Turbo Power Systems Inc.
TSX : TPS
AIM : TPS

Turbo Power Systems Inc.

February 26, 2008 05:00 ET

Turbo Power Systems: Directorate Change and Trading Update

CALGARY, ALBERTA--(Marketwire - Feb. 26, 2008) - Turbo Power Systems Inc ("TPS") (TSX:TPS)(AIM:TPS), the innovative electrical machines and electronic systems provider, announces today that Stephen Sadler, Chief Financial Officer has submitted his resignation in order to take up a new role as Chief Financial Officer of solar company G24 Innovations. He will leave in early May once he has completed a handover at TPS.

TPS also announces that it will release full year results for 2007 on 31st March 2008. Those results are expected to show production turnover of 9.8 million GBP, development income of 1.2 million GBP, an unrestricted closing cash balance of 4.2 million GBP and further cash balances in respect of performance bonds of 1.4 million GBP.

Chairman Graham Thornton, said:

"Stephen has made a very positive contribution to the success of TPS over the last three years. His excellent work in developing effective financial and operating systems and executing our financial strategy has significantly strengthened the Company. We wish him well in his future career.

"At the end of March we will announce full year results and update on the findings of our operational review. During this review I have been encouraged by the opportunities that are available to the Company and I look forward to being actively involved in driving further progress throughout 2008."

About Turbo Power Systems

Turbo Power Systems Inc (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.

Forward looking statements

This news release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, or performance, and underlying assumptions and other statements that are other than statement of historical fact. These statements are subject to uncertainties and risks including, but not limited to, the ability to meet ongoing capital needs, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition, the need to protect proprietary rights to technology, government regulation, and other risks defined in this document and in statements filed from time to time with the applicable securities regulatory authorities.

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