TURBODYNE CONFIRMS DEAL WEIGHED; STOCK RISES 8%.Byline: Ben Sullivan Daily News Staff Writer Shares in Turbodyne Technologies Inc. rose more than 8 percent Monday to reach a 52-week high on news the company is in talks with several unnamed firms about one or more of them acquiring a minority stake in the pollution-control specialist. In a statement that the company said was prompted by inaccurate speculation on the Internet and elsewhere over a possible deal, Turbodyne said it is talking with ``several major industrial concerns'' about a possible sale or other form of partnership. The company added that ``the discussions are in the early stages, and there is no assurance that any of the discussions will result in (a deal).'' Turbodyne makes retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in kits that cut exhaust emissions from vehicles, construction equipment and other devices operating on internal-combustion engines internal-combustion engine, one in which combustion of the fuel takes place in a confined space, producing expanding gases that are used directly to provide mechanical power. . The company also makes aluminum castings for the automobile industry automobile industry, the business of producing and selling self-powered vehicles, including passenger cars, trucks, farm equipment, and other commercial vehicles. . Turbodyne had 1997 sales of $39.2 million. In June, the company reported a first-quarter loss of $4 million, or 13 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, on $9.7 million in sales. Speculation has run rampant in recent weeks over a possible partial sale of the company. Turbodyne spokeswoman Meredith Lafforge said that on Internet chat rooms and elsewhere, misinformed individuals have said the company is to be bought by everyone from Microsoft to Volkswagen. ``We never should have had to put out this release,'' Lafforge said, ``but people have been jumping the gun on different random rumors.'' Lafforge said the company opted to release a statement ``rather than have people wreak wreak tr.v. wreaked, wreak·ing, wreaks 1. To inflict (vengeance or punishment) upon a person. 2. To express or gratify (anger, malevolence, or resentment); vent. 3. havoc with our trading'' based on false data. However analyst Thomas Goosens at Fulcrum fulcrum: see lever. Securities said that one of the entities Turbodyne is talking with is probably Volkswagen AG Volkswagen AG (VW) Major German automobile manufacturer. It was founded in 1937 to mass-produce a low-priced “people's car” (Volkswagen). After World War II the company was rebuilt with Allied help, and within a decade it was producing half of West Germany's of Germany. ``This is nothing new,'' Goosens told Bloomberg News. ``They've been in discussions with European manufacturers for three years now about any possible business.'' Turbodyne shares rose $1.0625 to close at $13. |
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