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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              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| **United States     Securities and Exchange CommissionWashington, DC 20549 **Form 10-K **ANNUAL REPORT UNDER SECTION 13 OR 15(D) OF    THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended June 30, 2008 
Commission file number 0-21832 **TurboSonic Technologies, Inc.
(Exact Name of Small Business Issuer as Specified in its    Charter)  **Delaware **13-1949528  
(State or other jurisdiction of 
(I.R.S. Employer  
incorporation or organization) 
Identification No.)  **550 Parkside Drive, Suite A-14,**Waterloo, Ontario, Canada**N2L 5V4
(Address of principal executive offices) 
**(519) 885-5513**
(Issuer’s telephone number)
Indicate by check mark if the Registrant is a well-knownseasoned issuer, as defined in Rule 405 of the Securities Act. Yes £NoQ

Indicate by check mark if the Registrant is not required tofile reports pursuant to Section 13 or 15 (d) of the Exchange Act. Yes £ NoQ

Indicate by check mark whether the Registrant (1) has filedall reports required to be filed by Section 13 or 15(d) of the Exchange Actduring the preceding 12 months (or for such shorter period that the Registrantwas required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.     YesQ No £

Indicate by check mark if disclosure of delinquent filerspursuant to Item 405 of Regulation S-K is not contained herein, and will not becontained, to the best of the Registrant’s knowledge, in definitive proxy orinformation statements incorporated by reference in Part III of this Form 10-Kor any amendment to this Form 10-K. £

Indicate by check mark whether the Registrant is a largeaccelerated filer, an accelerated filer, a non-accelerated filer, or a smallerreporting company. See the definitions of "large accelerated filer,""accelerated filer" and "smaller reporting company" in Rule 12b-2 of theExchange Act.: Large accelerated filer £ Accelerated filer £ Non-accelerated filer £ Smallerreporting companyQ

Indicate by check mark whether the Registrant is a shellcompany (as defined in Rule 12b-2 of the Exchange Act). Yes £ NoQ

Aggregate market value of the Registrant’s common stock heldby non-affiliates of the Registrant as of  December 31, 2007: $9,724,669

The number of shares outstanding of the Registrant's commonstock as of September 19, 2008: 15,130,054 
**DOCUMENTS INCORPORATED BY REFERENCE None 
1 
**All dollar amounts set forth in this report are in UnitedStates dollars except where otherwise indicated. 

PART I 

ITEM 1: BUSINESS 

a) 

BusinessDevelopment**
TurboSonic Technologies, Inc. designsand supplies air pollution control technologies to industrial customersworldwide. The founding companies were incorporated in the State of Delaware inApril 1961 and in the Province of Ontario Canada in 1976. Under a reorganizationplan in 1997, TurboSonic Technologies Inc., a US public company (OTCBB:TSTA),became the parent company with the Canadian company as a wholly-ownedsubsidiary. 

Our executive offices are located at550 Parkside Drive, Suite A-14, Waterloo, Ontario, Canada N2L 5V4; our telephonenumber is (519) 885-5513. Our website is located at www.turbosonic.com. Theinformation on our website is not part of this annual report. 
**b) 

Our Business 

Introduction**
Our proprietary technology isdesigned to address a wide variety of air pollution control problems forindustries including pulp and paper, wood products, metallurgical (non-ferrousand iron and steel), chemical and mineral processing (including cement), biofuelproduction, industrial/medical and municipal solid waste (MSW) incineration,petrochemical, textiles and power generation. We are actively pursuingopportunities related to the production of alternative fuels as cellulosicethanol, pelletizing, biodiesel and other biofuels processes are developed. Webelieve our products, which are designed to meet the strictest emissionregulations for gaseous and particulate emissions, afford economic and technicaladvantages over competitive air pollution equipment. 

Certain of our products and systemsemploy proprietary nozzles to atomize liquids passing through the nozzles,resulting in the liquid stream being converted into fine droplets. Controllingthe liquid and gas pressures applied to the nozzle can modulate droplet sizesand liquid flow rates. We have sold atomizing nozzles for many years. 

The following table reflects theapproximate percentages of our revenue derived from our principal customercategories during the fiscal years indicated: 
 **Year Ended***Customer Revenue by Industry**June 30,** **2008** **2007**Waste Incineration, including MSW**4%** 4%Chemical and Mineral Processing**20%** 7%Metallurgical Processing**10%** 5%Pulp and Paper**2%** 7%Wood Products**41%** 40%Biofuel Production**9%** 25%Textiles**--%** 5%Petrochemical**9%** 5%Other**5%** 2% **100%** **100%**
U.S. and Canadian customerscollectively accounted for approximately 88% and 91% of our sales during thefiscal years ended June 30, 2008 and 2007, respectively. Revenue derived fromexport sales is transacted in U.S. Dollars and Euro. 

2 
 **Year Ended***Customer Revenue by Geographic Area**June 30,** **2008** **2007**United States**83%** 85%Canada**5%** 6%South and Central America**2%** 1%Europe**6%** 7%Asia**2%** 1%Other**2%** --% **100%** **100%****Scope of Contracts**
We are contractually responsible toour customers for all phases of the design, fabrication and, if included in thescope of our contract, field installation of our products and systems.Successful completion of our contractual obligation is generally determined by aperformance test that is conducted either by our customer or by a customerselected independent testing agency. 

We perform all process engineering,including but not limited to, the determination of the size, geometry andstructural characteristics of the particular system needed for gaseous, mist orparticulate removal, and perform the detailed design of, and developspecifications for, all applicable structural, electrical, mechanical andchemical components of such system. We have sales, project management and fieldservice personnel in remote offices to support local markets. We, historically,have not manufactured or fabricated our own products or systems. Rather, wesubcontract the manufacturing of our components to be incorporated by thirdparty fabricators into our custom designed systems whereon they are theninstalled in the field by local contractors. Our project managers and qualityassurance personnel supervise, and manage all technical, physical and commercialaspects of our contracts to ensure we meet our customers’performance criteria.
**Products and Systems**
We offer a range of products andsystems, incorporating diverse technologies, to address the industrialprocessing, air pollution control and other environmental management needs ofour customers. Besides the design and supply of standalone systems, we oftenintegrate our products and systems into equipment provided by others. Thesealliances facilitate our ability to provide custom-engineered solutions to meetor exceed environmental standards. 
 **Year Ended***Customer Revenue by Primary Products and      Systems**June 30,** **2008** **2007**SoniCoolTM Evaporative Gas Cooling and      Conditioning Systems ***17%** 12%SonicKleenTM Wet Electrostatic Precipitation      Systems (WESP)***43%** 67%Wet Scrubbers and Gas Absorbers ***29%** 15%TurboSorb Semi-dry Scrubber Systems***5%** 3%Other Atomizing Nozzles, Service and Spare      Parts**6%** 3%
(*) Includes Air Pollution Control system      upgrades and spare parts.**100%** **100%**
Our principal products and systemsare described below: 
***SoniCoolTM Evaporative Gas Coolingand Conditioning Systems***
Through the use of our atomizingnozzles, SoniCoolTM Evaporative Gas Cooling and Conditioning Systems accuratelycontrol temperature and humidity of high-temperature gas streams, such as thoseemanating from cement kilns, nonferrous smelters and steel mill Electric ArcFurnaces (EAF) or Basic Oxygen Furnaces (BOF). The result is gas temperaturesthat do not damage equipment and ductwork, smaller gas volumes, and improvedefficiency of downstream air pollution control equipment. 

We are an internationally knownleader in gas cooling and conditioning with hundreds of installations throughoutthe world. 

– 3 – 
***SonicKleenTM Wet ElectrostaticPrecipitation Systems (WESP)***
The SonicKleenTM WESP removessub-micron particulate, heavy metals, dioxins and furans, mists, and fumes fromprocess gas streams. More efficient than scrubbers this system is oftenspecified for power boilers, waste incineration, acid plant gas treatment, biofuel production, power generation, thermal oxidizer pre-cleaning, and otherindustrial process gas streams. It has proven to be reliable and has exceededregulatory targets for performance while retaining operating and maintenancecosts to a minimum. 
***Wet Scrubbers and Gas Absorbers***
The Turbotak Scrubber treatsindustrial process gas streams, removing sub-micron and larger particulate, acidgases, odors, fumes and vapors. Designed with our proprietary atomizing nozzles,the scrubber is able to more effectively remove multiple contaminants thancompeting technologies and operates with low maintenance costs. 

The TurboVenturi Scrubber treatsindustrial process exhaust gas streams primarily for removal of particulate. Thesystem operates by forcing the gas stream across a pressure drop in order togenerate a fine stream of liquid droplets for very high efficiency particulateremoval. This single purpose design is a low capital cost solution for specificapplications. 

Gas absorbers treat industrialprocess gas streams primarily for removal of contaminant gases, including acidgases (SO2, HCl, etc.), where high removal efficiencies are required.Designs include packed-, spray- and tray-type towers and are selected based uponapplication-specific conditions. 
***TurboSorb Semi-Dry Scrubber***
The TurboSorb Semi-Dry Scrubbertreats industrial process gas streams, removing acid gases such as SO2(sulfur dioxide) and HCI (hydrochloric acid). By spraying an alkali reagent, theTurboSorb system can achieve higher removal efficiencies of SO2 andHCl than traditional "dry" scrubbers. Unlike "wet" systems, all water isevaporated resulting, in no liquid waste stream being generated. 

We have a substantial installed baseof hundreds of scrubbers and gas absorbers worldwide. Using patented processesand components we can meet the most rigorous current regulations for limitinggaseous and particulate emissions. 
***Air Pollution Control SystemUpgrades***
Using our atomizing nozzles, venturiscrubber and wet electrostatic precipitator technologies and years of experiencein the air pollution control industry, we are able to retrofit existing airpollution control equipment to consistently improve performance. An equipmentupgrade is significantly less expensive than purchasing new equipment. Ourengineers will assess an existing system and propose an upgrade solution wherepractical. 
***Atomizing Nozzles and Spare Parts***
Used in a wide variety of industrialapplications, our Turbotak atomizing nozzles atomize liquids to extremely smalldroplets. The nozzles feature a two-phase design for superior control overdroplet size and distribution pattern. The nozzles range from single-orifice tomulti-orifice designs which makes them ideal for evaporative gas cooling, spraydrying, wet and semi-dry scrubbing, performance enhancement of air pollutioncontrol systems, as well as combustion and incineration. Other nozzle designs weoffer generate very low flow rates that make them ideal for applications such asdust suppression and humidification. 

Our nozzles are extremely popular andare sold as parts to other suppliers in the industry. We incorporate thesenozzles into our air pollution control systems to meet superior performancecriteria. 

Given the extreme conditions underwhich industrial process and air pollution control systems operate, there is anongoing requirement for maintenance and replacement parts. We offer specializedfield service, replacement parts and retrofit components. 
**Contractual Liabilities**
Our standard contractual terms withrespect to the sale of our products and systems disclaim any liability forconsequential or indirect losses or damages stemming from any failure of ourproducts or systems or any of their components. We customarily seek contractualindemnification from our subcontractors for any loss, damage or claim arisingfrom the subcontractor’s failure of performance, negligence or malfeasance. Itis possible, however, that a customer’s inability to comply with applicablepollution control laws or regulations stemming from the failure ornon-performance of our products or systems may result in an attempt to subjectus to liability for any fines imposed upon such customer by governmentalregulatory authorities or for damages asserted to have been incurred by anythird party adversely affected thereby. 

– 4 – 
**Marketing and Sales**
Our marketing efforts are technicalin nature and currently involve our senior management and technicalprofessionals, who may be supported by independent sales representatives. Asignificant portion of our sales are made through the recommendation ofengineering firms who are often engaged in complete plant installations orupgrades. Our independent sales representatives assist us in identifyingopportunities and serve as liaison between us and our customers during the salesprocess. We select sales representatives based upon industry reputation, priorsales performance, product knowledge and territorial coverage, among othercriteria. Our contractual arrangements with 18 current independent salesrepresentatives are territory and product specific, and the continuity of sucharrangements is subject to performance criteria. None of these representativeshave authority to execute contracts on our behalf. 

Technical inquiries received frompotential customers are referred to our sales and engineering personnel whojointly prepare either a budget for the customers’ future planning or a salesquotation. The period between initial customer contact and issuance of apurchase order varies widely, but is generally between 6 and 24 months. 

We seek to obtain repeat businessfrom our customers, although we do not depend upon any single customer tomaintain our level of activity from year to year; however, one or more differentcustomers may be expected to account for greater than 10% of our net revenues inany consecutive twelve month period. 
 **Year Ended***Significant Customer Revenue**June 30,** **2008** **2007**Top 3 customers for the year**35%** 59%One repeat customer in top 3 for the past 2      years**9%** 16%**Backlog**
Backlog represents unfilled customerorders for our products and services. Additions to backlog are recorded with asigned sales contract. As work proceeds on the contract, the applicablepercentage of completion is converted from backlog to revenue recognition. Thebacklog balance represents committed work yet to be completed. 

Our business is driven by regulatorylaw and compliance, product life cycles, new plant developments, competitivepressures, and other economic factors affecting the capital goods market. Ourbacklog and revenues will fluctuate significantly in response to these factors.
 **Year Ended** **June 30,** **2008** **2007**Backlog, balance at**$5,700,000** $3,300,000**Product Development**
We have an ongoing program for thedevelopment and commercialization of new industrial processing and air pollutioncontrol products, systems and technologies, and the enhancement of existingproducts and systems. We believe that these investments will contributesignificantly to our future growth. 
 **Year Ended** **June 30,** **2008** **2007**Expenditures for research and development,      net of customer and government support, if applicable**$149,637** $432,298**Proprietary Protection**
We rely on a combination of patents,trade- and service-marks, trade secrets and know-how to protect our proprietarytechnology and rights. We own or have licensed rights to over 24 internationalpatents and patents pending relating to a variety of air pollution controlapplications. 

We have registered service-marks ortrademarks in the United States and certain foreign countries for severalidentifying names which we use with our products and systems including SoniCore®,Dry Fog® and TurboSOx®. 

– 5 – 
**Suppliers and Subcontractors**
We have historically relied on thirdparties to manufacture and fabricate our products and to supply parts andcomponents for our systems in accordance with our specifications and wesupervise subcontractors for equipment installation when included in our scopeof work. Throughout our markets, we have many vendors from which to choose, bothpre-qualified or those with whom we have direct experience. Given the number ofmanufacturers, fabricators and subcontractors which we utilize and theavailability of alternative sources, we do not believe that the loss of ourrelationship with any one firm would have a material adverse effect on ourbusiness. 

**Government Regulation**
Stringent environmental laws havebeen enacted in the United States and other nations in response to publicconcern about the environment. The need to comply with these laws creates demandfor our products. The Federal Clean Air Act, federal, state and localregulations which implement it and the enforcement of these laws and regulationslargely determine the level of expenditures that customers will make to limitemissions from their facilities. 

The market for our air pollutioncontrol products and systems is directly dependent upon the existence andenforcement of laws and regulations that limit the release of pollutants intothe atmosphere and impose substantial penalties for noncompliance. Governmentscan change environmental regulations at any time, which could have positive ornegative effects upon our future revenues and prospects of profitability. TheU.S. Environmental Protection Agency ("EPA") is currently seeking to tightencertain emission standards, thereby forcing a number of industries to adopttechnologies, such as WESPs, in order to meet emissions targets that moretraditional technologies, such as scrubbers, will not be able to meeteffectively. Court challenges to the implementation of the National EmissionStandards for Hazardous Air Pollutants ("NESHAP") in the United States markethas delayed order placement by companies intending to be compliant. Thestandards set by the EPA under NESHAP for a particular source category (such as(i) plywood and composite wood and (ii) boilers and process heaters) is known asMaximum Achievable Control Technology ("MACT") standards. Plants subject to WoodMACT rules are now operating under an October 2008 compliance deadline. NewBoiler MACT rules in the US market for industrial steam and power generation areexpected to be in force in 2009, with a three-year compliance time frame. The EUis enforcing emission regulations based on the latest standards developed byindustry, requiring industrial emitters to install and operate emission controlequipment. Similarly, other international jurisdictions are implementing,tightening and enforcing regional industrial emission regulations requiringindustrial entities to install and operate emission control equipment. 
**Competition**
We face substantial competition ineach of our principal markets and throughout our product line from numerouscompetitors. Price is the predominate competitive factor but we promote ourengineering and technological expertise, quality of our products, systems andservice, our reputation for performance, and our ability to negotiateresponsible contracts. We believe customers award us contracts on varyingcombinations of these factors. 
**Employees**
Our employees are generally longserving, technically qualified and performance driven. We encourage a teamculture of expertise. 

As of June 30, 2008, we employed 41full time persons and 2 part-time persons, including 5 engineers, 11salespersons, and 15 technical support persons. None of our employees arerepresented by a labor union. We believe that our relationship with ouremployees is satisfactory. 
**Financial Information about Foreignand Domestic Operations and Export Sales**
A table of Customer Revenues byGeographic Area is set forth above under "Our Business – Introduction". 

We have an office in Milan Italy tomanage our business relative to sales opportunities in Europe and otherinternational locations. 

Foreign transactions are conducted inCanadian dollars, US dollars or Euro to accommodate customers and all reportingis prepared in US dollars. As a result, fluctuations in currency exchange ratesmay affect operating results. To mitigate currency exposure we attempt tocontract outsourcing, where practical, in the same currency as the salescontract. We did not participate in foreign exchange hedging activities duringthe fiscal year ended June 30, 2008. 

– 6 – 
**ITEM 1A: RISK FACTORS**
Forward-looking statements in thisreport, including without limitation, statements relating to our plans,strategies, objectives, expectations, intentions and adequacy of resources, aremade pursuant to the safe-harbor provisions of the Private Securities LitigationReform Act of 1995. Readers are cautioned that such forward-looking statementsinvolve risks and uncertainties that could cause actual results to differmaterially from historical results or those we anticipate. Such risks anduncertainties include, among others, the following: 
**We are dependent on environmentalregulation. The market for our air pollution control products and systems isdirectly dependent upon the existence and enforcement of laws and regulations,which limit the release of pollutants into the atmosphere and impose substantialpenalties for non-compliance. Stringent enforcement of these laws andregulations may increase the attractiveness of, and demand for our products andservices, whereas lax enforcement and/or repeal in whole or in part may have theopposite effect. 
**Our revenue is concentrated among afew customers who vary from year to year. Sales to our top three customersaccounted for 35% of our net revenues in the fiscal year ended June 30, 2008 and59% in 2007. One was a repeat customer accounting for 9% in 2008, as compared to16% in 2007. Our inability to retain or replace these customers on an annualbasis could materially and adversely affect future revenue and profitability.
**Our proprietary technology and rightshave limited protection. We rely on a combination of patents, trade andservice marks, trade secrets and know-how to protect our proprietary technologyand rights. There can be no assurance that our patents will not be infringedupon, that we would have adequate remedies for any such infringement, or thatour trade secrets will not otherwise become known to or independently developedby competitors. There can also be no assurance that any patents now or hereafterissued to, licensed by or applied for by us will be upheld, if challenged, orthat the protections afforded thereby will not be circumvented by others.Litigation may be necessary to defend our proprietary rights, which would resultin significant cost to us and a diversion of effort of our personnel. 
**Our foreign sales are subject tocertain inherent risks. Approximately 12% and 9%, respectively, of ourrevenues during the fiscal years ended June 30, 2008 and 2007 were derived fromsales made outside of North America. Foreign sales are subject to certaininherent risks, including unexpected changes in political, regulatory and otherlegal requirements, tariffs and other trade barriers, regional economicconditions and business practices, greater difficulty in collection of accountsreceivable, foreign exchange fluctuations and potentially adverse taxconsequences. There can be no assurance that these factors will not have anadverse impact on our future foreign sales and, consequently, on our operatingresults. 
**Permitting delays may cause extendeddelay or cancellation of one or more of our large projects. Some of ourprojects require permits to be issued by one or more governmental agencies priorto the commencement of both construction and operation. Issuance of such permitscould be delayed by political and other considerations. Permitting delays couldcause extended delay or cancellation of one or more of our large projects, whichwould adversely impact our future revenues. 
**Since we do not manufacture orfabricate our own products or systems, we are dependent on the services of thirdparty manufacturers and fabricators. We do not manufacture or fabricate ourown products or systems, relying instead upon the services of third partymanufacturers and fabricators. We also do not engage in the field constructionof our systems but rely on field construction subcontractors operating under thesupervision of our own employees. The unavailability of the services of, or asubstantial increase in pricing by a significant number of, these manufacturers,fabricators or subcontractors could adversely affect us. 
**The markets for environmental controlproducts are very competitive. The markets for environmental controlproducts are characterized by substantial competition based primarily onengineering and technological expertise and quality of service. Becausevirtually all contracts for our products and systems are obtained throughcompetitive bidding, price is also a competitive factor and may be the mostsignificant factor in certain instances. Although we believe that we compete onthe basis of our technical expertise and reputation for service, there can be noassurance that we will maintain our competitive position in our principalmarkets. 
**Fixed price contracts expose us tolosses in the event of cost overruns. Our receipt of a fixed price contractas a consequence of being the lowest competitive bidder carries the inherentrisk that our actual performance costs may exceed the estimates upon which ourbid for such contract was based. To the extent that contract performance costsexceed projected costs, our profitability could be materially adverselyaffected. 

– 7 – 
**Adverse economic conditions may causecustomers to delay or terminate contracts. Due to a number of factorsincluding adverse market conditions, fixed price contracts may be delayed orterminated by customers. Although we are typically protected by contractualterms that will address the cost implications of these events, any such delaysmay have a material impact on our contract revenue and therefore ourprofitability in a given fiscal period. 
**ITEM 1B:UNRESOLVEDSTAFFCOMMENTS
NONE.
ITEM 2:PROPERTIES
TurboSonic occupies the followingfacilities: 
**Location****Use****Sq. Ft.****Annual Rent****Lease Expires**
Waterloo, Ontario, Canada
Executive, administration,12,400$104,100July 2013
 
sales, engineering, project management   
Parsippany, New Jersey, USA
Sales & engineering640$14,200August 2009
Raleigh, North Carolina, USA
Project management1,000$10,800November 2009
Milan, Italy
Sales & project management975$18,000January 2013**ITEM 3: LEGAL PROCEEDINGS**
Please refer to Note 11(b) to our ConsolidatedFinancial Statements. 
**ITEM 4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**
No matters were submitted for a vote to our securityholders during the fourth quarter of our fiscal year ended June 30, 2008. 

– 8 – 
**PART II 

ITEM 5: MARKET FOR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUERPURCHASES OF EQUITY SECURITIES**
Our Common Stock is quoted on the OTC Bulletin Board under the symbol "TSTA".

The following table sets forth the range of the bid quotations for our CommonStock for the periods shown, as furnished by The Nasdaq Stock Market. 
  **Common Stock (1)**  **High** **Low**Fiscal Year Ended June 30,      2008:    First Quarter$1.360 $0.900 Second Quarter$1.370 $0.710 Third Quarter$0.830 $0.520 Fourth Quarter$0.660 $0.450     Fiscal Year Ended June 30,      2007:    First Quarter$1.750 $1.010 Second Quarter$1.420 $0.850 Third Quarter$1.540 $0.990 Fourth Quarter$1.290 $0.940*(1)**The above      quotations represent prices between dealers and do not include retail mark      up, markdown or commissions. They do not necessarily represent actual      transactions* 
As of June 30, 2008, there were 371 holders of record andapproximately 1,130 beneficial holders of the Common Stock. This number ofbeneficial holders represents the number of actual holders of our Common Stock,including an estimate of the beneficial owners of shares held in "nominee" or"street" name. 

We do not anticipate paying any cash dividends in the foreseeable future, asit is the current policy of our Board of Directors to retain any earnings tofinance our future operations and expand our business. 
**ITEM 6: SELECTED FINANCIAL DATA**
The following table sets forth selected financial data forthe last three fiscal years. This selected financial data is derived from ourConsolidated Financial Statements as filed on this Form 10-K for 2008, and fromthe prior year Form 10-KSB for years 2007 and 2006. 
**Selected      Financial Data** **2008****2007****2006**Revenue$14,268,284$22,893,353$16,047,140Net (Loss) Income($662,994)$1,281,462$815,850% Return on sales(4.6%)5.6%5.1%Working capital$2,861,501$3,455,180$2,276,455Current Ratio1.72:12.51:11.42:1Shareholders Equity$4,350,080$4,788,778$3,066,740% Return on shareholders equity(15.2%)26.8%26.6%Basic weighted average number of shares15,130,05414,933,08713,505,474Diluted weighted average number of shares15,130,05415,055,74814,039,339Diluted (loss) earnings on weighted average      number of shares($0.04)$0.09$0.06
– 9 – 
**ITEM 7: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIALCONDITION AND RESULTS OF OPERATIONS 
*The following discussion should be read in conjunction withour Consolidated Financial Statements and related notes. The purpose of thediscussion and analysis is to enhance the understanding and evaluation of ourresults of operations, financial position, liquidity and capital resources, andother key financial information.*
Overview**
TurboSonic Technologies, Inc. designs and supplies airpollution control technologies to industrial customers worldwide. We believe ourproducts, which are designed to meet the strictest emission regulations forgaseous and particulate emissions, afford economic and technical advantages overcompetitive air pollution equipment. We currently have two reportable businesssegments – OEM systems and Aftermarket. 

Initiatives for an improved environment are on worldwidegrassroots and political agendas. We believe that the increasing demand for thereduction and control of industrial air pollutants will both improve theenvironment and drive our growth over the long term. We also believe that we arecontributing significantly to the "greening" of the production process bymitigating its environmental impact. Our products are enabling customers toreduce energy consumption, operating costs, and their carbon footprint fromCO2 emissions. Growth of the biofuels market is expected to continue asthe demand for "carbon-neutral" alternatives to non-renewable fuels increases.We are actively pursuing opportunities related to the production of alternativefuels as cellulosic ethanol, pelletizing, biodiesel and other biofuels processesare developed. 

Sales are frequently attained through the recommendation ofengineering firms who are often engaged in complete plant installations orupgrades. Other sales opportunities are sourced directly with the end user byour independent sales representatives or by our internal sales team. We havesales, project management and field service personnel in remote offices tosupport local markets. 

Our leading edge technology and strong project managementperformance contribute significantly to our strategy of building long-termloyalty and growth through customer satisfaction. This allows us to serve thedemanding requirements of multinational firms that we believe can provide aseries of opportunities over many years. 

We perform all process engineering and the detailed designand specifications for all applicable structural, electrical, mechanical andchemical components of such system. We subcontract the manufacturing of designs.When customer contracts include installation we subcontract the service. Ourproject managers and quality assurance personnel supervise, and manage allaspects of our contracts to ensure we meet the performance criteria, as agreedwith our customers. 

We conduct business in Canadian, US and European currency toaccommodate customers and mitigate our exchange risk through matching the salescurrency with the supplier currency where practical. We do not engage in hedgingactivities and do not consider the company significantly exposed to exchangefluctuations. 
**Forward-Looking Statements**
Forward-looking statements in this report, including withoutlimitation, statements relating to our plans, strategies, objectives,expectations, intentions and adequacy of resources, are made pursuant to thesafe-harbor provisions of the Private Securities Litigation Reform Act of 1995.Readers are cautioned that such forward-looking statements involve risks anduncertainties that could cause actual results to differ materially fromhistorical results or those we anticipate. We refer to "Item 1A: Risk Factors"as well as other factors discussed in this annual report. Our statements arebased upon information known to us as of the date of this annual report, and weassume no obligation to update or alter our forward-looking statements withinthis annual report, whether as a result of new information, future events orotherwise, except when required by applicable federal securities laws. 
**Critical Accounting Policies and Estimates**
Discussion of our financial condition and results ofoperation is an analysis of our Consolidated Financial Statements, which havebeen prepared in accordance with accounting principles generally accepted in theUnited States of America ("GAAP"), consistently applied. The preparation ofthese Consolidated Financial Statements requires our management to makeestimates and assumptions that affect the reported amounts of assets,liabilities, revenues, expenses, and related contingent assets and liabilities.We continually evaluate our estimates, including those related to equipmentsupply contracts, intangible assets, bad debts, inventories, warrantyobligations, income taxes, contingencies and litigation. We base our estimateson historical experience and on various other factors that are believed to bereasonable under the circumstances. Actual results may differ from theseestimates. 

We believe the following critical accounting policies affectthe more significant judgements and estimates used in the preparation of ourConsolidated Financial Statements: 

– 10 – 
***Revenue Recognition***
We derive revenue from long-term contracts which requireperformance [i.e., design, fabricate, install, commission and test] over a timespan which may extend beyond one or more accounting periods. For long-termcontracts, we employ two methods of recognition – the percentage of completionmethod for virtually all of such projects being undertaken, and the completedcontract method for contracts with significant uncertainty, such as the use ofnew technology. Aftermarket revenue is recorded when products are shipped,services are performed or billings rendered, which approximate actualperformance. 

The percentage-of-completion is determined by best availableengineering estimates by our project managers. Engineering progress is measuredin time relative to the overall project design time, valued at standard rates.Fabrication progress is determined by the degree of completeness in valuerelative to the project plan. When included in the scope of the work,installation progress is based upon work completed relative to the installationscope. Monthly revenue recognition reflects the summary degree of completenessbased upon review of the above elements and further validated by review andconsensus by the project manager, quality inspectors, and the constructionadvisor, if applicable. When the current estimated costs to complete indicate aloss, such losses are recognized immediately for accounting purposes. 

At June 30, 2008, the net position of contracts in process isadvance payments of $1,278,470 compared to 2007 with an investment of $679,242.These amounts include gross costs and accrued income, which is netted againstbillings and progress payments. If the conditions of work to be performedchange, or the estimated costs are not accurately projected, the gross profitfrom construction-type contracts may vary significantly in future periods. Forexample, a one percent variance in our estimate of costs as of June 30, 2008 onall open fixed-price contracts would impact our pre-tax income from productsales and services by $280,000. 
***Goodwill***
Goodwill represents the excess of purchase price over fairvalue at the time of the combination of Turbotak Technologies Inc. and SonicEnvironmental Systems, Inc. into TurboSonic Technologies, Inc. in 1997. 

We assess the impairment of goodwill annually or wheneverbusiness circumstances indicate that the carrying value of the long-livedintangible asset on our balance sheet may not be recoverable, in whole or part.Our impairment review considers: 
-  significant underperformance relative to expected  historical or projected future operating results; significant changes in the manner of our use of the  acquired assets or the strategy for our overall business; significant negative industry or economic trends; and significant decline in our stock price for a sustained  period, and our market capitalization relative to net book value. 
An annual test was completed at April 1, 2008 for theAftermarket business segment, as required by SFAS No. 142. It was concluded thatthere was no impairment of goodwill value for the year ended June 30, 2008. 
***Income Taxes and Tax ValuationAllowances***
We record the estimated future tax effects of temporarydifferences between the tax basis of assets and liabilities and amounts reportedin our Consolidated Balance Sheet, as well as operating loss and tax creditcarryforwards. Future realization of deferred tax assets ultimately depends onthe existence of sufficient taxable income of the appropriate character (forexample, ordinary income or capital gain) within the carryback or carryforwardperiods available under the tax law. We regularly review our deferred tax assetsfor recoverability based on historical taxable income, projected future taxableincome, the expected timing of the reversals of existing temporary differencesand tax planning strategies. We have not made any material changes in themethodologies used to determine our tax valuation allowances during the past twofiscal years. 

Our Consolidated Balance Sheet as of June 30, 2008 includes anon-current deferred tax asset of $774,959. This compares with a non-currentdeferred tax asset of $461,729 as of June 30, 2007. For all jurisdictions forwhich we have net deferred tax assets, we expect that our existing levels ofpre-tax earnings are sufficient to generate the amount of future taxable incomeneeded to realize these tax assets. Although we make every reasonable effort toensure the accuracy of our deferred tax assets, if we continue to operate at aloss in certain jurisdictions or are unable to generate sufficient futuretaxable income, or if there is a material change in the actual effective taxrates or time period within which the underlying temporary differences becometaxable or deductible, or if the potential impact of tax planning strategieschanges, we could be required to increase the valuation allowance against all ora significant portion of our deferred tax assets resulting in a substantialincrease in our effective tax rate and a material adverse impact on ouroperating results. 

– 11 – 
**Results of Operation**
The US wood products market has comprised a significantcomponent of our revenue for the fiscal years ended June 30, 2005 through 2008.During the past 12 months, our bookings have been negatively impacted by twoissues within the US wood products market. Firstly, as a consequence of thesub-prime mortgage crisis in the US housing market, construction has declinedand the demand for and price of products such as oriented-strand board (OSB)have fallen dramatically. Further, many plans for new plant construction havebeen delayed or canceled. 

Secondly, court challenges to the implementation of theNational Emission Standards for Hazardous Air Pollutants ("NESHAP") in theUnited States market has delayed order placement by companies intending to becompliant. The standards set by the EPA under NESHAP for a particular sourcecategory (such as (i) plywood and composite wood and (ii) boilers and processheaters) is known as Maximum Achievable Control Technology ("MACT") standards.Plants subject to Wood MACT rules are now operating under an October 2008compliance deadline, which did result in several OEM equipment orders in thesecond half of the 2008 fiscal year. New Boiler MACT rules in the US market forindustrial steam and power generation are expected to be in force in 2009, witha three-year compliance time frame. We believe we are well positioned for thismarket as we have a significant base of reference installations. 

We entered into several new equipment contracts in the secondhalf of our fiscal year totaling $9.25 million, despite a downturn in severalindustries. A growing number of these contracts are for upgrades to previousevaporative gas cooling and wet electrostatic precipitator installationssupplied by our competitors. The lower capital requirements for upgradingexisting equipment over replacement with new equipment is expected to continueto have a positive impact on our revenues. Of note, our evaporative gas coolingsystem sales are primarily driven by process considerations and not byregulations alone. Significant savings in operating cost and reduced maintenancehave been reported as a consequence of using our proprietary designs. 

We established an office in Milan, Italy in 2007 to diversifyour market reach beyond North American economic and market cycles. Opportunitiescontinue to grow in this market as a result of EU anti-pollution rules. 

Order backlog has been building steadily since December 2007,enabling a profitable fourth quarter for 2008 and providing a strong start tofiscal 2009. 

– 12 – 
***12 MONTH COMPARATIVE INCOME STATEMENTS AT JUNE 30, 2008 AND2007*** **2008
 **2007
 **Increase (Decrease) 
 
%
 
%
 
%Contract revenue & sales
 
 
 
 
 
 
OEM systems
$10,448,994
73%
$18,663,338
82%($8,214,344)(44%)
Aftermarket parts & retrofits
$3,819,290
27%
$4,230,015
18%($410,725)(10%) 
$14,268,284
100%
$22,893,353
100%($8,625,069)(38%)Contract costs & cost of sales
 
 
 
 
 
 
OEM systems
$8,516,319
60%
$15,611,359
68%($7,095,040)(45%)
Aftermarket parts & retrofits
$2,187,158
15%
$2,448,145
11%($260,987)(11%) 
$10,703,477
75%
$18,059,504
79%($7,356,027)(41%)Gross margin
 
 
 
 
 
 
OEM systems
$1,932,675
14%
$3,051,979
13%($1,119,304)(37%)
Aftermarket parts & retrofits
$1,632,132
11%
$1,781,870
8%($149,738)(8%) 
$3,564,807
25%
$4,833,849
21%($1,269,042)(26%)Expenses:
 
 
 
 
 
 
Selling, general & administrative
$4,262,917
30%
$3,542,868
15%
$720,049
20%
Research & development costs
$149,637
1%
$432,298
2%($282,661)(65%)
Depreciation
$185,927
1%
$161,153
1%
$24,774
15% 
$4,598,481
32%
$4,136,319
18%
$462,162
11% 
 
 
 
 
 
 (Loss) Income from operations($1,033,674)(7%)
$697,530
3%($1,731,204)(248%) 
 
 
 
 
 
 Other (Income) Expense
 
 
 
 
 
 
Interest, net($55,706)
0%($141,683)(1%)
$85,977(61%) ($55,706)
0%($141,683)(1%)
$85,977(1%) 
 
 
 
 
 
 Income before taxes (EBT)($977,968)(7%)
$839,213
4%($1,817,181)
21%
(Recovery of) income taxes($314,974)(2%)($442,249)(2%)
$127,275(29%) 
 
 
 
 
 
 Net (loss) income($662,994)(5%)
$1,281,462
6%($1,944,456)(152%)
OEM systems revenue decreased 44% over the prior year dueprimarily to decreased product sales for Wet Electrostatic Precipitators (WESP)and wet scrubbers to the wood product industry (50% of decrease), due to theon-going housing crisis, and to the biofuel industry (50% of decrease), due totiming of orders received. Although we continue to make sales into theseindustries, we expect OEM systems sales to the biofuel industry to increase inthe coming year with sales to the wood industry remaining static based on thecurrent market prices for their products. The Cost of Sales for OEM systemsdecreased 45% over the prior year, which reflects the reduced volume and ahigher gross margin achievement of 1% compared to fiscal 2007. 

Gross margin on OEM systems in fiscal 2008 was 18% and infiscal 2007 was 16%, based on specific contract experience relative to thecompetitive nature of the bidding process for each contract. 

Aftermarket revenues decreased 10% over the prior year duemostly to decreased evaporative cooling component orders and shipments in fiscal2008, as the result of timing of orders received. We expect that the decrease inevaporative cooling component orders in fiscal 2008 to be only temporary. TheCost of Sales for Aftermarket products decreased 11%, but achieved increasedmargins of 43% in fiscal 2008 compared to 42% in fiscal 2007. This change wasdue to improved cost control by project management. 

Gross margin on Aftermarket revenue in fiscal 2008 was 43%and in fiscal 2007 was 42%. 

The gross margin contribution from OEM systems in fiscal 2008declined 37% over fiscal 2007, and Aftermarket gross margin contributions infiscal 2008 declined 8% over fiscal 2007. This is due to the change in mix ofrevenues and cost of sales between the reporting segments. 

Selling, general and administrative expenses increased$720,049 (20%) in fiscal 2008. This increase is represented by changes in thefollowing: salaries and benefits $203,679(+28%), bad debt expense $34,952(+5%),consulting fees $47,747(+7%), European office expenses $149,009 (+21%) and theforeign exchange impact of Canadian-denominated expenses relative to the prioryear $284,466(+40%). The increased salaries and benefits are attributable to thehiring of additional sales staff for spare parts and for augmented sales effortsin western North America. As a percentage of total revenue, selling, general andadministrative expenses were 30% in fiscal 2008 and 15% in fiscal 2007. 

The decrease of $282,661 in research and development costs isprimarily due to the substantial completion of the WESP technology upgrades inthe current year. 

– 13 – 

Income before taxes decreased by $1,817,181 year over year,after recognizing a fourth quarter fiscal 2008 income before taxes of $346,930versus a loss before taxes of $7,141 in fiscal 2007. This full year resultreflects the lower revenue markets and higher selling, general andadministrative expenses experienced in fiscal 2008. The decrease of $85,977 ininterest earned is due to the lower cash balances experienced in fiscal 2008versus those of fiscal 2007. 

Income tax recovery for fiscal 2008 was $314,974 compared toan income tax recovery of $442,249 in 2007. The fiscal 2008 tax recovery relatesto recognition of an increase of the Canadian deferred tax asset of $361,763, adecrease in the US deferred tax asset of $46,571, and current US tax expense of$218, as discussed in note 13 to the Consolidated Financial Statements. Thefiscal 2007 tax recovery compares to increases in deferred tax assets in the USof $429,849 and in Canada of $31,872, together with Canadian tax recovery of$24,928 and US tax expense of $44,400. 

The foreign currency translation adjustment reflects theexchange values for Canadian dollar and Euro accounts on the balance sheetconverted to US dollars. The statement of comprehensive income reflects changein the carrying value of these accounts $102,599 during fiscal 2008 while theshareholders’ equity carries the cumulative value of currency exchange forbalance sheet accounts. 
**Liquidity and Capital Resources 

Liquidity and Capital Resources****Cash Summary****2008** **2007**Cash (applied to) provided by   
Operations
$696,289
 ($3,109,795)
Purchase of equipment
($17,179)
 ($242,277)
Insurance proceeds - Inventory$30,264     $-- 
Repayment of capital leases($10,338)
 ($4,727)
Proceeds from issuance of common shares
$--
 
$248,650
Foreign currency translation of cash
$38,435
 
$54,216Net cash (applied) provided during the year
$737,471
 ($3,053,933)Cash beginning of the year
$2,452,710
 
$5,506,643Cash end of year
$3,190,181
 
$2,452,710 
 
 
 **Working Capital Summary**
 
 
 Current assets
$6,815,215
 
$5,739,157Current liabilities
$3,953,714
 
$2,283,977
Net working capital
$2,861,501
 
$3,455,180
Current ratio
1.72:1
 
2.51:1 
 
 
 **Summary of Contracts in Process**
 
 
 Contract value completed and to be invoiced
$1,011,625
 
$1,367,777Contract advances invoiced($2,290,095)
 ($688,535)
Net contracts in process($1,278,470)
 
$679,242 
 
 
 **Contract Backlog**
 
 
 Contract value to be recognized as revenue
$5,700,000
 
$3,300,000
In fiscal 2008, operations provided $696,289 in cash comparedto fiscal 2007 when operations drew $3,109,795 in cash. The drawdown of cash in2007 was from contracts that had been paid in advance the prior year. Theworking capital position diminished in 2008 from $3,455,180 to $2,861,501 andthe current ratio decreased from 2.51:1to 1.72:1. 

Our contract payment terms provide for funding theprogression of work to the point of delivery. A final holdback amount is oftendependent on commissioning, specified performance criteria or a fixed time ofoperations. At any point in time, the contracts in process with costs thatexceed invoicing may exceed the contracts that have been invoiced in advance ofperformance. At June 30, 2008, the net position of contracts in process isadvance payments of $1,278,470 compared to June 30, 2007 with an investment of$679,242. 

During 2008, we arranged a credit facility with a majorCanadian bank for a total of CAD 4.25 million. This facility includes a demandoperating line of CAD 1.5 million secured by our receivables, a demand creditfor standby letters of credit for CAD 2.0 million secured by a general securityagreement and guarantees where provided by Export Development Canada, on afee-for-service basis, plus a demand credit for foreign exchange contracts forCAD 750,000. At June 30, 2008 we had standby letters of credit for approximately$448,288 in place with various customers in order to receive cash proceeds aheadof customer-specified milestones. There were no drawdowns against the operatingor foreign exchange credit lines at June 30, 2008. 

– 14 – 

Our backlog as at June 30, 2008 was approximately $5,700,000,compared to the June 30, 2007 backlog of $3,300,000. There is no assurance thatbacklog will be replicated, increased or transferred into higher revenues forthe future. 

In summary, the company has no debt and has sufficientcapital resources to support anticipated operations through fiscal 2009. We dohave outstanding standby letters of credit (L/C) within our credit facilitytotaling $448,288 at June 30, 2008. These standby L/C’s have been exchanged withour clients for early release of funds under advance payment or holdback termsof payment, as provided under the terms of the applicable purchaseorder/contract. 
**ITEM 7A: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUTMARKET RISK**
Foreign transactions are conducted in Canadian dollars, USdollars or Euro to accommodate customers and all reporting is prepared in USdollars. As a result, fluctuations in currency exchange rates may affectoperating results. We do not engage in trading market risk sensitive instrumentsand do not purchase hedging instruments or "other than trading" instruments thatare likely to expose us to market risk, whether interest rate, foreign currencyexchange, commodity price or equity price risk. We have not entered into forwardor future contracts, purchased options or entered into swaps. . To mitigatecurrency exposure the company attempts to contract outsourcing, where practical,in the same currency as the sales contract or with fabricators where the all-incosts, including currency, are most favorable. We are currently not using anybank borrowing facility, other than outstanding standby letters of credittotaling $448,288 at June 30, 2008, that could subject us to the risk ofinterest rate fluctuations. 
**ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**
Reference is made to pages F-1 through F-19 comprising aportion of this Annual Report on Form 10-K. 
**ITEM 9: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ONACCOUNTING AND FINANCIAL DISCLOSURE**
Effective January 29, 2008, the public accounting practice ofMintz & Partners LLP ("Mintz"), the independent accounting firm who audited ourconsolidated financial statements for our fiscal years ending June 30, 2007,2006 and 2005, was acquired by Deloitte & Touche LLP ("Deloitte") and will becarrying on business as Deloitte. As a consequence, our future audit opinionswill be provided by Deloitte. Previously issued audit opinions will bere-issued, and consents to include previously issued Mintz opinions inSecurities and Exchange Commission filings will be provided by Mintz. Mintz,with the consent of Deloitte, has therefore resigned as our independentaccounting firm of record on January 29, 2008. 

Mintz’s report on the financial statements for the yearsended June 30, 2007 and 2006 did not contain an adverse opinion or disclaimer ofopinion, and was not modified as to uncertainty, audit scope, or accountingprinciple. 

The resignation was approved by our board of directors andour audit committee. 

There were no disagreements with Mintz, whether or notresolved, on any matter of accounting principles or practices, financialstatement disclosure, or auditing scope or procedure, which, if not resolved toMintz's satisfaction, would have caused it to make reference to the subjectmatter of the disagreement in connection with its report. 

We did not consult with Deloitte regarding the application ofaccounting principles to a specific completed or contemplated transaction, orthe type of opinion that might be rendered on our financial statements and wedid not obtain written or oral advice in reaching a decision as to accounting,auditing or financial reporting issues. 
**ITEM 9A: CONTROLS AND PROCEDURES 
Our management has carried out an evaluation, with theparticipation of our Chief Executive Officer and Chief Financial Officer, of theeffectiveness of our disclosure controls and procedures (as defined in Rule13a-15 (e) under the Securities Exchange Act of 1934) as of June 30, 2008. Basedupon that evaluation, our Chief Executive Officer and Chief Financial Officerconcluded that our disclosure controls and procedures were effective as of June30, 2008. 

There has not been any change in our internal control overfinancial reporting that occurred during the quarter ended June 30, 2008 thathas materially affected, or is reasonably likely to materially affect, ourinternal control over financial reporting. 
**Management's Report on Internal Control Over FinancialReporting**
Our management is responsible for establishing andmaintaining adequate internal control over financial reporting. Internal controlover financial reporting is defined in Rules 13a-15(f) and 15d-15(f) under theExchange Act as a process designed by, or under the supervision of our principalexecutive and principal financial officers and effected by our board ofdirectors, management and other personnel to provide reasonable assuranceregarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally acceptedaccounting principles and includes those policies and procedures that: (i)pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of our company;(ii) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles, and that receipts and expenditures of our company arebeing made only in accordance with authorizations of our management anddirectors; and (iii) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition, use or disposition of our assets thatcould have a material effect on the financial statements. 

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Because of its inherent limitations, internal control overfinancial reporting may not prevent or detect misstatements. Also, projectionsof any evaluation of effectiveness to future periods are subject to the risksthat controls may become inadequate because of changes in conditions, or thatthe degree of compliance with the policies or procedures may deteriorate.

 Management assessed the effectiveness of our internalcontrol over financial reporting as of June 30, 2008. In making this assessment,management used the criteria set forth by the Committee of SponsoringOrganizations of the Treadway Commission (COSO) in Internal Control-IntegratedFramework. Based on this assessment, management determined that, as of June 30,2008, our internal control over financial reporting was effective. 

This annual report does not include an attestation report ofour registered public accounting firm regarding internal control over financialreporting. Management's report was not subject to attestation by our registeredpublic accounting firm pursuant to temporary rules of the Securities andExchange Commission that permit us to provide only management's report in thisannual report. 
**ITEM 9B: OTHER INFORMATION**
On September 22, 2008, we issued a press release announcingour financial results for the year ended June 30, 2008. A copy of the pressrelease is being furnished as Exhibit 99.1 to this report and incorporatedherein by reference. 

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**PART III 

ITEM 10: DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**
Our executive officers and directors are as follows: 
**Name****Age****Positions and Offices**Andrew T. Meikle45Chairman of the BoardEdward F. Spink54Chief Executive Officer and DirectorEgbert Q. van Everdingen47President, Secretary-Treasurer and DirectorCarl A. Young66Chief Financial OfficerRichard H. Hurd71DirectorDr. Donald R. Spink, Sr.85DirectorJulien J. Hradecky50DirectorGlen O. Wright59DirectorKen Kivenko66DirectorRobert A. Allan66Vice President EngineeringDavid J. Hobson60Vice President Finance &AdministrationRichard C. Gimpel60Vice President Marketing & Sales**Andrew T. Meikle, P.Eng., has been a director of ourcompany since December 2005. He was appointed Chairman of the Board on December11, 2007. Mr. Meikle, a member of the Professional Engineers of Ontario, is thefounder of Meikle Automation, established in 1994, and has since then held theposition of President and Chief Executive Officer. Meikle Automation, employsover 350 people in seven divisions across Canada, the US and Mexico with annualsales in excess of CAD 50 million. 

**Edward Spink,** Chief Executive Officer and Director,has completed 24 years as a Senior Executive with us and has participated in thedevelopment of our company and our technology. He served as Chairman of theBoard of Directors from June 1999 to December 2007. He has been instrumental inthe expansion of product lines and the development of our intellectual propertybase and has authored, participated and directed numerous patents. 

**Egbert Q. van Everdingen** has served as our President,Secretary-Treasurer and as a director, since June 2006. From August 2003 untilJune 2006, he was Executive Vice President, with responsibility for all sales,marketing, design and project engineering. Prior thereto and from August 1997,Mr. van Everdingen served as our Vice President Marketing & Sales, Air PollutionControl Systems. Prior thereto and from 1986, he served as project manager andin various product development, sales and marketing positions with Turbotak. 

**Carl A. Young**, **CA**., has served as our ChiefFinancial officer on a part-time basis since October 2006. A CharteredAccountant, he has been the owner and president of 602536 Ontario Ltd., amanagement services company, since 1984. From 1989 to 1998, he was president andowner of Mentor Dynamics Inc., which designed, manufactured and installed custommaterial handling equipment and industrial overhead cranes, and ProvincialInternational Cranes Inc., which designed and contracted out fabrication ofindustrial and shipyard cranes to international markets. Since 1999 through hismanagement services company, Mr. Young has provided interim CFO, Director ofFinance, VP of Finance and other business consulting services to a number ofclients.**Richard H. Hurd served as Presidentfrom August 1993 to August 1997 and Treasurer from April 1994 to August 1997 ofSonic Environmental Systems, Inc., the predecessor to our company. He has been adirector since February 1993 and currently serves as our audit committeechairperson. Mr. Hurd has been President and sole owner of RHB Capital CompanyInc., a financial consulting company since 1987. He also acts as a SpecialAssistant to the Treasurer of the State of New Jersey. 

**Dr. Donald R. Spink, Sr**. served as ourChairman of the Board of Directors from August 27, 1997 until June 15, 1999. Hecontinues to serve as a director and has agreed to provide us with technicaladvice. Prior thereto and from 1976 he was founder, President and Chairman ofTurbotak. 
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**Julien J. Hradecky, P.Eng., has been a director of ourcompany since December 9, 2004. A member of the Professional Engineers ofOntario, Mr. Hradecky, has served since 1991 as Chief Executive Officer of R&JEngineering Corporation, a world leader in the manufacture of pharmaceuticalhard gelatin capsule production machinery and related equipment. Since 1994, Mr.Hradecky has served as Secretary and as a director of Meikle Automation Inc., amajor manufacturer of industrial automation systems, and in 2007 was electedChairman of the Board of Directors. He is also the President of Epicenter Inc.,a private investment company with a broad range of holdings. Mr. Hradecky serveson two other Boards of Directors: Tacit Research Corporation, a private US-basedinvestment research company, and the Rotary Club of Kitchener-Conestoga. 

**Glen O. Wright** has been a director of our companysince December 2005. Mr. Wright founded Wright, Mogg and Associates Ltd., apension and benefits consulting firm and served as its Chief Executive Officerfrom 1980 to 1986, and its Chairperson and Chief Executive Officer until 1996.It was sold in 2000 to Cowan Insurance Group and he continued as Chairman of theCowan Insurance Group until October 2002. He served as the Chairman of theWorkplace Safety and Insurance Board in Ontario from June 1996 to February 2004and served as Chairman of Hydro One, the agency responsible for electrictransmission in Ontario from June 2002 to May 2003. Since February 2004, he hasbeen working on a number of consulting projects through GPark Consulting Ltd.,of which he is President. He is currently a director of PrinterOn Corporationand LeanCor Logistics LLC, and was formerly a director for the Institute forWork and Health, Gore Mutual Insurance and the Canadian BroadcastingCorporation, a member of the Wilfrid Laurier University Foundation and a memberof the Council for Canadian Unity. 

**Ken Kivenko, P.Eng.,**has been a director of ourcompany since****February 2007. Mr. Kivenko, a member of the ProfessionalEngineers of Ontario, is the founder and President of Kenmar Consulting. Kenmaracts as a private consultant in the areas of strategic planning, Total Quality,financing and governance, and was established in January 2001. Prior thereto, hewas President and CEO of NBS Technologies, a supplier of credit and ID cards andcard personalization equipment, from June 1995 to December 2000. He currentlyserves on the board of RDM Corporation (HR/Compensation committee and Chair ofDisclosure Committee). He is the Advisory Committee Chairman for the SmallInvestor Protection Association in Canada, a member of the board of the NationalQuality Institute and is a member of the Ontario Securities CommissionContinuous Disclosure Advisory Committee. 

**Robert A. Allan**, **P.Eng.,** has served as our VicePresident Engineering since August 27, 1997, and joined Turbotak as Manager ofEngineering in 1990. Prior thereto and from 1979, he was a Manager ofEngineering with Joy Technologies Canada, an air pollution control company.Prior to 1979 and from 1972, he was a technical advisor with Flakt Canada,specifically on pollution control processes. He also held various senior projectmanagement and engineering positions in Quebec and Sweden with AB SvenskaFlaktfabriken. He is a professional engineer and holds a Master's degree inMechanical Engineering from the University of Waterloo. 

**David J. Hobson** has served as our Vice PresidentFinance and Administration since August 27, 1997. Prior thereto and from 1996,he held the position of Controller with Turbotak. Mr. Hobson has over thirtyyears of finance and accounting, human resources management and projectmanagement experience in the capital equipment sector, most of it gained in theair pollution control field with a division of Joy Technologies Canada. 

**Richard C. Gimpel** was appointed our Vice President,Marketing and Sales in May 2006. Prior thereto and from 1999, he held theposition of Sales Director for air pollution control systems in the US. Prior tojoining us, he had held a number of senior management positions includingDirector – Industrial Sales with Crowder Construction. He holds degrees inIndustrial Engineering and Criminal Justice. 

Edward Spink is the son of Dr. Donald Spink, Sr. 

All directors hold office until the next annual meeting ofstockholders and the election and qualification of their successors. Executiveofficers are elected annually by the Board of Directors to hold office until thefirst meeting of the Board following the next annual meeting of stockholders oruntil their successors are chosen and qualified. 

Section 16(a) of the Securities Exchange Act of 1934 requiresour directors and executive officers and persons who own beneficially more than10% of our common stock to file reports of ownership and changes in ownership ofsuch common stock with the SEC, and to file copies of such reports with us.Based solely upon a review of the copies of such reports filed with us, webelieve that during the year ended June 30, 2008 such reporting persons compliedwith the filing requirements of said Section 16(a), except that 
-  Dr. Donald R. Spink, Sr., a director  of our company, did not file on a timely basis one Form 4 reflecting one  transaction; Glen O. Wright, a director of our  company, inadvertently did not file on a timely basis one Form 4. 
Each of the delinquent Form 4s were subsequently filed withthe SEC. 

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Our audit committee consists of three directors, Richard H.Hurd as chairperson, Andrew T. Meikle and Ken Kivenko. The Board of Directorshas determined that Messrs. Meikle and Kivenko meet the Nasdaq Marketplace Ruledefinition of "independent" for audit committee purposes and that Mr. Hurd meetsthe general definition of independence for members of the board of directors,but not the definition of "independent" for audit committee purposes as hereceived consulting fees during the fiscal year ended June 30, 2008. The Boardof Directors has also determined that Richard Hurd meets the SEC definition ofan "audit committee financial expert." 

Our Audit Committee has adopted a Code of Ethics applicableto all of our employees, including our Chief Executive Officer, Chief FinancialOfficer, and Vice President Finance, as well as the members of our board ofdirectors. The Code of Ethics was filed as Exhibit 14 to the Form 10-KSB for theyear ended June 30, 2004, and is also posted on the Investor Relations page ofour website at www.turbosonic.com. 

Our compensation committee consists of three directors, GlenO. Wright as chairperson, Julien J. Hradecky and Ken Kivenko. The Board ofDirectors has determined that each member of the Compensation Committee meetsthe Nasdaq general definition of independence for members of the board ofdirectors. 
**ITEM 11: EXECUTIVE COMPENSATION 
*Summary Compensation***
Set forth below is the aggregate compensation for servicesrendered in all capacities to us during our fiscal year ended June 30, 2008 byour chief executive officer and by executive officers receiving annualcompensation exceeding $100,000 during our fiscal year ended June 30, 2008(collectively the "Named Officers"). 

**SUMMARY COMPENSATION TABLE (1)****Name and****Year****Salary****Option****Non-equity****All Other** **Principal Position****Ended** **Awards (2)****Incentive Plan****Compensation****Total** **June 30**  **Compensation (3)**         Edward F. Spink2008$224,284$13,699--$1,477 (4)$239,460Chief Executive Officer2007$178,846$22,900$28,158$3,089 (4)$ 232,993       Egbert Q. van Everdingen,2008$202,265$13,699--$1,969 (4)$217,933President, Secretary-Treasurer2007$156,449$22,900$23,465$3,089 (4)$205,903       Carl A. Young2008$111,785------$111,785Chief Financial Officer2007$ 54,821------$ 54,821       Richard C. Gimpel,2008$112,924$ 2,749$ 4,035$16,991 (5)$136,699VP – Marketing & Sales2007$120,000$ 8,750--$89,398 (5)$218,148  *1)**No bonus awards were made except for bonus    awards under Non-Equity Incentive Plan Compensation. We have no pension or    deferred compensation plans to which we contribute.**2)**This column represents the dollar amount    recognized for financial statement reporting purposes with respect to the    2008 fiscal year for the fair value of option awards granted in fiscal 2007    and 2008, in accordance with SFAS 123R. Pursuant to SEC rules, the amounts    shown exclude the impact of estimated forfeitures related to service- based    vesting conditions. The fair value of the option award was calculated using    the closing price of our common stock on the date of grant. For additional    information, refer to note 12 of our financial statements in the Form 10-K    for the year ended June 30, 2008. Amounts in this column reflect our    accounting expense for these awards and do not correspond to the actual    value that will be recognized by the named executive officers.**3)**Amounts in this column represent a    discretionary bonuses approved by our Board of Directors in fiscal 2008 and    2007 for the named executive officers.**4)**This represents directors fees received    during the corresponding fiscal year.**5)**This represents commission paid on orders    received prior to fiscal 2007.*
The recognized stock-based compensation expense listed asOption Awards for Mr. Spink in the above Summary Compensation table was derivedfrom option awards made on January 5, 2007 at an exercise price of $1.10 pershare, receiving 15,000 options as our Chief Executive Officer and 20,000options as director and Chairman of the Board, together with an award of 20,000options as a director made on December 11, 2007 at an exercise price of $0.84.

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The recognized stock-based compensation expense listed asOption Awards for Mr. van Everdingen in the above Summary Compensation table wasderived from option awards made on January 5, 2007 at an exercise price of $1.10per share, receiving 15,000 options as our President and Secretary-Treasurer and20,000 options as a director, together with an award of 20,000 options as adirector made on December 11, 2007 at an exercise price of $0.84. 

The recognized stock-based compensation expense listed asOption Awards for Mr. Gimpel in the above Summary Compensation Expense table wasderived from an option award made on January 5, 2007 at an exercise price of$1.10 per share. 

The options reflected in the above Summary Compensation tableas having been granted to Messrs. Spink and van Everdingen, in their respectivecapacities as members of our board were immediately exercisable upon their grantdate. The options reflected therein as having been granted to Messrs. Spink, vanEverdingen and Gimpel, in their respective capacities as employees will notbecome exercisable prior to January 5, 2010. 

None of our current executive officers are employed pursuantto an employment agreement. 
***Outstanding Equity Awards at June 30, 2008*** **Number of Shares****Number of Shares**   **Underlying****Underlying****Exercise****Expiration** **Unexercised Options****Unexercised Options****Price****Date** **Exercisable****Unexercisable (1)**       Edward F. Spink12,500--$0.2812/11/2008 35,000--$0.7510/31/2010 20,00015,000$1.101/05/2012 20,000--$0.8412/11/2015     Egbert Q. van Everdingen15,000--$0.7510/31/2010 20,00015,000$1.101/05/2012 20,000--$0.8412/11/2015     Richard C. Gimpel5,000 $0.7510/31/2010 --12,500$1.101/05/2012     *1) Options vest on January 5, 2010.***Compensation of Directors*** **Fees Earned or**    **Paid in Cash****Option Awards (1)****All Other Compensation****Total**     Donald R. Spink$11,815$10,400$ --$ 22,215Julien J. Hradecky$11,815$10,400$ --$ 22,215Richard R. Hurd$12,800$10,400$ 14,004 (2)$ 37,204Ken Kivenko$12,307$ 10,400$ --$ 22,707Andrew T. Meikle$12,800$ 10,400$ --$ 23,200Glen O. Wright$12,307$ 10,400$ --$ 22,707  *1)**This column represents the    dollar amount recognized for financial statement reporting purposes with    respect to the 2008 fiscal year for the fair value of option awards granted    in fiscal 2008, in accordance with SFAS 123R. Pursuant to SEC rules, the    amounts shown exclude the impact of estimated forfeitures related to    service-based vesting  conditions. The fair value of the option award    was calculated using the closing price of our common stock on the date of    grant. For additional information, refer to note 12 of our financial    statements in the Form 10-K for the year ended June 30, 2008. See the Grants    of Plan-Based Awards Table below for information on stock awards made in    2008. Amounts in this column reflect our accounting expense for these awards    and do not correspond to the actual value that will be recognized by the    directors.**2)**This represents consulting    fees paid for advisory services provided to our executive officers in fiscal    2008.*
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During the fiscal year ended June 30, 2008, all of ourdirectors were each paid $500 (CAD for all board members, except Mr. Hurd who isin USD) for each board meeting attended and our non-executive directors werepaid $2,500 per quarter and $250 for each committee meeting attended. All of ourdirectors are periodically granted stock options, typically on a yearly basis.Non-executive directors receive reimbursement of out-of-pocket expenses incurredfor each board meeting or committee meeting attended. During the fiscal yearended June 30, 2008, there was a grant of 20,000 options to each director, whichvested immediately, had an exercise price of $0.84 and an expiry date ofDecember 11, 2015. 
**ITEM 12: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT ANDRELATED STOCKHOLDER MATTERS**
The following table sets forth, as of September 15, 2008 theshares of our common stock beneficially owned by each person who, to ourknowledge, is the holder of 5% or more of our common stock, by each of ourdirectors, by the Named Officers and by all of our executive officers anddirectors as a group. 
**Name and Address of    Beneficial Owner or Identity or** **Number of    Shares** **Approximate Percentage****Group*** **Beneficially Owned (1)** **of Class**Dr. Donald R. Spink, Sr. 1,353,070 
(3) (4) 8.3%Edward F. Spink 1,176,968 
(2) (5) 7.2%Egbert Q. van Everdingen 366,120 
(2) (6) 2.2%Richard H. Hurd 106,673 
(4) **Julien J. Hradecky 244,423 
(4) 1.5%Glen O. Wright 60,000 
(4) **Andrew T. Meikle 60,000 
(4) **Ken Kivenko 47,000 
(7) **Richard C. Gimpel 35,625 
(8) **Heartland Advisors, Inc.(10) 1,250,000
  7.6%Bard Associates, Inc. (11) 1,544,475
  9.4%All Executive Officers and Directors as a    group (12 persons) 3,624,290 
(9) 22.1%  (*)Unless otherwise indicated, address of each    person is c/o TurboSonic Technologies, Inc. 550 Parkside Drive, Suite A-14,    Waterloo, Ontario, N2L 5V4, Canada.(**)Less than 1%.(1)Unless otherwise indicated, all persons named    below have sole voting and investment power over listed shares.(2)Includes shares of TurboSonic Canada Inc., a    wholly owned subsidiary of our company, which by their terms are convertible    at any time into a like number of shares of Common Stock of our company ("TurboSonic    Canada Shares").(3)Includes 792,609 TurboSonic Canada Shares    owned by Canadian numbered corporation, over which shares Dr. Spink    exercises voting control.(4)Includes 60,000 shares issuable upon exercise    of vested options.(5)Includes 87,500 shares issuable upon exercise    of vested options.(6)Includes 55,000 shares issuable upon exercise    of vested options(7)Includes 40,000 shares issuable upon exercise    of vested options.(8)Includes 5,000 shares issuable upon exercise    of vested options.(9)Includes 567,500 shares issuable upon    exercise of vested options.(10)Pursuant to a Schedule 13G filed on February    8, 2008, Heartland Advisors, Inc., an investment adviser, and William J.    Nasgovitz have shared power to direct the disposition of, and the vote of,    1,250,000 shares. The address of the beneficial owner is 789 North Water    St., Milwaukee, WI 53202.(11)Pursuant to a Schedule 13G filed on February    8, 2008, Bard Associates, Inc. , an investment adviser, has the sole power    to direct the disposition of 1,544,475 shares and the sole power to direct    the vote of 125,000 shares. The address of the beneficial owner is 135 South    LaSalle St., Suite 2320, Chicago, IL 60603.
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**Securities Authorized for Issuance Under Equity Compensation Plans:**
The following table provides information as of June 30, 2008 about our equitycompensation plans: 
 **Number of Securities to****Weighted Average –**  **be Issued upon Exercise****Exercise Price of****Number of Securities** **of Outstanding Options,****Outstanding Options,****Remaining Available****Plan Category****Warrants and Rights****Warrants and Rights****for Future Issuance**    Equity compensation plans approved by    security holders: -   
- 2008 Stock Plan160,000$ 0.8400640,000Equity compensation plans approved by    security holders: -   
- 2003 Stock Plan442,500$ 1.005150,000Equity compensation plans not approved by    security holders:   
- 2000 Stock Plan147,999$0.710341,688     **750,499****$0.9184****731,688**
We instituted the 2000 Stock Plan [the "2000 Plan"] with theexpress purpose of encouraging key employees, as well as other individuals whorender services to us, by affording such persons with opportunities toparticipate in equity ownership of our company. The 2000 Plan provides for thegrant of non-qualified options, stock awards and stock purchase rights.Collectively, these are referred to as stock rights. 

The 2000 Plan, adopted by us on February 9, 2000, isadministered by the Board of Directors, which determines to whom such stockrights may be granted, at which times the stock rights shall be granted and thetime or times when each option shall become exercisable and the duration of theexercise period. The exercise price per each non-qualified option granted underthe 2000 Plan shall be not less than the fair market value per share of commonstock on the date of such grant. The stock, subject to stock rights, shall beauthorized but unissued shares of our common stock or shares of common stockreacquired by us in any manner. The aggregate number of shares that may beissued, pursuant to the 2000 Plan, is 937,500, of which 147,999 have beengranted and remain outstanding, and 747,813 have been granted and exercised. 
**ITEM 13: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTORINDEPENDENCE**
Our Board of Directors has determined that Andrew T. Meikle,Richard H. Hurd, Julien J. Hradecky, Glen O. Wright and Ken Kivenko, whocollectively constitute a majority of the members of our board of directors,each meets the general independence criteria set forth in the Nasdaq MarketplaceRules. 

There has not been any transaction since July 1, 2007, and there are nocurrently proposed transactions, between us and any "related person" as definedin the rules of the SEC in which the amount involved exceeds $120,000. 

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**ITEM 14:PRINCIPALACCOUNTANTFEESANDSERVICES
Fees for professional services provided by our principal independent auditorsin each of the last two fiscal years, in each of the following categories are asfollows: 
**Fees billed by Deloitte & Touche LLP:****2008****2007**
Audit fees**$****80,143**$--
Audit-related fees**$****6,431**$--
Tax fees**$****--**$--
All other fees**$****16,029****$****--**      **$****102,603****$****--**     **Fees billed by Mintz & Partners LLP:****2008****2007**
Audit fees**$****--**$74,142
Audit-related fees**$****--**$--
Tax fees**$****7,322**$ 5,575
All other fees**$****8,014**$28,877      **$****15,336**$108,594
Audit fees services include fees associated with the annualaudit, assistance with and review of documents filed with the Securities andExchange Commission. Audit-related fees principally consist of audit-relatedconsultation. Tax fees include tax compliance and tax consultations. All otherfees include quarterly reviews of our 10-QSB filings and general accountingconsultations. 

The audit committee has adopted a policy that requiresadvance approval of all audit, audit-related, tax and other services performedby the independent auditor. The policy provides for pre-approval by the auditcommittee of specifically defined audit and non-audit services. Unless thespecific service has been previously pre-approved with respect to that year, theaudit committee must approve the permitted service before the independentauditor is engaged to perform it. 
**Change of Auditor**
Effective January 29, 2008, the public accounting practice ofMintz & Partners LLP ("Mintz"), our independent accountant who audited theconsolidated financial statements for our fiscal years ending June 30, 2007,2006 and 2005 was acquired by Deloitte & Touche LLP ("Deloitte"). 

Our future audit opinions will be provided by Deloitte. 

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**PART IV 

ITEM 15: EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**
The following exhibits, which are numbered inaccordance with Item 601 of Regulation S-K, are filed herewith or, as noted,incorporated by reference herein: 
**Exhibit Number****Exhibit Description**  3.1Certificate of Incorporation of TurboSonic      Technologies (1)3.2Certificate of Amendment of Certificate of      Incorporation of TurboSonic Technologies (2)3.3Certificate of Correction of Certificate of      Amendment of TurboSonic Technologies (3)3.4Certificate of Designation, Number, Powers,      Preferences and Relative, Participating, Optional, and other Special      Rights and the Qualifications, Limitations, Restrictions, and other      distinguishing characteristics of Special Voting Preferred Stock (2).3.5By-laws, as amended, of TurboSonic      Technologies (2)4.1Form of certificate evidencing share of      common stock (2)10.1 *2000 Stock Plan (4)10.2 *2003 Stock Plan (5)10.3*2008 Stock Plan (6)10.4Securities Purchase Agreement dated April      21, 2006 among ourselves and two institutional investors, inclusive of      Exhibit A and B thereto, being, respectively, a Registration Rights      Agreement among ourselves and such investors and a form of Common Stock      Purchase Warrant (7)10.5Letter Agreement dated January 14, 2008 by      and between TurboSonic Inc. and Canadian Imperial Bank of Commerce (8)10.6Security Agreement dated April 21, 2008 by      and between TurboSonic Inc. and Canadian Imperial Bank of Commerce (8)10.7Security Agreement dated April 21, 2008 by      and between TurboSonic Technologies and Canadian Imperial Bank of Commerce      (8)10.8Guaranty dated as of April 21, 2008 by and      between TurboSonic Technologies and Canadian Imperial Bank of Commerce (8)14.1Code of Ethics (7)21.1Subsidiaries of TurboSonic Technologies23.1Consent of Mintz & Partners LLP23.2Consent of Deloitte & Touche LLP31.1Rule 13a-14(a)/15d-14(a) Certifications32.1Section 1350 Certifications99.1Full Year Operating Results Press Release      issued September 22, 2008  ** Compensatory Plan  *(1)**Filed on April 9, 1993, as an exhibit to    our Registration Statement on Form S-1 (File Number 33-60856) and    incorporated herein by reference.**(2)**Filed on November 18, 1997 as an exhibit    to our Annual Report on Form 10-KSB for the fiscal year ended April 30, 1996    and incorporated herein by reference.**(3)**Filed on September 30, 2002 as an exhibit    to our Annual Report on Form 10-KSB for the fiscal year ended June 30, 2002    and incorporated herein by reference.**(4)**Filed on March 19, 2001 as an exhibit to    our Registration Statement on Form S-8 (File Number 333-57248) and    incorporated herein by reference.**(5)**Filed on November 12, 2002 as an exhibit    to our proxy statement for the 2002 annual meeting, and incorporated herein    by reference.**(6)**Filed on November 6, 2007 as an exhibit to    our proxy statement for the 2007 annual meeting, and incorporated herein by    reference.**(7)**Filed on April 25, 2006 as an exhibit to    our Current Report on Form 8-K dated April 24, 2006 and incorporated herein    by reference.**(8)**Filed on July 25, 2008 as an exhibit to    our Current Report on Form 8-K dated June 27, 2008 and incorporated herein    by reference*
– 24 – 
**REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS**
To the Board of Directors and Stockholders of TurboSonic Technologies, Inc. 

We have audited the accompanying consolidated balance sheetof TurboSonic Technologies, Inc. and its subsidiaries (the "Company") as of June30, 2008, and the related consolidated statements of income and comprehensiveincome, stockholders’ equity, and cash flows for the year ended June 30, 2008.These financial statements are the responsibility of the Company’s management.Our responsibility is to express an opinion on the financial statements based onour audit. The consolidated financial statements of the Company as at and forthe year ended June 30, 2007 were audited by Mintz & Partners LLP who expressedan opinion without reservation on those statements in their report datedSeptember 19, 2007. 

We conducted our audit in accordance with the standards ofthe Public Company Accounting Oversight Board (United States). Those standardsrequire that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement. The Companyis not required to have, nor were we engaged to perform, an audit of itsinternal control over financial reporting. Our audit included consideration ofinternal control over financial reporting as a basis for designing auditprocedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the Company’s internal controlover financial reporting. Accordingly, we express no such opinion. An audit alsoincludes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements, assessing the accounting principlesused and significant estimates made by management, as well as evaluating theoverall financial statement presentation. We believe that our audit provides areasonable basis for our opinion. 

In our opinion, such consolidated financial statementspresent fairly, in all material respects, the financial position of TurboSonicTechnologies, Inc. and its subsidiaries as of June 30, 2008, and the results oftheir operations and their cash flows for the year ended June 30, 2008, inconformity with accounting principles generally accepted in the United States ofAmerica. 

/s/ Deloitte & Touche, LLP Independent Registered Chartered Accountants Licensed Public Accountants Toronto, Canada September 16, 2008 

F-1 
**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of **TurboSonic Technologies, Inc.**

We have audited the accompanying consolidated balance sheetof **TurboSonic Technologies, Inc.****and Subsidiaries** as of June 30,2007 and the related consolidated statements of income and comprehensive income,shareholders’ equity and cash flows for the year then ended. These consolidatedfinancial statements are the responsibility of the Company’s management. Ourresponsibility is to express an opinion on these consolidated financialstatements based on our audit. 

We conducted our audit in accordance with the standards ofthe Public Company Accounting Oversight Board (United States). Those standardsrequire that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement. An auditincludes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, as wellas evaluating the overall financial statement presentation. We believe that ouraudit provides a reasonable basis for our opinion. 

In our opinion, the consolidated financial statementsreferred to above present fairly, in all material respects, the financialposition of TurboSonic Technologies, Inc. and Subsidiaries as of June 30, 2007,and the results of their operations and their cash flows for the year thenended, in conformity with accounting principles generally accepted in the UnitedStates. 

/s/ Mintz & Partners LLP Chartered Accountants Licensed Public Accountants Toronto, Canada September 19, 2007 

F-2 
**TURBOSONIC    TECHNOLOGIES, INC. AND SUBSIDIARIES*****Incorporated Under the Laws of    Delaware, United States*****CONSOLIDATED BALANCE SHEETS**As at June 30
[expressed in United States dollars] 
 
  
 
  **2008**2007 **$**$ 
 
 **ASSETS**
 
 **Current**
 
 Cash and cash    equivalents**3,190,181
2,452,710Accounts receivable    *[note 4]***2,209,979
1,605,489Retentions receivable**188,193
67,120Inventories *[note    5]***118,437
127,135Deferred contract    costs and unbilled revenue *[note 6]***1,011,625
1,367,777Income taxes    recoverable**17,302**--Other current assets**79,498
118,926**Total current assets****6,815,215
5,739,157Property and equipment**,**less accumulated depreciation
 
 and amortization *[note 7]***311,342
479,120Goodwill *[note 8]***398,897
398,897Deferred income taxes    *[note 13]***774,959
461,729Other assets**13,916
13,897 **1,499,114
1,353,643**Total assets****8,314,329
7,092,800 
 
 **LIABILITIES AND    SHAREHOLDERS’ EQUITY**
 
 **Current**
 
 Accounts payable**1,119,082
1,105,013Accrued charges *[note 9]***534,164
459,565Long-term debt,    current portion *[note 10]***10,373
9,741Income taxes payable**--
21,123Unearned revenue and contract advances *[note 6]***2,290,095
688,535**Total current liabilities****3,953,714
2,283,977Long term debt *[note 10]***10,535
20,045 **3,964,249
2,304,022Commitments and contingencies *[note 11]*
 
 **Shareholders’    equity***[note 12]*
 
 Share capital
 
 Authorized
 
 30,000,000 
common shares, par value $0.10    per share
 
 1,500 
preferred shares, no par value
 
 Issued 
 
 14,289,950 
common shares [2007 – 12,601,950]
 
 840,104 
common shares reserved for the    conversion of
 
  
the subsidiary’s Class B    exchangeable shares
 
  
[2007 – 2,528,104]**2,549,446
2,549,446Additional paid-in capital**3,517,998
3,396,301 **6,067,444
5,945,747Accumulated other    comprehensive income**592,577
489,978Accumulated deficit**(2,309,941)**(1,646,947)**Total shareholders’ equity****4,350,080
4,788,778**Total liabilities and shareholders’ equity****8,314,329
7,092,800 
 
 *See accompanying    notes*
 
 
F-3 
**TURBOSONIC    TECHNOLOGIES, INC. AND SUBSIDIARIES*****Incorporated Under the Laws of    Delaware, United States*****CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME**Years ended June 30
[expressed in United States dollars] 
 
  
 
  **2008**2007 **$**$ 
 
 **CONTRACT REVENUE AND SALES**
 
 OEM systems revenue**10,448,994
18,663,338Aftermarket revenue**3,819,290
4,230,015 **14,268,284
22,893,353 
 
 **CONTRACT COSTS AND COST OF SALES**
 
 OEM systems contract costs and costs of sales**8,516,319
15,611,359Aftermarket contract costs and cost of sales**2,187,158
2,448,145 **10,703,477
18,059,504**Gross margin****3,564,807
4,833,849 
 
 **EXPENSES**
 
 Selling, general and administrative**4,262,917
3,542,868Research and development expense *[note 14]***149,637
432,298Depreciation and amortization**185,927
161,153 **4,598,481
4,136,319 
 
 (Loss) income from operations**(1,033,674)**
697,530Interest income**55,837
144,278Interest (expense)**(131)**(2,595)(Loss) income before provision for income taxes**(977,968)**
839,213(Recovery of) income taxes *[note 13]***(314,974)**(442,249)**Net (loss) income****(662,994)**
1,281,462Other comprehensive income:
 
 
Foreign currency translation adjustment**102,599
87,316**Comprehensive (loss) income****(560,395)**
1,368,778 
 
 **Basic (loss) earnings per share***[note 15]***($0.04)**
$0.09**Diluted (loss) earnings per share***[note 15]***($0.04)**
$0.09 
 
 Basic weighted average number of shares *[note 15]***15,130,054
14,933,087Diluted weighted average number of shares *[note 15]***15,130,054
15,055,748 
 
 *See accompanying notes*
 
 
F-4 
**TURBOSONIC    TECHNOLOGIES, INC. AND SUBSIDIARIES*****Incorporated Under the Laws of    Delaware, United States*****CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY**Years ended June 30   [expressed in    United States dollars]                          **Accumulated**  **Common shares****Additional** **other****Total** **[Note 12]****paid-in****Accumulated****comprehensive****shareholders’** **Shares****Amount****capital****deficit****Income****equity** **#****$****$****$****$****$**       **Balance – June 30, 2006**
14,538,178
2,490,258
3,102,229(2,928,409)
402,662
3,066,740Net income
—
—
—
1,281,462
—
1,281,462Stock-based compensation
 
 
 
 
 
 *[note 12]
—
—
120,819
—
—
120,819Translation adjustment
—
—
—
—
87,316
87,316Issuance of shares *[note 12]*
591,876
59,188
173,253
—
—
232,441 
 
 
 
 
 
 **Balance – June 30, 2007**
15,130,054
2,549,446
3,396,301(1,646,947)
489,978
4,788,778Net (loss)
—
—
—**(662,994)**
—**(662,994)**Stock-based compensation
 
 
 
 
 
 *[note 12]
—
—**121,697
—
—**121,697Translation adjustment
—
—
—
—**102,599**102,599 
 
 
 
 
 
 **Balance – June 30, 2008****15,130,054
**2,549,446****3,517,998**(2,309,941)****592,577**4,350,080       *See accompanying notes*      
F-5 
**TURBOSONIC    TECHNOLOGIES, INC. AND SUBSIDIARIES*****Incorporated Under the Laws of    Delaware, United States*****CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended June 30
[expressed in United States dollars] 
 
  
 
  **2008**2007 **$**$ 
 
 **OPERATING ACTIVITIES**
 
 Net (loss) income**(662,994)**
1,281,462**************************************************************************************************************************************************************************************************** |