FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 1998
TURBODYNE TECHNOLOGIES INC.
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(Translation of registrant's name into English)
Suite 510, 1090 West Pender Street, Vancouver, BC, Canada, V6E 2N7
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(Address of principal executive offices)
[Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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[Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No X
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[If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b):82
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
TURBODYNE TECHNOLOGIES INC.
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(Registrant)
Date: JUNE 1, 1998 By: ANDREW LEE
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/S/ ANDREW LEE
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(Signature)*
*Print the name and title of the signing officer under his signature
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THIS IS THE FORM OF MATERIAL CHANGE REPORT REQUIRED UNDER SECTION 85(1) OF THE
SECURITIES ACT.
FORM 27
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SECURITIES ACT
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MATERIAL CHANGE REPORT UNDER SECTION 85(1) OF THE ACT
ITEM 1. REPORTING ISSUER
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TURBODYNE TECHNOLOGIES INC.
Suite 510, 1090 West Pender Street
Vancouver, British Columbia V6E 2N7
Telephone: 604-682-8854
Facsimile: 604-688-8621
ITEM 2. DATE OF MATERIAL CHANGE
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May 22, 1998
ITEM 3. PRESS RELEASE
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May 22, 1998
ITEM 4. SUMMARY OF MATERIAL CHANGE
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Turbodyne Technologies Inc. ("Turbodyne") is issuing this
follow-up to its press release dated May 14, 1998. In that release,
the Company reported its financial results for the year ended
December 31, 1997 under US Generally Accepted Accounting Principles
(GAAP), which had previously been released in preliminary form,
prepared under Canadian GAAP.
ITEM 5. FULL DESCRIPTION OF MATERIAL CHANGE
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Turbodyne is issuing this follow-up to its press release dated May
14, 1998. In that release, the Company reported its financial
results for the year ended December 31, 1997 under US Generally
Accepted Accounting Principles (GAAP), which had previously been
released in preliminary form, prepared under Canadian GAAP.
In the May 14,1998 release, the posted loss per share of ($0.50) for
1997 and ($0.27) for 1996 had been prepared under Canadian GAAP.
Under US GAAP, the loss per share for 1997 was ($0.58) and ($0.33)
for 1996. The weighted
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average shares used for basic and diluted loss per share are
22,685,000 for 1997 and 16,641,000 for 1996.
The audit was conducted for the Company by its accounting firm KPMG
Peat Marwick LLP, in Los Angeles, CA. For the 1997 year-end audit,
Turbodyne changed from Canadian GAAP to US GAAP due to its pending
domicile into the United States.
ITEM 6. RELIANCE ON SECTION 85(2) OF THE ACT
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Not applicable.
ITEM 7. OMITTED INFORMATION
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Not applicable.
ITEM 8. SENIOR OFFICERS
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Mr. Walter F. Ware
President & Chief Executive Officer
c/o Turbodyne Technologies Inc.
21700 Oxnard Street
Suite 1550, Warner Center
Woodland Hills, California 91367
Telephone: (800) 350-2031
Facsimile: (818) 593-2284
ITEM 9. STATEMENT OF SENIOR OFFICER
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The foregoing accurately discloses the material change referred to
herein.
JUNE 1, 1998
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Date
ANDREW O.D. LEE
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(signature)
ANDREW O.D. LEE
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Name
CORPORATE SECRETARY
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Position
VANCOUVER, BRITISH COLUMBIA
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Page 3
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Place of Declaration
