and use of alternate fuels means that it is adaptable
to a range of applications in varying local conditions including
local power generation, standby power, hybrid vehicles and
combined heat and power applications.
Developing a number of key technologies related to high-speed
electrical machines and micro-gas turbine engines, the company
also specializes in system design and integration as well as power
conditioning and control electronics. Said Professor Besant: "We
are very pleased to have won a contract with Williams Grand Prix
Engineering and we look forward to developing and demonstrating
the application of our technologies in motorsport."
This press release includes forward-looking statements and
although management of Turbo Genset Inc. believes that its
expectations are based upon reasonable assumptions, it can give no
assurance that its goals will be achieved. Important factors that
could cause actual results to differ materially from those in the
forward-looking statements contained herein include, among others,
the success and timing of certain projects, agreements and orders,
the success of previous or further acquisitions, growth of the
Corporations revenue base, the ability to generate reasonable
gross profit margins on revenues that realised, and changes in the
demand for the Corporation's products during the periods covered
by the forward looking statements. Interested parties are urged to
refer to additional information regarding Turbo Genset Inc. which
is contained in its reports to the Alberta Securities Commission
and Quebec Securities Commission. -30-FOR FURTHER INFORMATION PLEASE CONTACT:
Turbo Genset Inc.Professor Colin BesantChairman and Chief Executive
011 44 181 570-2946011 44 181 570-5423 (FAX)info@turbogenset.com
turbogenset.comorturbo Genset Inc.Michael Holland
Senior Administration Officer011 44 181 570-2946or
Powerpoint Investment Communications Inc.Allan McGirrIn North America
(604) 708-2462amcgirr@turbogenset.com |
