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): October 23, 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
Woodland Hills, CA 91367
(Address of Principal Executive Offices)
(818) 593-2282
(Registrant's Telephone Number)
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ITEM 5. OTHER EVENTS
Reference is made to Registrant's press release issued on October 23,
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.
October 23, 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 October 23, 1998
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EXHIBIT 99.1
WOODLAND HILLS, Calif.--(BUSINESS WIRE)--Oct. 23, 1998--Turbodyne Technologies
Inc. (Nasdaq:TRBD, Easdaq:TRBD) announced today that the Company has been
awarded two patents on NOx reduction technology dated June 30, 1998, and as
recently as Oct. 20, 1998, with two additional patents pending.
The timely award of the patents coincides with the Associated Press report today
of the Environmental Protection Agency's (EPA) move against diesel industry for
violations of the NOx standards including fines of $83.4 million, allocation of
$110 million for pollution research and a minimum of $850 million to improve
pollution levels on new engines in addition to upgrading 1.1 million engines
which are presently on the highways.
The move by the EPA is described as "the largest environmental enforcement
action ever taken" reported the Associated Press.
Turbodyne NOx reduction technology has been developed jointly by the Southwest
Research Institute (SWRI), a premier engine and pollution research facility. The
technology was jointly developed in response to a program on behalf of all major
diesel engine manufacturers worldwide at SWRI and all patents rights have been
exclusively assigned to Turbodyne under the terms of the agreement.
Turbodyne is currently working closely with several engine manufacturers under
evaluation programs to incorporate the Turbopac(TM) units for NOx reduction in
their engines. Turbodyne technology was also recently evaluated with Environment
Canada, exceeding the NOx reduction standards.
Turbodyne's breakthrough technology protected by more than 30 issued and pending
patents, is capable of reducing all the major pollutants including; oxides of
nitrogen (NOx), unburned hydrocarbons (HC), and carbon monoxide (CO), as well as
black smoke and particulate matter (PM), while improving engine performance and
fuel economy simultaneously.
Turbodyne's Chairman and founder Edward M. Halimi stated, "It is gratifying to
see the results of years of research and substantial investment in our
manufacturing capabilities by our stockholders, being recognized by the industry
and environmental bodies worldwide."
"Our combined anti-pollution technology currently meets and exceeds the recent
EPA standards for the year 2002," added Edward M. Halimi.
Turbodyne is positioned to implement its enabling technologies to meet
Management's expected demand for the Company's products due to recent EPA
actions, as well as, recent rulings in California, New York and other market
areas for stringent compliance with environmental standards.
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Turbodyne's technology is readily applicable as an easy retrofit product or for
implementation by original OEM's. The largest impediment to emissions reduction
to date has been reduced performance and the increased fuel consumption
associated with the catalytic converter and other pollution control devices.
Turbodyne technology improves performance and fuel economy while enabling new
engine manufacturers and the aftermarket sector to meet the latest standards
cost effectively.
Turbodyne Systems, the Engine and Pollution Technology Division of Turbodyne
designs, develops, manufactures 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, CA; 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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