Moneyback on Petrol:
£9.22m
0.000p
72.00p
Turbotec Products PLC
15 November 2007
Press Release 15 November 2007
Turbotec Products Plc
("Turbotec" or the "Company")
Turbotec response to Thermodynetics, Inc. ("Thermodynetics") payment claim
The Company has become aware of the following statement in an announcement of 8
November by Thermodynetics, a majority shareholder in the Company, in relation
to Thermodynetics' President and CEO, Robert A Lerman:
"Mr Lerman informed shareholders that due to an ongoing controversy since June
with the Turbotec board of directors that could not be resolved through
negotiations, Thermodynetics had not been paid the dividend it was due and
determined that it would be filing suit in London against Turbotec to collect
the sums due. He expressed deep regret that Thermodynetics is forced to resort
to the use of the courts."
The Company believes that Mr Lerman's statements, and the Thermodynetics
announcement, are inaccurate and potentially misleading, and notified
Thermodynetics of this before the statement was released. Negotiations to
resolve the relevant dispute were at an advanced stage before the 8 November and
Turbotec directors do not believe any additional payment was, or is due to
Thermodynectics. Furthermore, the Company has not received notice of any claim
to date, and in the event that a claim is received, the Company will vigorously
defend it.
For further information please contact:
Turbotec Products Plc
Sunil Raina, Managing Director Tel: +1 (860) 683 2005
SRaina@turbotecproducts.com
Media enquiries:
Abchurch Communications
Charlie Jack/ Emma Johnson Tel: +44 (0) 207 398 7784
emma.johnson@abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange