TPS Turbo Power

 

TIDMTPS 
 
RNS Number : 4195P 
Turbo Power Systems Inc 
25 March 2009 
 

Turbo Power Systems Inc. ("the Company") 
 
 
Loan Note Update 
 
 
 
On the 19th June 2008, the Company issued GBP3 million of loan notes ("Loan 
Notes"), the terms of which were amended on the 15th August 2008.  Under the 
amended terms, if at any point during the time the Loan Notes are in issue the 
unrestricted cash balance of the Company falls below a threshold of GBP750,000, 
the Loan Notes are repayable on demand at the request of the majority of the 
Loan Note holders. 
 
 
The Company is pleased to announce that it has agreed with the Loan Note holders 
that, for a three month period commencing the 25th March 2009, the above 
threshold will be reduced to GBP300,000.  The Company does not anticipate that 
unrestricted cash balances will fall below this level during this three month 
period. 
 
 
This short term increase in available cash will help the Company to take 
advantage of existing growth opportunities, whilst providing additional working 
capital headroom.  The Company anticipates that it will be able to operate above 
the original threshold thereafter. 
 
 
Paul Summers, CEO, said "Our markets are bearing up well in the current climate 
and are still providing the business with good growth opportunities.  Cash flow 
is a key focus of the management team and we expect the Company to continue to 
build on the successes of the past year and to continue to develop its order 
book." 
 
 
Enquiries: 
 
 
Paul Summers / Richard Bayliss,Tel: 020 8564 4460 
Turbo Power Systems Inc. 
 
 
Oliver Scott / Nicholas Marren                                     Tel: 020 7418 
8900 
KBC Peel Hunt 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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