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EXHIBIT 1
FOR IMMEDIATE RELEASE CONTACT: Robert Milgroom, Investor Relations
212-244-5553 (fax: 212-244-6044)
Web address: www.turbochef.com
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E-mail address: [email protected]
TURBOCHEF RECEIVES $2.1 MILLION EQUITY INVESTMENT
New York, New York - August 15, 2000--TurboChef Technologies (NASDAQ: TRBO)
today announced the receipt of a $2.1 million equity investment from the Gas
Research Institute (GRI). The investment was structured as a preferred stock
transaction, to be converted into common stock at a later date. The purpose of
the investment is to continue to develop natural gas versions of TurboChef
rapid-cook systems for residential and commercial markets, worldwide.
This strategic equity investment follows a 1999, $2 million grant from GRI to
augment ongoing research and development in the field of gas-powered rapid cook
technology. The initial investment resulted in a proof-of-concept prototype
that will accelerate speed to market for future gas related TurboChef products.
"We are pleased to add an additional layer of alliance and commitment to our
ongoing partnership with the Gas Research Institute", remarked TurboChef's
President and CEO, Rick Caron. "Our breakthrough technologies, product
development capabilities and distribution channels, through our market partners,
coupled with GRI's gas technology expertise and intellectual property portfolio,
represent a significant combination of resources," he continued.
The anticipated resulting product, from this additional investment, will
represent TurboChef's first natural gas platforms for the residential market, in
which 40% of all ovens sold in the U.S. (3.0 million units, annually) are gas-
fueled, and the commercial food service market, where 60% of the U.S.
restaurants and institutions use gas. The European and world market utilization
percentages are even higher.
"TurboChef continues to be an ideal partner, because of their commitment to
develop innovative natural gas-based rapid cook products and quality of life
enhancements," remarked Tim Cole, GRI's project manager. "TurboChef offers
breakthrough technologies and product development resources that fully
compliment GRI's goal of being a catalyst for the gas industry to add rapid cook
systems as an option for commercial and residential markets."
GRI manages a comprehensive research, development and commercialization program
for the natural gas industry. The GRI mission is to deliver high-value
technology, information, and technical services to gas and related energy
markets. GRI sponsors commercial programs, in which individual companies and
consortia partner with GRI through investments to develop and deliver
technology, services and information to meet business-specific goals, improve
competitiveness and benefit customers.
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GRI, established in 1976, manages cooperative R&D programs for its 327 members
and the natural gas industry. Over 400 gas-related products and 600 patents have
resulted from GRI-led initiatives.
TurboChef is the world leader in digital kitchen technology and lifestyle
innovation enhancement. It's proprietary rapid-cook platform cooks faster than
a microwave and produces results superior to a conventional oven. A quality meal
can be fully cooked, to restaurant quality standards, in as little as 15 minutes
versus the traditional 75 minutes in a conventional oven. The Internet based
connectivity is facilitated by an always-on web-pad and represents the future
operating system of the digital kitchen.
The owner of nine patents, and forty patents pending, including patents
regarding cooking technology and Internet business processes; TurboChef is
focused on creating shareholder value by enhancing the consumers' quality of
life.
More information about the company and its products can be found at
www.turbochef.com.
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"Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995:
Certain statements contained in this News Release constitute "forward looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve a number of known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, but are not limited to the
Company's limited operating history, uncertainty of market acceptance and
demand, dependence on the Maytag Strategic Alliance, likelihood of establishing
additional alliances, probability of success of an Internet strategy, raising
the necessary capital to fund an Internet based strategy, impact of competitive
products and pricing, and other risks detailed in the company's filings with the
Securities and Exchange Commission. The words "looking forward," "believe,"
"expect," "likely" and similar expressions identify forward-looking statements.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as for the date the statement was made. TurboChef
Technologies, Inc. undertakes no obligation to update any forward-looking
statements contained in this news release.
