Turbo Power Systems Inc.
TSX : TPS
LSE : TPS

Turbo Power Systems Inc.

January 11, 2007 12:54 ET

Turbo Power Systems Inc: Redemption of Loan Notes

CALGARY, ALBERTA--(CCNMatthews - Jan. 11, 2007) -

Turbo Power Systems Inc. (the "Company") (TSX:TPS)(AIM:TPS)

Further to the announcement made on 28 December 2006, the Company is pleased to announce the redemption of a further Pounds Sterling 4,500,000 loan notes, which completed on 6 January 2007. Following this redemption a total of Pounds Sterling 9,360,000 loan notes (Pounds Sterling 5,000,000 Loan Notes 2003 and Pounds Sterling 4,360,000 Loan Notes 2005) have been redeemed in exchange for either common shares of no par value in the Company ("Common Shares") or A-Shares in Turbo Power Systems Ltd ("A-Shares").

The Company is pleased to announce that the fundraising transaction announced on 20 October 2006, involving the Placing and Loan Note Redemption, is now complete.

Following this transaction the capital structure of the Company is as follows:



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Common Shares 273,944,592
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Loan Notes 2005 Pounds Sterling 1,789,000
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A-Shares 115,000,000
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Warrants over A-Shares 3,500,000
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Details of these Common Shares, Loan Notes, A-Shares and warrants are set out in the circular to shareholders that was posted to shareholders on 20 October 2006.

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