26th Feb 2008 10:00
Turbo Power Systems Inc26 February 2008 26th February 2008 DIRECTORATE CHANGE AND TRADING UPDATE Turbo Power Systems Inc ("TPS"), the innovative electrical machines andelectronic systems provider, announces today that Stephen Sadler, ChiefFinancial Officer has submitted his resignation in order to take up a new roleas Chief Financial Officer of solar company G24 Innovations. He will leave inearly May once he has completed a handover at TPS. TPS also announces that it will release full year results for 2007 on 31st March2008. Those results are expected to show production turnover of £9.8 million,development income of £1.2 million, an unrestricted closing cash balance of £4.2million and further cash balances in respect of performance bonds of £1.4million. Chairman Graham Thornton, said: "Stephen has made a very positive contribution to the success of TPS over thelast three years. His excellent work in developing effective financial andoperating systems and executing our financial strategy has significantlystrengthened the Company. We wish him well in his future career. "At the end of March we will announce full year results and update on thefindings of our operational review. During this review I have been encouraged bythe opportunities that are available to the Company and I look forward to beingactively involved in driving further progress throughout 2008. " For further information, please contact: Turbo Power Systems Tel: +44 (0)20 8564 4460Michael Hunt, Chief Executive OfficerStephen Sadler, Chief Financial Officer Gavin Anderson & Company (PR) Tel: +44 (0)20 7554 1400Ken CroninMichael Turner KBC Peel Hunt Tel: +44 (0)20 7418 8900Oliver Scott Company Website: www.turbopowersystems.com About Turbo Power Systems Turbo Power Systems Inc (AIM:TPS.L). is a leading UK based designer andmanufacturer of innovative power solutions. The Group's products are all basedon its core technologies of power electronics and high speed motors andgenerators and are sold into a number of market sectors including aerospace,rail, and various industrial sectors. The Company's products provide improvedefficiency and reduced energy consumption compared to existing technologies. Turbo Power System's existing customers include bluechip companies such asHamilton Sundstrand, Bombardier, The National Rail Equipment Company, EatonAerospace and Lotus. Forward looking statements This news release contains forward-looking statements. Forward-lookingstatements include statements concerning plans, objectives, goals, strategies,future events, or performance, and underlying assumptions and other statementsthat are other than statement of historical fact. These statements are subjectto uncertainties and risks including, but not limited to, the ability to meetongoing capital needs, product and service demand and acceptance, changes intechnology, economic conditions, the impact of competition, the need to protectproprietary rights to technology, government regulation, and other risks definedin this document and in statements filed from time to time with the applicablesecurities regulatory authorities. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
TPS.L