TRBO Turbotec Unres

 

TIDMTRBO 
 
RNS Number : 4830P 
Turbotec Products PLC 
19 July 2010 
 

19 July 2010 
 
                             Turbotec Products PLC 
 
                          ("Turbotec" or "the Company") 
 
                          Receipt of US Civil Summons 
 
The Board of Turbotec announces that its wholly owned subsidiary, Turbotec 
Products, Inc., has been named as an additional defendant in two actions filed 
in the State of Connecticut Superior Court by Wells Fargo Bank, National 
Association against Turbotec's major shareholder, Thermodynetics Inc ("TDYT"). 
The actions are foreclosures by Wells Fargo of its mortgages upon the real 
properties owned by TDYT in Windsor, Connecticut and of which Turbotec Products, 
Inc. is a tenant. 
 
The complaints in the respective actions allege that TDYT is in default of two 
loans secured on the two properties owned by TDYT and leased to Turbotec 
Products, Inc.  Wells Fargo is claiming an aggregate default amount of 
$1,819,941 from TDYT plus interest, default interest, late fees, reserves and 
other fees, and the costs and expenses of the actions, including reasonable 
attorney's fees. 
 
Turbotec Products, Inc is only named as a defendant on account of being a tenant 
of the properties but is not in any way liable for any portion of the amounts 
owed to Wells Fargo and is not a mortgagor, borrower or guarantor of the monies 
owed. The Board believes that the Company is in a strong position as it is 
consolidating its activities onto the Hickory, North Carolina site as announced 
on 15 March. 
 
TDYT is a 29.78 per cent. shareholder in the Company, having sold part of its 
previous 56.32 per cent. shareholding to Joseph de Sena, Burlington Holdings 
Inc. and Execuzen Limited in the days preceding the UK Court Judgment against it 
in relation to its legal dispute with the Company, whereby TDYT was ordered to 
pay costs to the Company of GBP350,000 with a further amount still to be paid 
that is subject to adjudication. 
 
                                    - Ends - 
 
For further information please contact: 
 
+--------------------------------------+---------------------------------+ 
| Turbotec Products PLC                |        www.turbotecproducts.com | 
+--------------------------------------+---------------------------------+ 
|                                      |          Tel: +1 (860) 731 4200 | 
|                                      |                                 | 
| Robert Lieberman, Finance Director   | RLieberman@turbotecproducts.com | 
+--------------------------------------+---------------------------------+ 
| Sunil Raina, Managing Director       |     SRaina@turbotecproducts.com | 
|                                      |                                 | 
+--------------------------------------+---------------------------------+ 
| Evolution Securities Limited         |                                 | 
+--------------------------------------+---------------------------------+ 
| Joanne Lake / Casper Kaars           |            Tel: +44 (0) 113 243 | 
| Sijpesteijn                          |                            1619 | 
+--------------------------------------+---------------------------------+ 
 
Media enquiries: 
 
+--------------------------------------+-------------------------+ 
| Abchurch Communications              |                         | 
+--------------------------------------+-------------------------+ 
| Sarah Hollins / Nick Probert         |    Tel: +44 (0) 207 398 | 
|                                      |                    7700 | 
+--------------------------------------+-------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCLLFILDEIRLII 
 

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