Turbodyne Updates Legal and Financial Affairs.Business Editors & Legal Writers CARPINTERIA, Calif.--(BUSINESS WIRE)--Sept. 1, 2000 Turbodyne Technologies Inc. (EASDAQ See European Association of Securities Dealers Automated Quotation. :TRBD) reports the following updates on legal affairs and financial matters: TST TST 1 Toxic shock toxin 2 Treadmill stress test, see there Files Motion for Prejudgment Writ of Attachment A prejudgment writ of attachment may be ordered in a legal action where a plaintiff has demonstrated fraud in the underlying action or that defendant may attempt to hide assets from the court. Turbodyne today announced that it was served with a motion for a prejudgment writ of attachment by TST on Aug. 23, 2000. The motion is scheduled to be heard on Sept. 19, 2000, in the Superior Court of the County of San Bernardino San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. . The company expects to file an opposition to the motion. However, the company is currently conferring with its counsel and the other named defendants regarding all of its alternatives. TST's original claim was made against Pacific Baja Light Metals (Chem.) the metallic elements of the alkali and alkaline earth groups, as sodium, lithium, calcium, magnesium, etc.; also, sometimes, the metals of the earths, as aluminium. See also: Metal in its bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party for approximately $1.5 million. Subsequently, TST Inc. filed suit against Turbodyne and other defendants on March 13, 2000, and increased its claim to approximately $1.8 million plus interest, costs and attorneys' fees for materials sold to Pacific Baja and guaranteed by Turbodyne. Turbodyne has filed its response to the complaint and has been involved in limited discovery, but to date, no hearings have taken place. Turbodyne Updates Financial Matters Turbodyne further announced that it has secured funds in the amount of $262,000 and commitments for funding in the amount of $100,000, through private placements to accredited investors and/or directors of the company of 812,405 shares and option exercises by existing optionees of 40,000 shares, that will provide the company with operating capital Noun 1. operating capital - capital available for the operations of a firm (e.g. manufacturing or transportation) as distinct from financial transactions and long-term improvements capital, working capital - assets available for use in the production of further assets through approximately the first week of October 2000. The company continues to work on securing both short-term and long-term financing Long-term financing Liabilities repayable in more than one year plus equity. . In a renewed effort to reduce expenditures, the company has done another round of personnel cutbacks, further reducing its workforce by 30%, and continues to seek alternative ways to reduce its operating costs operating costs npl → gastos mpl operacionales . The most recent personnel cutbacks will not affect the Turbodyne joint development program with Honeywell in any way. As of the date of this release, Turbodyne has 53,411,067 issued and outstanding shares and 1,914,997 warrants. Turbodyne Technologies Inc., a California-based high-technology company, specializes in the development of charging technology for internal combustion engines and the development and manufacturing of high-tech assemblies for electrically assisted turbochargers and superchargers. Turbodyne Technologies' headquarters is located in Carpinteria, and its European office is located in Frankfurt, Germany. Additional information about the company is available on the Internet at http://www.turbodyne.com. This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts. |
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