SOURCE: Turbo Power Systems Inc

June 01, 2012 09:37 ET

Cancellation of Listing on TSX

YUKON, CANADA--(Marketwire - Jun 1, 2012) -

1 June 2012 Turbo Power Systems Inc. ("TPS" or the "Company")

Cancellation of Listing on TSX but AIM listing unaffected

TPS notes the announcement issued by the Toronto Stock Exchange ("TSX") today. The announcement stated:"Turbo Power Systems Inc. (the "Company") - Further to TSX Bulletin 2012-0098 dated January 30, 2012, TSX has determined to delist the Common Shares (Symbol: TPS) of the Company at the close of market on July 3, 2012 for failure to meet the continued listing requirements of TSX."

On 30 January 2012 the Company announced that its listing on the TSX was under review. Since that date, the directors of TPS have undertaken a number of measures to maintain the Company's listing on TSX, including the conversion of a significant proportion of the Company's debt into equity, arranging for the term of remaining debt to be extended to 1 April 2014 and approved arrangements for a potential consolidation of the Company's issued common shares.

Notwithstanding these measures, the TSX has informed the Company that:

  -- the market value of its freely-tradable, publicly held securities
     (being all common shares except for those held by the Company's
     majority shareholder and the Company's directors) at current market
     prices does not satisfy the TSX's minimum requirements in being less
     than C$2,000,000 over a period of 30 consecutive trading days; and

  -- the Company's common shares are trading currently at a market price
     below the TSX's minimum threshold.

Consequently, it is expected that the Company's common shares will cease to be traded on the TSX with effective from the close of trading on TSX on 3 July 2012.

The admission and trading of the Company's shares on the AIM market of the London Stock Exchange is unaffected by today's announcement by TSX.

For further information, please contact:

Turbo Power Systems Inc.                   Tel: +44 (0)20 8564 4460
Peter Brown

FinnCap                                    Tel: +44 (0)20 7220 0500
Marc Young / Henrik Persson

Kreab Gavin Anderson (Financial PR)        Tel: +44 (0)20 7074 1800
Robert Speed / Georgia Lewis

                    This information is provided by RNS
          The company news service from the London Stock Exchange

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