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Technology Stocks : Turbodyne Technologies Inc. (TRBDF) -- Ignore unavailable to you. Want to Upgrade?

To: Far Side who wrote (904)	5/22/1998 4:37:00 PM
From: Papillon	Read Replies (1) \| Respond to of 3458

Follow-up press release: WOODLAND HILLS, CA., May 22 /CNW-PRN/ - Turbodyne Technologies Inc. (the ''Company'') (NASDAQ:TRBDF, EASDAQ:TRBD) is issuing this follow-up to its press release dated May 14, 1998. In that release, the Company reported its financial results for the year ended December 31, 1997 under US Generally Accepted Accounting Principles (GAAP), which had previously been released in preliminary form, prepared under Canadian GAAP. In the May 14, 1998 release, the posted loss per share of ($0.50) for 1997 and ($0.27) for 1996 had been prepared under Canadian GAAP. Under US GAAP, the loss per share for 1997 was ($0.58) and ($0.33) for 1996. The weighted average shares used for basic and diluted loss per share are 22,685,000 for 1997 and 16,641,000 for 1996. The audit was conducted for the Company by its accounting firm KPMG Peat Marwick LLP, in Los Angeles, CA. For the 1997 year-end audit, Turbodyne changed from Canadian GAAP to US GAAP due to its pending domicile in to the United States. TURBODYNE TECHNOLOGIES INC. ''John P. Singleton'' --------------------- John P. Singleton Chief Operating Officer & CFO Contact: Meredith Lefforge, Turbodyne Media Relations 1-800-350-2031, Internet turbodyne.com