Turbo Power Systems Inc.
TSX : TPS
AIM : TPS

Turbo Power Systems Inc.

July 14, 2008 02:00 ET

Turbo Power Systems Inc.: Grant of Options

CALGARY, ALBERTA--(Marketwire - July 14, 2008) - Power Systems Inc. (TSX:TPS) (AIM:TPS)

On 9 July 2008 options ("Options") were granted to directors of the Company over an aggregate of 4,600,000 common shares of no par value in the Company ("Common Shares"). All Options were granted with an exercise price of 3.8p per Common Share ( the closing mid-market price ) on 8 July 2008). No amounts were paid for the grants themselves. The exercise period for all Options is 10 years from the date of grant.

Dr Graham Thornton was granted 3,000,000 Options. Of these options 1,000,000 will vest on 10 July 2009, 1,000,000 will vest on 10 July 2010 and the remaining 1,000,000 will vest on 10 July 2011. The Options may only be exercised once the mid-market price of the Company's Common Shares has been not less than Pounds Sterling 0.12 per share for the seven consecutive trading days immediately prior to the date notice of exercise is given. Following this announcement Dr Thornton holds 252,000 Common Shares and 3,000,000 Options over Common Shares in the capital of the Company. The Options, taken with Dr Thornton's existing Common Shares, will, if exercised, represent 1.01 per cent. of the then enlarged issued share capital of the Company.

Paul Summers was granted 1,600,000 Options. Of these options 533,000 will vest on 10 July 2009, 533,000 will vest on 10 July 2010 and the remaining 534,000 will vest on 10 July 2011. The Options may only be exercised once the mid-market price of the Company's Common Shares has been not less than Pounds Sterling 0.12 per share for the seven consecutive trading days immediately prior to the date notice of exercise is given. Following this announcement Mr Summers holds no Common Shares and 1,600,000 Options over Common Shares in the capital of the Company. The Options will, if exercised, represent 0.50 per cent. of the then enlarged issued share capital of the Company.

Contact Information

  • Turbo Power Systems
    Paul Summers
    Chief Executive
    +44 (0)20 8564 4460
    or
    Turbo Power Systems
    Richard Bayliss
    Finance Director
    +44 (0)20 8564 4460
    Website: www.turbopowersystems.com
    or
    Gavin Anderson & Company (PR)
    Ken Cronin
    +44 (0) 207 554 1400
    or
    Gavin Anderson & Company (PR)
    Michael Turner
    +44 (0) 207 554 1400
    or
    KBC Peel Hunt
    Oliver Scott
    +44 (0) 207 418 8900
    or
    KBC Peel Hunt
    Nicholas Marren
    +44 (0) 207 418 8900