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Turbotec Products (TRBO)

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Wednesday 13 July, 2011

Turbotec Products

Update on Legal Dispute in UK Courts

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® 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 Plc


Robert Lowe, Non Executive Chairman

[email protected]

 

Sunil Raina, Managing Director

[email protected]

 

Robert Lieberman, Finance Director

[email protected]

+44 (0) 79 1714 8930

 

 

Tel: +1 (860) 731-4200

www.turbotecproducts.com

 

Seymour Pierce Limited


Guy Peters, Corporate Finance

Paul Jewell, Corporate Broking

 

Tel: +44 (0) 20 7107 8000

                       www.seymourpierce.com

 

Media enquiries:

Abchurch Communications


Sarah Hollins / Simone Elviss / Oliver Hibberd

[email protected]

     Tel: +44 (0)20 7398 7728

     www.abchurch-group.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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