Contract Win (7587S)
November 25 2011 - 2:00AM
UK Regulatory
TIDMTPS
RNS Number : 7587S
Turbo Power Systems Inc
25 November 2011
25 November 2011
Turbo Power Systems Inc
("Turbo Power Systems" or "TPS" or "the Company)
Engineering Consultancy Contract with Vale Solucoes em
Energia
Turbo Power Systems, the innovative electrical motors,
generators and power electronics company, is pleased to announce
that it has entered into an agreement to provide consultancy
services to Vale Solucoes em Energia ("VSE") on an ongoing basis,
which will initially be worth GBP0.2 million.
The consultancy agreement covers a wide range of specialist
engineering and support activities and allows VSE access to TPS's
engineering expertise in electrical machines and power
electronics.
Peter Brown, Chief Executive Officer of TPS, commented:
"We are pleased that VSE have recognised TPS's engineering
expertise and its technology know-how by appointing the Company to
provide these services. This contract reflects well upon our recent
efforts and demonstrates the continued confidence that the market
has in Turbo Power Systems"
Related Party Transaction
VSE is the ultimate controlling shareholder of TAO Sustainable
Power Solutions (UK) Limited ("Tao"), which holds 75.4% of the
issued share capital of the Company, and is therefore a Related
Party for the purposes of the AIM Rules for Companies ("AIM
Rules"). Accordingly the entry into of the consultancy agreement
outlined above constitutes a related party transaction for the
purpose of the AIM Rules. Tao and VSE are considered to be insiders
pursuant to Canadian securities law.
The Company's independent director considers, having consulted
with finnCap Ltd, the Company's Nominated Adviser ("NOMAD"), that
the terms of the transaction being entered into are fair and
reasonable insofar as the Company's shareholders are concerned.
About Turbo Power Systems
Turbo Power Systems Inc. (TSX:TPS.TU AIM:TPS.L) is a leading UK
based designer and manufacturer of innovate power solutions to a
global client base. The Group's products are based on its' core
technologies of power electronics and high performance electric
motors and generators targeted at the energy, industrial, transport
and defence markets.
For further information, please contact:
Turbo Power Systems Inc. Tel: +44 (0)20 8564 4460
Peter Brown, CEO
FinnCap (NOMAD, broker and financial advisor) Tel: +44 (0)20
7600 1658
Marc Young / Henrik Persson
Kreab Gavin Anderson (Financial PR) Tel: +44 (0)20 7074 1800
Robert Speed / Michael Turner
This information is provided by RNS
The company news service from the London Stock Exchange
END
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