Turbodyne Inc

Turbodyne Technologies Inc. announced the completion of a private three-year convertible preferred share financing of $10 million, arranged by GEM Advisors Inc., a member of the London-based Global Emerging Markets Group. The Gem Group is an investment banking and fund management firm with operations in 14 countries, including the U.S. Turbodyne, based in Woodland Hills, manufactures high-tech performance improvement and anti-pollution devices for automotive, marine and industrial applications.

Turbodyne Technologies Inc. was one of the hottest small companies on Wall Street last summer, roaring up to more than $17 a share--from mere pennies a few years before--on the promise of its pioneering turbochargers. But today, Turbodyne is no longer traded on Wall Street, barred by regulators who ruled that the company issued misleading press releases. De-listed in the United States, the stock now trades erratically on a fledgling European exchange, selling at about $2 a share.

Turbodyne Technologies Inc. of Woodland Hills said it has been granted a universal exemption by the California Air Resources Board for its electrically powered supercharger, the Turbopac 2500. The company said the supercharger can be used to retrofit existing diesel engines without violating the state's anti-tampering law.

* Medtronic Inc. said it sent letters late last week to doctors who have implanted its GEM SR single-chamber defibrillator, indicating that a component may lead to early battery drain. Medtronic said about 50 of the GEM SR devices are affected out of roughly 5,000 implanted since the product was launched in October 1998. The company said no incidents of failure have been reported and the product will remain on the market. * * Turbodyne Technologies Inc.

Turbodyne Technologies Inc. said it's in preliminary talks with unnamed entities involving the possible sale of a minority stake in the maker of antipollution devices, which had sales of $39.2 million last year. Woodland Hills-based Turbodyne makes pollution-reduction technology for internal combustion engines for the auto, transportation and construction industries, among others. The company also supplies aluminum castings to the auto industry.

* Medtronic Inc. said it sent letters late last week to doctors who have implanted its GEM SR single-chamber defibrillator, indicating that a component may lead to early battery drain. Medtronic said about 50 of the GEM SR devices are affected out of roughly 5,000 implanted since the product was launched in October 1998. The company said no incidents of failure have been reported and the product will remain on the market. * * Turbodyne Technologies Inc.

Turbodyne Technologies Inc. was one of the hottest small companies on Wall Street last summer, roaring up to more than $17 a share--from mere pennies a few years before--on the promise of its pioneering turbochargers. But today, Turbodyne is no longer traded on Wall Street, barred by regulators who ruled that the company issued misleading press releases. De-listed in the United States, the stock now trades erratically on a fledgling European exchange, selling at about $2 a share.

Trading in shares of Woodland Hills-based Turbodyne Technologies resumed in Europe on Monday but remains suspended on Nasdaq pending that market's request for "additional information" from the company. Trading in the stock of the money-losing maker of pollution-control devices was halted Jan. 19 by Europe's Easdaq market on concerns about certain news releases the company had issued. Easdaq has since decided that Turbodyne did not "intentionally" mislead investors in those statements.

Turbodyne Technologies Inc. has announced that the Paris mass transit system will move forward with full-scale testing of its bus Turbopac, an add-on anti-pollution device. The move follows successful engineering tests in April by the French public transport giant, RATP. Tests are designed to confirm fuel economy and performance benefits and operational reliability of the Turbopac.

* Walt Disney Co. promoted Rob Moore, the top business executive for its Walt Disney Studios division, to executive vice president of operations and finance. The promotion reflects the increasingly important role Moore has played at the studio since he was elevated three years ago to executive vice president and chief financial officer, his most recent title.

Turbodyne Technologies Inc. of Woodland Hills said it has been granted a universal exemption by the California Air Resources Board for its electrically powered supercharger, the Turbopac 2500. The company said the supercharger can be used to retrofit existing diesel engines without violating the state's anti-tampering law.

Trading in shares of Woodland Hills-based Turbodyne Technologies resumed in Europe on Monday but remains suspended on Nasdaq pending that market's request for "additional information" from the company. Trading in the stock of the money-losing maker of pollution-control devices was halted Jan. 19 by Europe's Easdaq market on concerns about certain news releases the company had issued. Easdaq has since decided that Turbodyne did not "intentionally" mislead investors in those statements.

Turbodyne Technologies Inc. said it's in preliminary talks with unnamed entities involving the possible sale of a minority stake in the maker of antipollution devices, which had sales of $39.2 million last year. Woodland Hills-based Turbodyne makes pollution-reduction technology for internal combustion engines for the auto, transportation and construction industries, among others. The company also supplies aluminum castings to the auto industry.

Turbodyne Technologies Inc. announced the completion of a private three-year convertible preferred share financing of $10 million, arranged by GEM Advisors Inc., a member of the London-based Global Emerging Markets Group. The Gem Group is an investment banking and fund management firm with operations in 14 countries, including the U.S. Turbodyne, based in Woodland Hills, manufactures high-tech performance improvement and anti-pollution devices for automotive, marine and industrial applications.