(“Turbotec” or “the Company”)
Update on Legal Dispute in UK CourtsTurbotec Products Plc (TRBO.L), the designer and manufacturer of high performance, high quality heat exchangers and Tru-Twist® 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 £210,000 ($336,000), giving a total of £560,000 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 PlcRobert Lowe, Non Executive Chairman
RLowe@trbohx.com Sunil Raina, Managing DirectorSRaina@trbohx.com +44 (0) 79 1714 8930 Tel: +1 (860) 731-4200 www.turbotecproducts.com Robert Lieberman, Finance DirectorRLieberman@trbohx.comSeymour Pierce LimitedGuy Peters, Corporate Finance
Paul Jewell, Corporate Broking Tel: +44 (0) 20 7107 8000www.seymourpierce.comMedia enquiries:Abchurch Communications Sarah Hollins / Simone Elviss simone.elviss@abchurch-group.comTel: +44 (0)20 7398 7728 www.abchurch-group.com