Turbodyne Inc. Receives Financing for Expansion

Turbodyne Technologies Inc. announced the completion of a private three-year convertible preferred share financing of $10 million, arranged by GEM Advisors Inc., a member of the London-based Global Emerging Markets Group.

The Gem Group is an investment banking and fund management firm with operations in 14 countries, including the U.S.

Turbodyne, based in Woodland Hills, manufactures high-tech performance improvement and anti-pollution devices for automotive, marine and industrial applications. The financing will allow it to expand its product line and manufacturing facilities, company officials said.