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

To: Far Side who wrote (3065)	4/8/1999 6:37:00 AM
From: current trend	Read Replies (2) \| Respond to of 3458

Company Announcement: Turbodyne Update 09:00 April 8, 1999 Woodland Hills, CA - April 8, 1999 - Turbodyne Technologies Inc. (EASDAQ: TRBD) earlier reported that the Nasdaq Listing Qualifications Panel determined to delist the Company's securities from The Nasdaq Stock Market effective with the close of business on April 1, 1999. The NASD has informed the Company that in the opinion of the Panel, which consisted of two independent panelists, the Company engaged in a pattern of issuing misleading and incomplete press releases, which often were unsupported by an adequate basis in fact. The Panel acknowledged that the Company had issued "qualifying statements" or corrective statements for certain of the press releases at issue. However, the Panel was concerned that those statements were often disseminated in a manner less visible and apparent than the original press release. The Panel also recognized that the Company has taken steps toward creating a procedure which it believes will assist it in its disclosure obligations going forward. However, the Panel noted that the procedure does not remedy the problems identified by the staff of the NASD and the Panel was not convinced that the new procedures would be effective. The Company strongly disagrees with the Panel's conclusions, and particularly with the delisting of the Company's securities on the grounds identified by the Panel. The Company continues to believe that all of its press releases and other public statements were materially accurate when made and supported by an adequate basis in fact. As earlier reported, the Company has requested that the Nasdaq Listing and Hearing Review Council review the decision of the Qualifications Panel in an effort to reinstate the Company's securities for trading on The Nasdaq Stock Market. At this time, the Company has not been informed regarding the timing of the review process. On March 1, 1999, the Easdaq Market Authority held a hearing in connection with certain Company press releases which were alleged to have contained false or misleading price sensitive information. This hearing represented the conclusion of a full investigation conducted by the Easdaq Surveillance Department. The Market Authority concluded that the Company's press releases were not intentionally misleading but may have given an overly- optimistic impression of certain of the Company's prospects. On March 3, 1999, the Company issued a statement updating each of the prospects cited by the Market Authority and trading of the Company's securities resumed on Easdaq on March 8, 1999. As an accommodation to our stockholders, the Company is taking all steps necessary in an effort to list its securities on the OTC Bulletin Board. The Company's securities are currently trading on the Easdaq Market and stockholders within and outside of the United States may effect trades in the Company's securities in this market. The Easdaq web site (www.easdaq.be) contains information relating to brokers and market makers in the Company's securities. easdaq.be CT