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.
