Turbo Power Systems Inc.
TSX : TPS
AIM : TPS

Turbo Power Systems Inc.

January 22, 2007 08:58 ET

Turbo Power Systems Inc.: Notification of Change in Interests of Directors

CALGARY, ALBERTA--(CCNMatthews - Jan. 22, 2007) - TURBO POWER SYSTEMS INC. (TSX:TPS) (AIM:TPS) ("the Company"):

On 19 January 2007 options ("Options") were granted to directors of the Company over an aggregate of 3,200,000 common shares of no par value in the Company ("Common Shares"). All Options were granted with an exercise price of 9.88p per Common Share (the closing mid-market price on 19 January 2007). No amounts were paid for the grants themselves. The exercise period for all Options is 10 years from the date of grant.

Michael Hunt was granted 1,600,000 Options. Of these options 533,333 will vest on 19 January 2008, 533,333 will vest on 19 January 2009 and the remaining 533,334 will vest on 19 January 2010. The Options may only be exercised once the mid market price of the Company's shares is on or above 15p per Common Share. Following this announcement Mr Hunt holds 198,167 Common Shares and 5,758,950 options over Common Shares in the capital of the Company. The Options, taken with Mr Hunt's existing options over Common Shares, will, if exercised, represent 1.89 per cent. of the then enlarged issued share capital of the Company.

Stephen Sadler was granted 1,600,000 Options. Of these options 533,333 will vest on 19 January 2008, 533,333 will vest on 19 January 2009 and the remaining 533,334 will vest on 19 January 2010. The Options may only be exercised once the mid market price of the Company's shares is on or above 15p per Common Share. Following this announcement Mr Sadler holds 198,167 Common Shares and 5,100,000 options over Common Shares in the capital of the Company. The Options, taken with Mr Sadler's existing options over Common Shares, will, if exercised, represent 1.68 per cent. of the then enlarged issued share capital of the Company.

Contact Information

  • Turbo Power Systems Inc.
    Michael Hunt
    Chief Executive
    +44 (0)20 8564 4460
    or
    Turbo Power Systems Inc.
    Stephen Sadler
    Chief Financial Officer
    +44 (0)20 8564 4460
    Website: www.turbopowersystems.com
    or
    Gavin Anderson & Company (PR)
    Ken Cronin
    +44 (0)20 7554 1400
    or
    Gavin Anderson & Company (PR)
    Michael Turner
    +44 (0)20 7554 1400
    or
    KBC Peel Hunt
    Oliver Scott
    +44 (0)20 7418 8905
    or
    KBC Peel Hunt
    Gordon Suggett
    +44 (0)20 7418 8905