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): August 5, 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 two press releases of Registrant, issued on August 5,
1998 and August 6, 1998, which contain information meeting the requirements of
this Item 5, and which are incorporated herein by this reference. Copies of
these press releases are attached to this Form 8-K as Exhibits 99.1 and 99.2.
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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.
August 10, 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
99.1 Press Release dated August 6, 1998.
99.2 Press Release dated August 5, 1998.
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EXHIBIT 99.1
TURBODYNE RESPONDS FURTHER
WOODLAND HILLS, Calif., Aug. 6 /PRNewswire/ -- Turbodyne Technologies Inc.
(Nasdaq: TRBD; EASDAQ) today categorically denied any involvement in any "stock
fraud," a charge asserted against the company by an analyst promoting short
sales. Turbodyne yesterday responded to the analyst's attack on Turbodyne's
technology. That response included a listing of 26 United States patents and
patent applications to answer the analyst's assertion of a complete absence of
patented Turbodyne technology.
Walter Ware, President and Chief Executive Officer of Turbodyne, stated, "It is
not feasible to address every irresponsible charge that the ill-informed or
ill-intentioned may circulate. We thought that we had addressed in a responsible
and dignified manner the substance of the issues raised by the analyst. His
republication of 'stock fraud' charges, however, cannot go unanswered." Mr. Ware
indicated that Turbodyne has no intention of responding to further assertions.
He said, "We will be happy to have these issues addressed and resolved by
appropriate regulatory, self-regulatory and judicial authorities, and ultimately
by performance."
Turbodyne Systems, the high technology division of Turbodyne, manufactures,
designs, markets and develops patented pollution-reduction, fuel economy and
performance enhancing technology 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 Carpenteria, La Mirada, Encinitas and Woodland
Hills, Calif.; Ensenada and Mexico City, Mexico; Northants, England; Frankfurt,
Germany; Vancouver, Canada; and Paris, France.
Turbodyne's world wide web address is: http://www.turbodyne.com
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SOURCE: TURBODYNE TECHNOLOGIES INC.
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EXHIBIT 99.2
TURBODYNE RESPONDS TO INACCURATE STATEMENTS
WOODLAND HILLS, Calif., Aug. 5 /PRNewswire/ - Turbodyne Technologies Inc. (TRBDF
- - news; Nasdaq: TRBD, EASDAQ: TRBD) responded today to some of the statements
and conclusions contained in a report on Turbodyne issued by a firm specializing
in the promotion of short sales. Turbodyne's President and Chief Executive
Officer Walter F. Ware characterized these statements as "false and misleading."
"These claims are completely false and have no basis in fact," said Ware.
"Turbodyne Systems has six U.S. patents granted, and 19 U.S. patent applications
in process, three of which have already been allowed."
In addition, Turbodyne has numerous foreign patents and patent applications. The
patents and patent applications are based on new methods of providing additional
air for internal combustion engines during periods of acceleration. This
additional air is utilized for increasing power output, improving fuel economy
and reducing harmful emissions. A listing of Turbodyne's United States patents
and patent applications accompanies this release.
Turbodyne's engineering and design effort is led by Dr. William E. Woollenweber,
who formerly headed the design, development and application of turbochargers for
Cummins Engine Company and is generally considered the father and leading
innovator in modern turbocharger technology, and Professor Peter Hofbauer, who
was previously in charge of engine and transmission development for Volkswagen
AG. Most of Turbodyne's products are based upon the inventions of Edward Halimi,
who is the founder and Chairman of Turbodyne.
The company's extensive intellectual property not only covers the construction
of the Turbopac(TM) and Dynacharger(TM) products, but also encompasses a variety
of new turbocharging and supercharging systems aimed at enhancing the
performance of existing engines through retrofitting and enabling OEM
manufacturers to obtain improved performance from new equipment. As the company
moves from a primarily research and development operation to commercialization
and production, it expects to address the market for retrofitting existing
equipment first, and then to make inroads into the OEM field, which has been in
progress for several years under joint development programs.
The Turbopac(TM), in conjunction with a patented catalytic muffler system, met
the EPA air quality standard in independent tests conducted at the Southwest
Research Institute in San Antonio, Texas. Based upon these tests, the
Turbopac(TM) became the first and remains the only air-enhancement system to
satisfy the stringent EPA standards under the Urban Bus Retrofit/Rebuild
Program.
The Turbopac(TM) 2500 model, originally designed to reduce vehicular emissions,
is currently being installed or has been installed by several municipal transit
systems across the United States.
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Transit agencies in Bordeaux, Lyon, Marseilles and Paris, France are currently
evaluating the Turbopac(TM), as are agencies in Mexico City, Moscow, and Sao
Paulo.
During the second quarter of 1998, Turbodyne began production delivery of
Turbopac(TM) 2500 bus kits to Detroit Diesel Corporation, pursuant to a
commercial supply contract with the global diesel engine manufacturer. These
kits are destined for installation on city buses to provide clean air diesel
municipal bus service under the aforementioned EPA program.
Also during the second quarter, the company's cash position increased to more
than $12,000,000.
Turbodyne has also been selected by a major European vehicle and engine
manufacturer for incorporation as standard equipment on three classes of engines
being manufactured for the 1999 model year.
In June, 1998, Turbodyne announced that the Export-Import Bank of the United
States had issued a Letter of Interest for funding a $30 million order from
TransBusiness Group of Moscow, Russia, for Turbopac(TM) products to be installed
on Russian cars, buses and trucks.
Turbodyne has also announced an agreement in principle to form a joint venture
with Kuhnle, Kopp & Kausch AG, (3K), Europe's leading turbocharger company, for
the design, development and manufacture of a new line of turbochargers
incorporating Turbodyne's technology, for marketing to 3K's major customers in
the European automotive market.
Turbodyne Systems, the high technology division of Turbodyne, manufactures,
designs, markets and develops patented pollution-reduction, fuel economy and
performance enhancing technology 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 Carpenteria, La Mirada, Encinitas and Woodland
Hills, CA; Ensenada and Mexico City, Mexico; Northants, England; Frankfurt,
Germany; Vancouver, Canada; and Paris, France.
Turbodyne's world wide web address is: http://www.turbodyne.com
Turbodyne Systems, Inc. Patents:
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1) U.S. Patent No. 4,790,272. "Non-Circular Poppet Valves for Internal
Combustion Engines"
2) U.S. Patent No. 5,771,695. "Method and Apparatus for Overcoming Turbo Lag"
3) U.S. Patent No. 5,605,045. "Turbocharging System with Integral Assisting
Electric Motor and Cooling System Therefor"
4) U.S. Patent No. 5,560,208. "Motor-Assisted Variable Geometry Turbocharging
System"
5) U.S. Patent No. 5,787,711. "Motor-Assisted Turbo-Cooling System for Internal
Combustion Engines.
6) U.S. Patent No. 5,771,868. "Turbocharging Systems for Internal Combustion
Engines"
Turbodyne Systems Inc. Patent Applications in Process:
1) Application No. 08/549,436. "Charge Air Systems for Two-Cycle Internal
Combustion Engines"
2) Application No. 08/559,424. "Charge Air Systems for Four-Cycle Internal
Combustion Engines"
3) Application No. 08/680,671. "Motor-Assisted Supercharging Devices for
Internal Combustion Engines"
4) Application No. 08/731,412. "Motor-Generator Assisted Turbocharging Systems
for Use with Internal Combustion Engines and Control Systems Therefor"
5) Application No. 08/857,031. "Magnet Assemblies for Motor-Assisted
Turbochargers"
6) Application No. 08/805,426. "Method and Apparatus for Combined Improve Engine
Operation Warm-Up and Braking" (has been allowed)
7) Application No. 08/771,032. "Bearing Systems for Motor-Assisted Turbochargers
for Internal Combustion Engines (has been allowed)
8) Application No. 08/963,146. "Heating System Utilizing a Turbo-Machine for
Self-Sustained Operation"
9) Application No. 08/782,422. "Efficient Motor-Assisted Turbocharger for
Internal Combustion Engines"
10) Application No. 08/770,361. "Motor-Driven Centrifugal Air Compressor"
11) Application No. 08/063,661. "Oil-Cooled Internal Combustion Engine with
Motor-Assisted Turbo-Fan Cooling"
12) Application No. 08/911,529. "Two-Stage Supercharging System for Internal
Combustion Engines"
13) Application No. 08/926,881. "Motor-Driven Centrifugal Air Compressor with
Internal Cooling Airflow"
14) Application No. 08/887,791. "Turbocharging System for Internal Combustion
Engines"
15) Application No. 08/883,531. "Compact Blower Assembly" 16) Application No.
08/866,597. "Turbocharging System for Internal Combustion Engines"
17) Application No. 08/782,566. "Current-sensing Mosfets in Paralleled Mosfet
Power Circuit" (has been allowed)
18) Application No. 08/781.543. "Water/Fuel Mixing System for a Diesel Engine"
19) Application No. 08/782,567. "Thermal Insulation for the Exhaust Manifold for
Reducing Passive Formation of Nox and Reduction of Unburned Hydrocarbons in
the Exhaust Gas"
SOURCE: TURBODYNE TECHNOLOGIES, INC.
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