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Exhibit 99.2
TURBODYNE SETTLES WITH LLOYDS OF LONDON
CARPINTERIA, CA - JANUARY 13, 2000 - Turbodyne Technologies Inc.'s (EASDAQ:TRBD)
CEO Gerhard Delf announced today that Turbodyne has settled its lawsuit against
Lloyds of London.
Turbodyne filed suit against Lloyds on May 3, 1999 in Los Angeles Superior
Court. This 1999 litigation involved Lloyds' denial of coverage under
Turbodyne's directors' and officers' insurance in the Grand Tech Inc. litigation
against Turbodyne and Ed Halimi, a director and former officer. Turbodyne's
complaint was for, among other things, breach of contract.
The terms of settlement provided for a lump sum payment of $1.5 million to
Turbodyne. Turbodyne has received payment of the settlement amount.
Turbodyne Technologies Inc., a California based high technology company,
specializes in the development, manufacture and marketing of performance
enhancement, fuel economy and pollution control products for internal combustion
engines in the global automotive, transportation, construction, marine, mining
and military industries.
Turbodyne Technologies Inc.'s headquarters and plant are located in Carpinteria,
CA; additional offices are located in Syosset, NY; Paris, France; and Frankfurt,
Germany.
Turbodyne's World Wide Web address is: www.turbodyne.com
Contacts:
Corporate Communications, Peter Weichselbraun (800) 566-1130
VP Group Finance - Investor Relations, Ken Fitzpatrick (800) 566-1130
European Business Development, Markus Kumbrink +49-69-975-44-665
