3rd Mar 2005 07:30
Turbo Genset Inc.03 March 2005 TURBO GENSET SECURES GBP 7,134,000 FINANCING Turbo Genset Inc. (the "Company") is pleased to announce that it has receivedcommitments for an aggregate financing of £7,134,000 (C$17,024,150) comprised ofConvertible Notes and Warrants. The Convertible Notes have a term of five yearsplus one day, bearing interest at an annual rate of 6.5% and are convertibleinto an aggregate of 59,450,000 Common Shares of the Company at a conversionprice of £0.12 (C$0.28) per share. The Warrants have a term of five years andare convertible into an aggregate of 6,242,250 Common Shares of the Company atan exercise price of £0.15 (C$0.35) per share. The majority of the financing hasbeen provided by institutions and other arms length investors. John Gunn, adirector of the Company, has subscribed for £100,000 of the financing. Thefinancing is subject to applicable regulatory approval and is scheduled to closeby Wednesday 9th March 2005. The net proceeds of the financing will provide working capital for thedevelopment and commercialisation of the Company's power generation products andto support order growth in its high-speed electrical machines and powerelectronics businesses. The Company is now expected to announce its preliminary results by the end ofMarch. Michael Hunt, CEO commented "I am delighted that we have been able to secure thefunding required for Turbo Genset's continuing expansion into our chosenmarkets." - ENDS - For further information, please contact: Turbo Genset Inc Tel: +44 (0) 20 8564 4460 United KingdomMichael Hunt, Chief Executive Officer CanadaRichard Kapuscinski, Tel: +1 905 690 1722 Website: www.turbogenset.com Gavin Anderson & Company (PR) Tel: +44 (0) 20 7554 1400Ken Cronin Email: [email protected] Seton Services Inc (IR) Tel: +44 (0) 20 7373 3536Toni Vallen Email: [email protected] NOTES TO EDITORS About Turbo Genset Turbo Genset (LSE/TSX: TGN) develops innovative products for power generationand power conditioning. The Group was established in 1993 as a spin-off fromImperial College, London and was floated on the London stock exchange in July2000 and soon after obtained a secondary listing in Toronto.In July 2001, the Group acquired Intelligent Power Systems Limited (I-Power)specialising in power electronics. About Power Electronics Power electronics products take a range of power inputs and condition them toachieve outputs of precisely defined characteristics for applications such asindustrial lasers, Ultra Violet sterilization systems and railway powerelectronics systems. 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:
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