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7 October 2003 - Turbo Genset Inc., the power generation and power conditioning equipment provider, has announced that it has entered into a binding Memorandum of Understanding with Magellan Aerospace Corporation of Ontario, Canada and Altek Power Corporation ("Altek") of British Columbia, Canada for the conversion of an industrial standard turbine engine, which can be coupled directly to Turbo Genset's 1.2MW high speed generator.

Magellan is currently upgrading this turbine engine, under contract to Altek, to meet industrial standards for ground based power generation.

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