EXHIBIT 99.1
- ------------
Contact: Robert A. Lerman
860-683-2005
NEWS RELEASE OTCBB: TDYT
May 8, 2006
For immediate release
THERMODYNETICS' UK SUBSIDIARY BEGINS TRADING
ON THE LONDON STOCK EXCHANGE'S AIM MARKET.
WINDSOR, CT -- Monday, May 8, 2006, 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 (pound)4.8 million (the exchange rate is $1.86US per
(pound)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.