Turbodyne Issues Follow-Up To Financial Results

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22 May 1998

Turbodyne Issues Follow-Up To Financial Results For The Year Ended December 31, 1997

    WOODLAND HILLS, CA., May 22 /CNW-PRN/ - Turbodyne Technologies Inc. (the
``Company'') is issuing this follow-up to its
press release dated May 14, 1998.  In that release, the Company reported its
financial results for the year ended December 31, 1997 under US Generally
Accepted Accounting Principles (GAAP), which had previously been released in
preliminary form, prepared under Canadian GAAP.
    In the May 14, 1998 release, the posted loss per share of ($0.50) for
1997 and ($0.27) for 1996 had been prepared under Canadian GAAP.  Under US
GAAP, the loss per share for 1997 was ($0.58) and ($0.33) for 1996.  The
weighted average shares used for basic and diluted loss per share are
22,685,000 for 1997 and 16,641,000 for 1996.
    The audit was conducted for the Company by its accounting firm KPMG Peat
Marwick LLP, in Los Angeles, CA. For the 1997 year-end audit, Turbodyne
changed from Canadian GAAP to US GAAP due to its pending domicile in to the
United States.

    TURBODYNE TECHNOLOGIES INC.

    ``John P. Singleton''
    ---------------------
    John P. Singleton
    Chief Operating Officer & CFO