Turbodyne Announces Additional Nonexclusive Licensing Agreement of Patented Electrically-Assisted Turbocharger (Dynacharger(TM)) Technology

CARPINTERIA, Calif., April 23 -- Turbodyne Technologies Inc. (BULLETIN BOARD: TRBD, Berlin: TUD) announces that an additional Dynacharger(TM) licensing and technology transfer agreement has been executed with a privately held company engaged in the development of engine technology.

Under the terms of the agreement, Turbodyne is receiving an initial payment of $400,000 for licensing of the Dynacharger(TM) technology and will receive royalties of 3% of the net sales of licensed products made, used or sold by licensee. In the event that the licensee sells an aggregate of 200,000 or more units in any calendar year, and remains current in its royalty payments, then the royalty payable for each additional unit sold during such calendar year shall be reduced to 2% of net sales.

Of the initial payment, $150,000 will be applied to a preexisting indebtedness to the licensee. The balance will be used for corporate overhead. In parallel, Turbodyne has submitted a proposal for design engineering and supply of prototype engineering units to the licensee for their consideration.

Turbodyne's Dynacharger(TM) product line, developed by Turbodyne in 1995, has been the subject of development programs with other leading manufacturers and, in 1999, received the Equip Auto Grand Prix Award for technological advancement in the automotive industry.

For more information please contact Mr. Gary Reid at (805) 566-3484 or greid@turbodyne.com

Certain matters discussed in this Press Release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and, as such, may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.