Turbodyne Reports That It Has Filed an Extension With the SEC

6 April 1999

Turbodyne Technologies Inc. Reports That It Has Filed an Extension With the SEC

    WOODLAND HILLS, Calif.--April 5, 1999--Turbodyne Technologies Inc. (EASDAQ:TRBD) Monday reported that it has filed an extension with the Securities and Exchange Commission for the filing of its Annual Report on Form 10-K, which currently is due to be filed on April 15, 1999.
    The company reported in its filing that it has not been able to complete the compilation of the requisite financial data and other narrative information necessary to enable it to have sufficient time to complete its Annual Report by March 31, 1999, the required filing date, without unreasonable effort and expense.
    The results for the year ended Dec. 31, 1998, are significantly impacted by the factors described in the company's Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 1998, as well as substantially increased costs associated with the establishment of a new manufacturing facility in Ensenada, Mexico, and the expansion of the company's manufacturing capacity of the Light Metals Division in Mexico, accruals for contingent liabilities associated with certain legal actions pending against the company, increased noncash compensation expenses largely attributable to consultants retained by the company to assist it in connection with marketing, legal and related matters and increased expenses associated with the company's research and development efforts primarily related to the Dynacharger(tm) product.
    Consequently, the company expects to incur a substantial net loss for the year ended Dec. 31, 1998, as compared with the prior period.
    Turbodyne Systems, the Engine and Pollution Technology Division of Turbodyne, designs, develops, manufactures and markets patented pollution-reduction, fuel economy and performance-enhancing products for internal combustion engines in the automotive, transportation, construction, marine, agriculture, mining, military and power- generation industries.
    Turbodyne's Light Metals Division is a manufacturer of machined aluminum castings and a leading supplier to the automotive industry.
    Offices and plants are located in Carpinteria, La Mirada, Encinitas and Woodland Hills, Calif.; New York; Ensenada and Mexico City, Mexico; Vancouver, British Columbia; Paris; and Frankfurt, Germany.
    Turbodyne's World Wide Web address is www.turbodyne.com.