Jim, Perhaps I'm biased by recent events, but it sounds like Russia is having trouble with the financial comittment to TRBD - hence the credit arrangement. Sure, Russia will get the bucks from the World Bank, but they may need it for things like food!!! considering the recent turn of events. On the other hand, maybe this is directed at Ukraine or other potential buyers. We'll see. Regards, Dave
Turbodyne's Chairman Reports On Progress in Export Markets, & Comments On Recent Stock Price Decline
FOR IMMEDIATE RELEASE
Woodland Hills, CA - August 17, 1998 - Mr. Edward Halimi, Chairman of the Board of Turbodyne Technologies Inc. (Nasdaq:TRBD, Easdaq:TRBD) returned to company headquarters Friday evening from 10 days of negotiations in London and Moscow. Accompanying Mr. Halimi were Dr. Joseph Ben-Dak of the United Nations Development Program and Dr. S. Durairaj, a Turbodyne director.
"We met with officials of the European Bank for Reconstruction and Development in London, and with government officials in Moscow," said Halimi. "We also met with representatives of the NAMI Institute in Moscow, (the equivalent of the U.S. EPA), and concerned leaders in finance and business who have recognized the Turbodyne Technologies system as the only technology that contributes to the reduction of global warming caused by inefficient burning of fuel by internal combustion engines worldwide."
"The whole world is very concerned with a need for clean air and a reduction in the greenhouse effect," continued Halimi. "There is a great deal of enthusiasm for Turbodyne's technology, which reduces pollution while improving fuel economy and performance with the bonus of improving engine starts in cold climates."
After two years of product testing in the Russian Federation, culminating in a purchase order from the Trans Business Group and the establishment of technical and logistical support for installations and after-sale service of the products, Turbodyne's objective now is to capitalize on a market with over 300,000 heavy-duty vehicles, representing more than $1 billion in potential sales to the company.
"To expedite Turbodyne's sales, we have established the Turbodyne Credit Corporation as a fully-owned subsidiary of Turbodyne Technologies Inc.," said Halimi. "It will provide product financing guaranteed by world organizations for expanded sales to the Russian Federation, as well as to other export markets. Additionally, retail sales in the United States and Europe will be facilitated by the availability of consumer credit through Turbodyne Credit Corporation."
Under supervision of the Federal Department of the Environment in Mexico, it was announced this past week that Turbodyne's technology has met the latest clean air standards in Mexico City for heavy-duty vehicles, paving the way for initiation of sales in Mexico.
Turbodyne's ability to improve engine performance in Mexico City's high elevation and thin air environment, the largest contributing factor to its high levels of pollution, has positioned Turbodyne as the only anti-pollution product which can be tolerated by transport vehicles fleets.
There are more than 250,000 heavy-duty vehicles subject to environmental regulations in Mexico, representing a potential market of more than $1.2 billion, which Turbodyne is poised to access through its wholly-owned subsidiary, Turbodyne Mexico SA de CV.
"We were overwhelmed by our European meetings and travel schedule, and I regret not having personally addressed the issues of a recent attack on the stock of our company by professional short sellers who thrive on the destruction of good companies", stated Halimi. "I would like to say to all the investors in Turbodyne, our Board of Directors joins me in assuring you that our company, our technology and our sales prospects have never been better. The underlying value of our shares continues as before, and your participation in our "green" company, dedicated to improving the air we breathe, will be rewarded as promised.
"We plan to issue a more comprehensive report in the coming days", said Halimi. "We will outline our plans to address the source of misinformation and lies that has caused the temporary decline in our share price. The good news is that we believe these libelous and loathsome tactics have brought our important breakthrough technology to the attention of the world press."
"The future promises more attention from environmental entities as well as from all the fleet operators, private, municipal, government and military, that are concerned with reduced fuel costs, increased power and cleaner air, continued Halimi. "As the air clears and the truth rises tot he surface, once again, the investment community will again propel forward our company, our science and our valuation."
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