TRBD huge huge huge NEWS OUT!! Turbodyne Technologies, Inc. Announces New Chief Executive Officer, Reduces Liabilities
Apr 27, 2015
OTC Disclosure & News Service
New York, NY -
Turbodyne Technologies, Inc. Announces New Chief Executive Officer, Reduces Liabilities
New York, NY – April 27, 2015 - Turbodyne Technologies, Inc. (TRBD-OTC Pink), a developer of patented electrically powered, digitally controlled air charging systems for internal combustion engines, reported today that Robert H. Davies has joined the company as its new Chief Executive Officer effective as of April 22, 2015. Mr. Davies will also act as the company’s Chairman of the Board of Directors. He is succeeding Jason Meyers who will step down from these positions and pursue other interests. At the present time Mr. Meyers will remain a director through the transition. Mr. Davies has over 25 years of experience focused on strategic planning, operations, turnarounds/restructurings, mergers & acquisitions and divestitures. He has acted as principal in corporate transactions aggregating approximately $1.2 billion in total value.
Jason Meyers, commented “We are pleased to welcome Bob, an experienced veteran, to Turbodyne. He has a proven track record of setting strategic vision and driving innovation. Bob’s skills are a fantastic addition to the company and we look forward to his leadership during the next stage of the company’s growth."
Incoming CEO Robert H. Davies, commented, "I look forward to building the next chapter of Turbodyne and focusing on accelerating the development and growth of the company as we evolve into a trusted innovator."
Corporate Actions
Turbodyne, as part of its restructuring has amended its certificate of incorporation, effective as of April 9, 2015, to increase the number of shares of common stock the company is authorized to issue to 5,000,000,000 in order to accommodate its financing and operating plans. As a result approximately 378,263,608 shares subject to warrants and convertible instruments, excluding interest, may now be issued with sufficient authorized shares including the issuance of Shares described below which resulted in a reduction of $804,311 in liabilities.
Reduction of Liabilities
As of April 15, 2015 the company was indebted to Aspatuck Holdings Ltd. (“Aspatuck”) and ICMC Holdings LLC (“ICMC”), two affiliates of Jason Meyers, an aggregate of convertible notes totaling $804,311 including accrued interest.
On April 13, 2015, Aspatuck transferred to ICMC, $433,311 including accrued interest in satisfaction of indebtedness of Aspatuck to ICMC. As the result ICMC held convertible notes totaling $454,936 including accrued interest.
On April 15, 2015 Aspatuck converted $349,375 (including accrued interest) of the convertible notes into 349,375,000 shares of restricted common stock at the conversion price of $.001. After the conversion and surrender of warrants to purchase 10,666,666 shares of common stock, Jason Meyers was the beneficial holder of 415,724,245 shares of common stock or 23.47% of the total shares of common stock outstanding.
On April 15, 2015 ICMC converted $454,936 (including accrued interest) of the convertible notes into 422,066,088 shares of restricted common stock at the conversion price of $.001078. On April 21, 2015 ICMC distributed to its members, all of these shares and is not a shareholder of the company.
Apr 27, 2015
OTC Disclosure & News Service
New York, NY -
Turbodyne Technologies, Inc. Announces New Chief Executive Officer, Reduces Liabilities
New York, NY – April 27, 2015 - Turbodyne Technologies, Inc. (TRBD-OTC Pink), a developer of patented electrically powered, digitally controlled air charging systems for internal combustion engines, reported today that Robert H. Davies has joined the company as its new Chief Executive Officer effective as of April 22, 2015. Mr. Davies will also act as the company’s Chairman of the Board of Directors. He is succeeding Jason Meyers who will step down from these positions and pursue other interests. At the present time Mr. Meyers will remain a director through the transition. Mr. Davies has over 25 years of experience focused on strategic planning, operations, turnarounds/restructurings, mergers & acquisitions and divestitures. He has acted as principal in corporate transactions aggregating approximately $1.2 billion in total value.
Jason Meyers, commented “We are pleased to welcome Bob, an experienced veteran, to Turbodyne. He has a proven track record of setting strategic vision and driving innovation. Bob’s skills are a fantastic addition to the company and we look forward to his leadership during the next stage of the company’s growth."
Incoming CEO Robert H. Davies, commented, "I look forward to building the next chapter of Turbodyne and focusing on accelerating the development and growth of the company as we evolve into a trusted innovator."
Corporate Actions
Turbodyne, as part of its restructuring has amended its certificate of incorporation, effective as of April 9, 2015, to increase the number of shares of common stock the company is authorized to issue to 5,000,000,000 in order to accommodate its financing and operating plans. As a result approximately 378,263,608 shares subject to warrants and convertible instruments, excluding interest, may now be issued with sufficient authorized shares including the issuance of Shares described below which resulted in a reduction of $804,311 in liabilities.
Reduction of Liabilities
As of April 15, 2015 the company was indebted to Aspatuck Holdings Ltd. (“Aspatuck”) and ICMC Holdings LLC (“ICMC”), two affiliates of Jason Meyers, an aggregate of convertible notes totaling $804,311 including accrued interest.
On April 13, 2015, Aspatuck transferred to ICMC, $433,311 including accrued interest in satisfaction of indebtedness of Aspatuck to ICMC. As the result ICMC held convertible notes totaling $454,936 including accrued interest.
On April 15, 2015 Aspatuck converted $349,375 (including accrued interest) of the convertible notes into 349,375,000 shares of restricted common stock at the conversion price of $.001. After the conversion and surrender of warrants to purchase 10,666,666 shares of common stock, Jason Meyers was the beneficial holder of 415,724,245 shares of common stock or 23.47% of the total shares of common stock outstanding.
On April 15, 2015 ICMC converted $454,936 (including accrued interest) of the convertible notes into 422,066,088 shares of restricted common stock at the conversion price of $.001078. On April 21, 2015 ICMC distributed to its members, all of these shares and is not a shareholder of the company.
