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Turbodyne Reports Satisfaction of Judgment in Favor of Grand Tech Inc.

21 January 2000

Turbodyne Reports Satisfaction of Judgment in Favor of Grand Tech Inc.

    CARPINTERIA, Calif.--Jan. 21, 2000--Turbodyne Technologies Inc. (EASDAQ:TRBD) today announced that it has paid the judgment entered in favor of Grand Tech Inc. (formerly Grand Technologies Inc.) in connection with the arbitration proceeding instituted by Grand Tech Inc. against Turbodyne Technologies, Turbodyne Systems Inc. and Director Edward Halimi.
    The satisfaction of the judgment results in a release of Grand Tech Inc.'s liens against Turbodyne.
    Gerhard E. Delf, Turbodyne's chief executive officer, stated, "The satisfaction of the Grand Tech Inc. judgment and arbitration award removes significant legal obstacles that previously faced Turbodyne and allows the Turbodyne companies to enter the new year free and clear of the liens and ongoing legal burdens that arose as a result of the Grand Tech Inc. arbitration."
    Turbodyne Technologies, a California based high-technology company, specializes in the development, manufacture and marketing of performance enhancement, fuel economy and pollution control products for internal combustion engines in the global automotive, transportation, construction, marine, mining and military industries.
    Turbodyne Technologies' headquarters is located in Carpinteria; the European business location is Frankfurt, Germany.
    Turbodyne's World Wide Web address is www.turbodyne.com.