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Turbo Power Systems Inc Announces Voting Results of Shareholder Meeting

Wednesday, 22 November 2017 12:00 PM

Turbo Power Systems Inc.

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WHITEHORSE, YUKON / ACCESSWIRE / November 22, 2017 / Turbo Power Systems Inc. ("TPS" or the "Corporation") (OTC PINK: TPSSF) is pleased to announce the voting results from the Special Meeting of the shareholders of the Corporation held today (the "Meeting").

At the Meeting, shareholders approved the previously announced amalgamation (the"Amalgamation") of the Corporation with a wholly-owned subsidiary (the "Purchaser") of Tao Sustainable Power Solutions (UK) Ltd. ("Tao"), by an affirmative vote of approximately 99.99% of the votes cast in respect thereof by shareholders present in person or by proxy at the Meeting.

On closing of the Amalgamation, TPS shareholders, other than Tao and its affiliates, will receive £0.0002 for each common share of the Corporation they hold, and the newly amalgamated corporation will be wholly-owned by Tao and TWC3N Limited. The Amalgamation is expected to become effective on or about November 23, 2017, subject to obtaining customary closing conditions. It is expected that the newly amalgamated corporation will be dissolved following the closing of the Amalgamation, likely to take effect on or about November 29, 2017.

The Amalgamation will be effected on the terms and subject to the conditions contained in the Acquisition Agreement dated September 25, 2017 between the Corporation and the Purchaser and an amalgamation agreement, as described in, and substantially in the form attached to, the Corporation's Management Information Circular dated October 10, 2017, a copy of which is available on SEDAR at www.sedar.com.

For further information, please contact:

Turbo Power Systems Inc.
Charles Rendell, Chief Financial Officer and Director
+44 (0) 191 482 9200

This news release contains certain forward-looking statements concerning the business of TPS and the Amalgamation that constitute "forward-looking information" within the meaning of applicable securities laws. Such statements can be identified by the use of words such as "may," "would," "could," "will," "intend," "expect," "believe," "plan," "anticipate," "estimate," "scheduled," "predict," and other similar terminology, or state that certain actions, events or results "may," "could', "would," "might," or "will" be taken or achieved. All statements, other than statements of historical fact, included herein, including those related to, without limitation, the completion of the Amalgamation, the expected effective date of the Amalgamation, the expected dissolution of the amalgamated corporation, timing of such dissolution, or related transactions are forward-looking statements. These forward-looking statements are based on the opinions of management at the date the statements are made and are based on assumptions and estimates and are subject to a variety of risks and uncertainties and other factors that could cause actual events to differ materially from those projected in forward-looking statements. Important factors that could cause actual results to differ materially from the Corporation's expectations include, without limitation, that the conditions to completion of the Amalgamation or the dissolution will not be satisfied or not completed in a timely manner. The Corporation is under no obligation to update forward-looking statements if circumstances or management's opinions should change, except as required by applicable securities laws. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessary be accurate indicators of whether or not such results will be achieved. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

SOURCE: Turbo Power Systems Inc.

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