TRBO Turbotec Unres

TIDMTRBO

RNS Number : 3445K

Turbotec Products PLC

13 July 2011

 
 Press Release   13 July 2011 
 

Turbotec Products Plc

("Turbotec" or "the Company")

Update on Legal Dispute in UK Courts

Turbotec Products Plc (TRBO.L), the designer and manufacturer of high performance, high quality heat exchangers and Tru-Twist(R) heat transfer tubing, today announces that following the favourable ruling in the London High Court in the legal action taken by its then majority shareholder, Thermodynetics, Inc and interim cost award, the balance has now been determined. Thermodynetics, Inc has agreed to pay Turbotec an additional sum of GBP210,000 ($336,000), giving a total of GBP560,000 including the interim payment.

Turbotec is due to receive the additional funds in full by 4pm on 18 July 2011.

- Ends -

For further information please contact:

 
 Turbotec Products Plc 
 Robert Lowe, Non Executive Chairman        +44 (0) 79 1714 8930 
  RLowe@trbohx.com                        Tel: +1 (860) 731-4200 
  Sunil Raina, Managing Director        www.turbotecproducts.com 
  SRaina@trbohx.com 
  Robert Lieberman, Finance Director 
  RLieberman@trbohx.com 
 Seymour Pierce Limited 
 Guy Peters, Corporate Finance              Tel: +44 (0) 20 7107 
  Paul Jewell, Corporate Broking                            8000 
                                           www.seymourpierce.com 
 

Media enquiries:

 
 Abchurch Communications 
 Sarah Hollins / Simone Elviss / Oliver   Tel: +44 (0)20 7398 7728 
  Hibberd                                   www.abchurch-group.com 
  simone.elviss@abchurch-group.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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