SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 17, 1998
TURBODYNE TECHNOLOGIES INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-21391 95-4699061
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
21700 Oxnard Street, Suite 1550, Warner Center
Woodland Hills, CA 91367
(Address of Principal Executive Offices)
(800) 350-2031
(Registrant's Telephone Number)
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ITEM 5. OTHER EVENTS
Reference is made to the press release of Registrant, issued on
September 17, 1998, which contains information meeting the requirements of this
Item 5, and which is incorporated herein by this reference. A copy of the press
release is attached to this Form 8-K as Exhibit 99.1.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
September 17, 1998 TURBODYNE TECHNOLOGIES INC.
By:/s/ Khal A. Kader
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Khal A. Kader
Chief Financial Officer
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EXHIBIT INDEX
Exhibits Page Number
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99.1 Press Release dated September 17, 1998.
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EXHIBIT 99.1
Turbodyne Announces Share Buy-Back Plan
WOODLAND HILLS, Calif., Sept. 17 /PRNewswire/ -- Turbodyne Technologies Inc.
(Nasdaq: TRBD; EASDAQ) announced today that its board of directors has
authorized the company to buy up to $3.5 million of its shares of common stock.
The Company has approximately 41 million shares of common stock outstanding.
"The repurchase program demonstrates our confidence in the company's future and
supports management's belief that the company's common stock is significantly
undervalued at current market levels," said Turbodyne's Chairman Edward Halimi.
"Additionally, at its current trading levels, we believe the stock is an
excellent value and that the repurchase program will serve well our stockholders
and the company.
"The actual number of shares repurchased, and the timing of the purchases, will
be based on the company's stock price, general economic conditions and other
factors," he added. "The company remains in a strong financial position. If
share prices remain at current levels, we will look to make repurchases of our
stock, which we feel is a proper way to maximize stockholder value." Turbodyne
Systems, the Engine Technology Division of Turbodyne, develops, manufactures,
designs and markets patented pollution-reduction, fuel economy and performance
enhancing products for internal combustion engines in the automotive,
transportation, construction, marine, agriculture, mining, military and power
generation industries. Turbodyne's Light Metals Division is a manufacturer of
machined aluminum castings and a leading supplier to the automotive industry.
Offices and plants are located in Carpinteria, La Mirada, Encinitas and Woodland
Hills, Calif.; Ensenada and Mexico City, Mexico; Vancouver, Canada; Northants,
England; Paris, France and Frankfurt, Germany.
Please visit Turbodyne's website. The world wide web address is:
http://www.turbodyne.com.
Except for the historical information contained in this news release, the
matters discussed herein include forward-looking statements that involve risks
and uncertainties. Among the important factors that could cause actual results
to differ from those indicated in the forward-looking statements are the
availability and acceptance of the Turbodyne products; the impact of competitive
products and pricing; the performance by the company under existing purchase
contracts and the ability to obtain new contracts, the ability of the company to
contain expenses, conditions within the global automotive market, general
economic conditions and political changes both domestically and overseas and
other factors detailed from time to time in the company's SEC reports, including
its 1997 Form 20-F.
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