Turbo Power Systems Inc.
TSX : TPS
AIM : TPS

Turbo Power Systems Inc.

December 13, 2007 02:06 ET

Turbo Power Systems: Contract Win

CALGARY, ALBERTA--(Marketwire - Dec. 13, 2007) - Turbo Power Systems Plc ('TPS' or 'the Company') (TSX:TPS)(AIM:TPS), the innovative electrical machines and electronic systems provider, today announces that it has now received the new order for its high speed motor and drive technology previously described as imminent in the Quarter 3 2007 results.

This order represents the first production release against the Memorandum of Understanding with the major international capital equipment manufacturer, announced in November 2005. The initial quantity of 75 systems valued at approximately $2M, which will all be delivered during 2008, is intended to provide initial volumes to support anticipated customer demand following the formal product launch next year. The MoU includes an undertaking to purchase 500 such systems in the first two years of production and an exclusive manufacturing period for an initial term of 5 years.

Commenting on the contract win, Michael Hunt, CEO, said: "The receipt of this order is great news for TPS and demonstrates the potential of our electrical machines division at Heathrow. The new contract is evidence of the increasing commercialisation and wide ranging appeal of our energy efficient, high speed machine technology. Along with the other order announced with our Q3 results, this expands the range of applications that our core technology can be used for."

About Turbo Power Systems

Turbo Power Systems Plc (AIM:TPS) is a leading UK based designer and manufacturer of innovative power solutions. The Group's products are all based on its core technologies of power electronics and high speed motors and generators and are sold into a number of market sectors including aerospace, rail, and various industrial sectors. The Company's products provide improved efficiency and reduced energy consumption compared to existing technologies.

Turbo Power System's existing customers include bluechip companies such as Hamilton Sundstrand, Bombardier, The National Rail Equipment Company, Eaton Aerospace and Lotus.

Contact Information

  • Turbo Power Systems
    Michael Hunt
    Chief Executive Officer
    +44 (0) 20 8564 4460
    or
    Turbo Power Systems
    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 8900