Press Release
Thermodynetics’ UK subsidiary begins
trading on the London Stock Exchange’s
AIM Market
Monday, May 8th, 2006
THERMODYNETICS, INC., WINDSOR, CT (TDYT:OTCBB)
Thermodynetics has arranged the
financing of its UK subsidiary Turbotec
Products PLC (“TPP”) by means of an IPO
through Dawnay Day Capital Markets.
Shares in TPP are now traded on the AIM
Market of the London Stock Exchange
under the symbol TRBO.
The IPO raised a total of £4.8
million (the exchange rate is $1.86US
per £1), or approximately $8.8 million.
After the sale of the stock to the UK
investors, TDYT owns a total of 56.32%
of the remaining shares of TPP, valuing
the TPP Group at approximately $20
million.
Organizationally, Turbotec Products,
Inc. (“TPI”) is a wholly owned
subsidiary of TPP and TPP is 56.32%
owned by TDYT.
Effective simultaneously with the
IPO, the officers and directors of TDYT
changed and certain personnel moved from
one corporation to the other to allow
both companies to operate independently
since the two organizations are publicly
traded, TRBO and TDYT. The new officers
and directors of TDYT are Robert A.
Lerman, President, CEO and director,
John F. Ferraro Secretary, Treasurer and
director, Fred Samuelson director and
John Hughes director. The officers and
directors of TPP are Sunil Raina,
Managing Director and director (and TPI
President), Robert Lieberman, Finance
Director (and TPI CFO and Treasurer) and
Anthony Mirabella, non-executive
director. Along with Mr. Mirabella, it
is the intent of TPP to have two other
UK based non-executive directors.
ABOUT THERMODYNETICS, TURBOTEC
PRODUCTS PLC (“TPP”) AND TURBOTEC
PRODUCTS, INC (“ TURBOTEC”)
Turbotec is a wholly owned operating
subsidiary of TPP which in turn is a
subsidiary of Thermodynetics. Turbotec
is a manufacturer of high performance,
high quality heat exchangers, fabricated
metal components and flexible connector
products for heat transfer,
transportation, and plumbing
applications. Turbotec markets its
products in the United States, Canada
and abroad to customers in the space
conditioning, refrigeration, automotive,
biomedical, plumbing, appliance, water
heating and aerospace industries.
Turbotec's products are presently
used in heat pumps as condensers and
evaporators in heating, refrigeration,
food processing and air-conditioning
systems; in the biomedical field (as
blood or intravenous fluid heat
exchangers); in heat recovery units used
to heat water with waste heat from air
conditioning, refrigeration systems; in
ice production systems; in laser
coolers, beverage dispensers, food
processing systems, chillers, heat pump
systems and boilers, and modules for use
as components in large condensing or
desuperheater systems; and are generally
usable in most applications where heat
transfer is required. The tubing is also
used as a flexible connector in plumbing
applications.
FORWARD LOOKING STATEMENTS
This report contains certain
forward-looking statements regarding
Thermodynetics, TPP and Turbotec, their
business prospects and results of
operations that are subject to certain
risks and uncertainties posed by many
factors and events that could cause
their actual business, prospects and
results of operations to differ
materially from those that may be
anticipated by such forward-looking
statements. Factors that may affect such
forward-looking statements include,
without limitation: the ability to
successfully and timely develop and
finance new projects, the impact of
competition on revenues, changes in unit
prices, and supply and demand for
Turbotec’s tubing product lines in the
markets served.
When used, words such as "believes,"
"anticipates," "expects," "continue",
"may", "plan", "predict", "should",
"will", "intends" and similar
expressions are intended to identify
forward-looking statements, but are not
the exclusive means of identifying
forward-looking statements. Readers are
cautioned not to place undue reliance on
these forward-looking statements, which
speak only as of the date of this
report. Thermodynetics, TPP and Turbotec
undertake no obligation to revise any
forward-looking statements in order to
reflect events or circumstances that may
subsequently arise. Readers are urged to
carefully review and consider the
various disclosures made in this report,
news releases, and other reports filed
with the Securities and Exchange
Commission that attempt to advise
interested parties of the risks and
factors that may affect their respective
businesses.