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Gold/Mining/Energy : Turbo Genset -- Ignore unavailable to you. Want to Upgrade?

To: gian piero ciambella who wrote (42)	12/20/1999 3:00:00 PM
From: gian piero ciambella	Read Replies (1) \| Respond to of 47

NEWS RELEASE December 20,1999 Turbo Genset Inc. Announces 1999 Year End Results Turbo Genset Inc. (CDNX:TUR.A and TUR/A on bloomberg) is pleased to announce the 1999 year end results. Financial Highlights For the year For the year ended July 31, ended July 31, $000s Canadian except per share amounts 1999 1998 % Change Revenue 336 664 -49% Net loss (3,326) (1,919) -73% Per share (0.10) (0.06) Cash flow from operations (3,258) (1,916) -70% Weighted average shares outstanding 32,343,953 29,959,637 1999 marked a critical year in the development of the Company's key product. Sales revenues are currently incidental as the Company has focused its entire effort on furthering the development of its key products. Outlook The Company believes the completion of the 50kW genset product and its commercial exploitation, along with the continuing strategic development and the forming of strategic alliances with large industrial partners, should produce positive results. The current cash position of the Company should be sufficient to allow the Company to realize its potential in the world market and add substantial value for its shareholders. Subsequent to year end, the Company completed an equity financing which resulted in the net proceeds of approximately $10.6 million and the issuance of 1,944,650 shares. These funds are to be used to fund the further development of a hybrid turbo for internal combustion engines. The Company has formed a relationship with General Electric Research and Development Centre in this regard. The Company's shares are listed on The Canadian Venture Exchange. A dealing facility for the Company's shares has also been obtained on OFEX in the United Kingdom. The Canadian Venture Exchange has neither approved nor disapproved the information contained herein. For further information, please contact For further information, please contact Professor Colin Besant, Chairman and Chief Executive 011 441 81 570-2946 Michael Holland, Senior Administration Officer Allan McGirr Powerpoint Investment Communications Inc. 604-708-2462 amcgirr@turbogenset.com 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.