TURBO POWER SYSTEMS INC. ("TPS" or "THE COMPANY") ANNOUNCES RESULTS FOR
THE SECOND QUARTER AND SIX MONTHS ENDED 30 JUNE 2010
Highlights
· Production and development income increased by 28% for the quarter at £2.39 million (2009: £1.88 million), and for the half year by 20% at £5.51 million (2009: £4.57 million)
· Production revenues in the quarter increased by 43% to £1.77 million (2009: £1.24 million), and for the half year by 66% at £4.35 million (2009: £2.62 million)
· EBITDA profit for the quarter of £0.07 million (2009: £0.08 million), and for the half year of £0.22 million (2009: £0.02 million)
· Strategic investment in the Company of £6.50 million by TAO Sustainable Power Solutions (UK) Limited ("TAO") during the quarter.
· Settlement of all outstanding debt (2008 Loan Notes) following the fundraising during the quarter.