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Exhibit 99.14
TURBODYNE SETTLES WITH ASENSIO & CO., INC.
CARPINTERIA, CA - MARCH 21, 2000 - Turbodyne Technologies Inc.'s (EASDAQ:TRBD)
CEO Gerhard Delf announced today that Turbodyne has settled its lawsuit against
Manuel Asensio and Asensio & Company, Inc.
Turbodyne filed suit against Asensio on December 16, 1998 in Los Angeles County
Superior Court. As part of the settlement agreement, Asensio & Co., Inc. agreed
to issue the following press release:
On August 4, 1998 Asensio & Company, Inc. announced that it had initiated
research coverage of shares of Turbodyne Technologies, Inc.'s common stock.
Following the initiation of coverage, trading was halted by NASDAQ and EASDAQ.
Turbodyne was directed to release complete and accurate information on certain
contracts and agreements and to take steps to ensure that future press releases
are timely, complete and accurate.
Between June and October of 1999, Turbodyne made a series of management changes,
including the resignation of certain members of its Board of Directors and the
appointment of new members. Turbodyne has announced that its new management
included certain individuals who have significant educational and work
experience in the automotive industry.
Asensio & Company, Inc. has not conducted any significant research or due
diligence on Turbodyne's product development efforts or the market potential of
its products in over a year. However, while Turbodyne did not invent the
electrically assisted turbocharger, it has developed and patented what it
contends are key technologies for the electrically assisted turbocharger.
Turbodyne and Asensio have fully and completely resolved all claims and issues
between them.
Turbodyne Technologies Inc., a California based high technology company,
specializes in the development of charging technology for internal combustion
engines plus the development and manufacturing of high-tech assemblies for
electrically assisted turbochargers and superchargers. Turbodyne Technologies
Inc.'s headquarters is located in Carpinteria, CA; the European business
location is Frankfurt, Germany. Additional information about the company is
available on the Internet at http://www.turbodyne.com.
Contacts:
Corporate Communications, Peter Weichselbraun (800) 566-1130
VP Group Finance - Investor Relations, Ken Fitzpatrick (800) 566-1130
European Investor Relations, Markus Kumbrink +49-69-975-44-665
