28th Nov 2013 11:03
LONDON (Alliance News) - Turbo Power Systems Inc Thursday said its subsidiary Turbo Power Systems Limited has entered into an agreement to extend its existing loan structure by GBP900,000.
Turbo Power Systems, which designs and manufactures high performance electric motors and generators, drives and power electronics, said the deal would bring its total borrowings from Tao Sustainable Power Solutions Limited to GBP9.5 million.
The company said the existing loan will be drawn down in tranches in November and December 2013 and that the company remains in discussions with Tao regarding alternatives available to the company when its borrowings from Tao fall due.
Turbo Power Systems shares were up 1.1% to 0.531 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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