Turbo Power Systems Inc.
TSX : TPS
AIM : TPS

Turbo Power Systems Inc.

May 02, 2008 07:15 ET

Turbo Power Systems Inc.: Board Changes and Notification of AGM

CALGARY, ALBERTA--(Marketwire - May 2, 2008) - The Board of Turbo Power Systems Inc. ("TPS" or "the Company") (TSX:TPS)(AIM:TPS), the innovative electrical machines and electronic systems provider, today announces that Michael Hunt will step down from his current role as Chief Executive Officer and Board member at the Company's Annual General Meeting (AGM). Mr Hunt will remain at the Company as Director of Business Development. TPS are currently in final negotiations with an identified successor and expect to announce the appointment in the coming days.

TPS will hold its Annual General Meeting (AGM) at 10:00am on Thursday 29th May at the offices of KBC Peel Hunt Ltd., 111 Old Broad Street, London, EC2N 1PH.

The Board of TPS also announces today that Mr Douglas Clark will join the Company's Board of Directors as a Non-Executive Director subject to shareholder approval at the AGM. Current Non-Executive Directors, Mr Wayne McLeod and Mr Nicholas Brigstocke will be stepping down from the Board. The Board are currently in the process of recruiting an additional Non-Executive Director and will update the market at the appropriate time.

Mr Clark, who is currently a consultant to the management at D.L Clark & Associates, was previously President of the Sensors and Components Division of Smith Industries plc based in Florida and has held senior positions at Smiths Industries since 1983. Mr Clark, a US citizen, has worked in the technology and engineering sectors for nearly 40 years and has an MBA from Saint Joseph's University in Philadelphia.

Commenting on The Board changes, Graham Thornton, Chairman said: "I would like to thank Michael Hunt for his hard work during his tenure as CEO. Over the last three years Michael has overseen a very significant expansion in the company's turnover and operational capability and we are extremely pleased that he will continue with us in a business development role."

Stephen Sadler, former Chief Financial Officer, has now left TPS as indicated in the announcement issued on 26 February 2008. The search for his successor as CFO will continue once the new CEO and Non-Executive Directors have had sufficient time to fully assess the needs of the Company. Effective immediately, Mr Richard Bayliss, who has served as Financial Controller at TPS since November 2005, will become Finance Director.

Under Schedule 2, paragraph (g) of the AIM Rules, the following information is disclosed in relation to Douglas Clark in addition to the information above:



Full Name: Douglas Lloyds Clark
Age: 66 years
Directorships held in the past five years: None


Other than the information contained within this announcement, there is no further information required by Schedule 2, paragraph (g) of the AIM Rules to be disclosed with regards to Douglas Clark.

About Turbo Power Systems

Turbo Power Systems Inc. (TSX:TPS)(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 Systems' existing customers include bluechip companies such as Hamilton Sundstrand, Bombardier, The National Rail Equipment Company, Eaton Aerospace and Lotus.

Contact Information

  • Turbo Power Systems Inc.
    Richard Bayliss
    +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
    or
    KBC Peel Hunt
    Nicholas Marren
    +44 (0)20 7418 8900