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AlliedSignal and Turbodyne to Jointly Develop Mass Production Capabilities

12 May 1999

AlliedSignal and Turbodyne to Jointly Develop Mass Production Capabilities for Dynacharger Turbochargers; AlliedSignal Receives Exclusive Manufacturing and Marketing Rights

    TORRANCE, Calif.--May 12, 1999--AlliedSignal Turbocharging Systems and Turbodyne Technologies Inc., Woodland Hills, Calif., Wednesday said that they will jointly develop and engineer electrically assisted turbochargers under the brand name Dynacharger(tm).
    The two companies entered into licensing and development agreements that give AlliedSignal exclusive licensing rights for the manufacturing and marketing of any turbocharger products to be developed on a worldwide basis as a result of the joint activities. The turbocharger products are expected to be sold primarily to automobile, heavy-duty vehicle and engine manufacturers.
    AlliedSignal will be supplied light metal castings, electric motors, generators and electronic controls by Turbodyne under sub-licensing for the products jointly developed and manufactured under the terms of these agreements.
    The two companies have jointly cooperated in supplying AlliedSignal turbochargers equipped with specially modified Turbodyne electric motors and electronic control technology to potential customers for test and evaluation.
    AlliedSignal Turbocharging Systems, a business unit of AlliedSignal Inc. , is the world's largest manufacturer of Garrett(r) turbochargers, superchargers and charge-air coolers for diesel and gasoline-driven passenger cars, commercial vehicles and heavy-duty trucks.
    AlliedSignal Inc. is an advanced technology and manufacturing company serving customers worldwide with aerospace and automotive products, chemicals, fibers, plastics and advanced materials. It is one of the 30 stocks that make up the Dow Jones Industrial Average and is also a component of the Standard & Poor's 500 Index. The company employs 70,400 people in some 40 countries.
    AlliedSignal was named the best diversified company by Forbes Global magazine; the most admired aerospace company by Fortune magazine, both globally and in the United States; and one of the 100 best companies to work for by Fortune.
    Additional information on the company is available on the World Wide Web at http://www.alliedsignal.com.

    This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts.