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

To: Q. who wrote (1741)	8/14/1998 6:16:00 AM
From: Q.	Respond to of 3458

Here's my English translation of the FAZ newspaper article. The original german version can be found in my previous post, Message 5491153 My translation varies from mediocre at the beginning to lousy at the end. I'm not sure of the actual meaning of the last paragraph re. Pecunia. I used AltaVista to start the translation, and then I cleaned up some things by hand. A funny thing, AltaVista translates "Dynacharger system" into "oh-bad system". ==================== Headline: Turbodyne calls accusations lies. Contradictory statements. Strange connection to Pecunia. Story: " The results submitted so far are the result of fraudulent eception. Turbodyne has no valuable technology to justify its market cap of 700 Milllion dollars. " With these words and a sales recommendation the New Yorker Investment House Asensio & Co. triggered a slide in the price of Turbodyne stock. Edward Halimi, Chairman of Turbodyne, countered now in a press conference in Frankfurt in sharp words: " There is a campaign being run against us. The accusations are lies". Asensio probably was grasping because of he was facing ruin due to shortselling into a rising stock market and therefore resorted to criminal intrigues. $250 million of market cap was destroyed this way. This total, at a minimum, is being considered as compensation. Behind the controversy is a new turbocharger technology for engines, with which Turbodyne promises a substantial fuel consumption reduction, lower emissions and a better performance characteristics. The Dynacharger system mentioned is admittedly not on the market, however a precursor product for the aftermarket of diesel engines, named Turbopac, went into production this year. Turbodyne wants to sell 35000 units in 1998. Re. the future of the Dynacharger, the product specifications have deviated. Halimi expects that in approximately one year it will be ready for the market. In view of the 65 million engines each year and the company's lack of competitors he sees an enormous sales potential. $50 will be earned for each unit. In the automobile industry it is said all deadline dates have been overrun. The tests ran rather disappointingly. It will still be at least still two to three years before the production stage. Also, re. close partnerships with Turbodyne, the big vehicle manufacturers and engine manufacturers are reserved(or maintain their distance). For example, Europe's leading turbocharger manufacturer, KKK, said "We have a development contract. There is no further business connection". The early-stage development of MAN is occupied with other systems, along with those of Turbodyne. The truck manufacturer did not say whether or not there is a contractual declaration/agreement or a job. Halimi presented himself confidently despite the turbulence. From Moscow it has received by the American export import bank a guaranteed job for Turbopac over $30.6 million. There is 12 million dollar free money for order. Turbodyne will achieve break even in the current year. That is an ambitious target, because in the past years the losses of the enterprise rose continuously. For 1997 Turbodyne lost $13 million on $39.2 million revenues. The Turbodyne share which according to statements of Halimi in 1994 and 1995 the investment company Pecunia, which was located in Monchengladbach, was dissolved and especially in Germany was dispersed. Proprietors of Pecunia were Bruno Steinhauser,who was until December 1997 the Main manager of Turbodyne Europe. His father led engine development at MAN in Nuremberg and is aware of the turbo-Dyne technology, Halimi said. However, at MAN the name Steinhauser was unknown.