About TurboChef. Forward-Looking Statements

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1 TurboChef Reports Results for Second Quarter 2006 Cites Strong Momentum in Commercial Oven Business, Sees Increasing Revenues in Q3 and Q4; Significant Progress Cited Regarding Residential Oven Atlanta, Georgia, August 8, 2006 TurboChef Technologies, Inc. (NASDAQ: OVEN) today reported financial results for the three and six months ended June 30, Significant Items: Total revenue for the second quarter was $10.5 million, a sequential increase of 10%. Revenue from non-subway customers was $5.9 million for the second quarter, an increase of 10% over the prior quarter and 5% over the year ago quarter. Gross margins of 31% for the quarter reflects the benefit of recently implemented price increases. A significant improvement in margins on oven sales is, at present, being mitigated by negative margins on the Company s 2005 extended warranty program. Continued margin improvement is expected as price increases are now fully in effect and as the obligations under the 2005 extended warranty program expire and are replaced by an updated 2006 program which should result in a positive contribution to margins. The Company sees growing momentum in its commercial business, and the Company s non- Subway business continues to show steady and increased growth. Revenues from non-subway customers have grown from $3.4 million in 2003 to $6.4 million in 2004 to $22 million in 2005 and are expected to be in a range of $30-34 million in The Company expects to provide its initial revenue guidance on the 2007 commercial business when it reports third quarter results. Subway is on track to purchase approximately 4,000 ovens this year as it continues to open new freestanding outlets worldwide, establishes locations within Wal-Mart stores and expands menu items. The Company continues to execute the plans for its 30 Double Wall Speedcook Oven recently introduced at the 2006 Kitchen and Bath Industry Show (K/BIS) in Chicago. The Company has arrangements in place with a proven and experienced manufacturing partner. The Company also is completing the process of securing certain quality and safety certifications from a well-respected rating agency. The Company anticipates initial consumer availability of the oven for Fall The residential oven will be positioned as a superpremium, exclusive cooking device and sold through leading dealers and retail outlets. With the growing momentum in sales to commercial customers, the anticipated commercial business order flow for the balance of 2006 and the Company s strong balance sheet, the Company believes that the residential launch will be completed from existing cash resources. At June 30, cash and cash equivalents stood at $28 million and the Company continues to expect that it will finish 2006 in a strong cash position.

2 Financial Review For the three months ended June 30, 2006, total revenue was $10.5 million compared with $10.8 million in the year ago quarter. As a percentage of total revenue, cost of product sales for the quarter was 69.3% as compared with 69.6% for the first quarter of 2006 and as compared with 88.7% for the year ago quarter, which included a $2.8 million increase in the Company s warranty reserve. The positive improvement sequentially in cost of product sales statistics reflects the benefits of recently implemented price increases; including those to contract customers in full effect in June of the current quarter. The aggregate effects of these price adjustments have led to a significant improvement in overall margins on ovens. For the three months ended June 30, 2006, overall margins on sales of ovens, parts and consumable items were approximately 38% as compared with 30% for the preceding quarter and 34% for the year ago quarter (exclusive of the $2.8 million increase in the Company s warranty reserve.) This positive improvement in overall oven margins is, at present, mitigated by negative margins on the Company s 2005 extended warranty program. Also as compared with the year ago quarter, cost of product sales continues to be impacted by price pressures on certain materials and component parts as well as increased freight and handling charges. The Company expects that the recently implemented price increases combined with the new 2006 Warranty Program will lead to improved margins. Selling, general and administrative expenses for the quarter were approximately $833,000 greater than the year ago quarter and approximately $493,000 greater than the sequential quarter. These increases are primarily related to marketing costs incurred in connection with the residential launch (notably the costs of participation in the K/BIS trade show in April) which totaled approximately $1.0 million for the quarter and approximately $1.5 million to date. Increased marketing costs in the second quarter were partially offset by reductions in other general and administrative expenses for the commercial business and by reductions in legal and litigation costs. The Company reported a net loss of $5.0 million or $0.17 per share for the second quarter of 2006 as compared with a net loss of $5.9 million or $0.21 per share for the year ago quarter. Richard Perlman, Chairman of TurboChef said, We are very pleased with the progress TurboChef made this quarter. We see growing momentum in the commercial business and anticipate a continuing revenue ramp in both the 2006 third and fourth quarters year over year, and most importantly, sequentially. With our improving gross margins, we are excited about the performance of the commercial business and its prospects for 2007 and beyond. Jim Price, Chief Executive Officer of TurboChef added, We have made great progress toward the launch of our residential oven over the last quarter. Key to that effort has been ensuring a streamlined supply chain that will allow timely delivery of the various component parts that comprise the oven and that will allow the manufacture of the oven to proceed as smoothly as possible. We also have finalized our go-to-market strategy and will sell directly to premium dealers and retail outlets. We believe this is the right model for TurboChef, allowing us to more carefully control the brand s presence, how the oven is marketed and the quality of the cooking demonstrations. We also have concluded that this is the best economic model for TurboChef and that the consumer will have the best buying experience with this go-to-market approach. Training and establishment of programs for in-store demonstrations will be a key part of the initial rollout.

3 About TurboChef TurboChef Technologies, Inc. is a leading provider of equipment, technology and services focused on the high-speed preparation of food products for the worldwide commercial primary cooking equipment market and is developing equipment for residential markets through the application of its high-speed cooking technologies. TurboChef s user-friendly speed cook ovens employ proprietary combinations of heating technologies to cook a variety of food products at speeds faster than, and to quality standards that it believes are comparable or superior to, that of conventional heating methods. A partial list of commercial customers includes Aramark, Compass Group, Disney, Donato's Pizza, Eurest Dining Services, Harrah's/Caesar's/Grand Casinos, Hilton, HMS Host, Holiday Inn Express, Kwik Trip, Lowes Cineplex Entertainment, Sheetz, Sodexho Health Care, Spoleto, Starbucks Coffee, Starwood Hotels, Subway, and Telepizza. The address of TurboChef s principal executive offices is Six Concourse Parkway, Suite 1900, Atlanta, GA Visit TurboChef at TurboChef will be hosting a conference call to discuss its results on Tuesday August 8, 2006, at 4:45 p.m. EDT. To join the conference call, please dial (800) (access code: ) or access the audio feed through a webcast link on our website at International callers, please dial: (access code: ). A replay of the conference call will be available through our website or by calling or and using the same access code For more information, contact: James A. Cochran Chief Financial Officer TurboChef Technologies, Inc. Six Concourse Parkway Suite 1900 Atlanta, Georgia (678) Forward-Looking Statements Certain statements in this release, and other written or oral statements made by or on behalf of TurboChef, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, guidance, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. These forward-looking statements are subject to a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, the following: the uncertainty of market acceptance and demand for the Company s products, the ability to obtain additional financing necessary to expand operations, the uncertainty of consumer acceptance of new products or technologies that may be offered by TurboChef, the dependence on a limited number of customers, relationships with and dependence on third-party equipment manufacturers and suppliers, impact of competitive products and pricing and other risks detailed in the Company s filings with the Securities and Exchange Commission. The words looking forward, believe, expect, likely, should and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only for the date the statement was made. TurboChef Technologies, Inc. undertakes no obligation to publicly update any forward-looking statements, whether as a result of future events, new information or otherwise.

4 TURBOCHEF TECHNOLOGIES, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) Three Months Ended June 30, Six Months Ended June 30, Revenues: Product sales $ 10,165 $ 10,233 $ 19,272 $ 29,953 Royalties and services ,200 Total revenues 10,494 10,750 20,030 31,153 Costs and expenses: Cost of product sales 7,270 9,530 13,907 22,021 Research and development expenses 991 1,123 2,150 2,172 Selling, general and administrative expenses 6,572 5,739 12,651 10,822 Restructuring costs - - (41) - Depreciation and amortization ,822 1,027 Total costs and expenses 15,763 16,918 30,489 36,042 Operating loss (5,269) (6,168) (10,459) (4,889) Other income (expense): Interest income Interest expense and other (73) (104) (184) (125) Net loss $ (4,987) $ (5,866) $ (9,919) $ (4,345) Per share data: Net loss per share: Basic and diluted: $ (0.17) $ (0.21) $ (0.35) $ (0.16) Weighted average number of common shares outstanding: Basic and diluted: 28,765,080 28,193,611 28,715,846 27,412,638

5 TURBOCHEF TECHNOLOGIES, INC. UNAUDITED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA) June 30, December 31, Assets: Current assets: Cash and cash equivalents $ 28,307 $ 40,098 Accounts receivable, net of allowance of $273 and $177, respectively 6,078 7,314 Other receivables 1,945 2,003 Inventory, net 9,568 10,994 Prepaid expenses Total current assets 46,642 61,133 Property and equipment, net 8,222 6,482 Developed technology, net 6,366 6,770 Goodwill 5,934 5,934 Covenants not-to-compete, net 5,154 5,434 Other assets Total assets $ 72,567 $ 86,067 Liabilities and Stockholders Equity: Current liabilities: Accounts payable $ 4,007 $ 6,166 Other payables 1,445 1,445 Accrued expenses 3,374 3,484 Future installments due on covenants not-to-compete 1,318 1,286 Deferred revenue 1,331 2,278 Accrued warranty and upgrade costs 1,386 2,482 Deferred rent Total current liabilities 13,108 17,388 Future installments due on covenants not-to-compete, non-current 2,428 2,363 Deferred rent, non-current 1,340 1,463 Other liabilities Total liabilities 16,965 21,295 Commitments and contingencies Stockholders equity: Convertible preferred stock - - Preferred membership units exchangeable for TurboChef common stock Common stock, $.01 par value, authorized 100,000,000 shares, issued 28,795,230 and 28,624,247 shares at June 30, 2006 and December 31, 2005, respectively Additional paid-in capital 145, ,950 Accumulated deficit (90,350) (80,431) Total stockholders equity 55,602 64,772 Total liabilities and stockholders equity $ 72,567 $ 86,067

6 TURBOCHEF TECHNOLOGIES, INC. UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) Six Months Ended June 30, Cash flows from operating activities: Net loss $ (9,919) $ (4,345) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 1,822 1,027 Amortization of deferred rent (122) - Amortization of deferred loan costs and non-cash interest Non-cash compensation expense Provision for doubtful accounts Other 8 45 Changes in operating assets and liabilities, net of effects of acquisition: Restricted cash - 2,512 Accounts receivable 1,056 2,530 Inventories 1,007 (2,824) Prepaid expenses and other assets 47 (2,186) Accounts payable (2,167) (2,140) Accrued expenses and warranty (1,200) (226) Deferred revenue (948) (1,039) Net cash used in operating activities (9,987) (6,435) Cash flows from investing activities: Acquisition of business, net of cash acquired - (192) Property and equipment expenditures (2,433) (2,039) Other Net cash used in investing activities (2,433) (2,112) Cash flows from financing activities: Issuance of common stock, net - 54,839 Proceeds from notes receivable for stock issuances - 46 Payment of deferred loan costs (25) (156) Proceeds from the exercise of stock options and warrants 654 2,782 Other - (3) Net cash provided by financing activities ,508 Net change in cash and cash equivalents (11,791) 48,961 Cash and cash equivalents at beginning of period 40,098 12,942 Cash and cash equivalents at end of period $ 28,307 $ 61,903 NON CASH INVESTING AND FINANCING ACTIVITIES: Noncash investing activity - landlord funded leasehold improvements $ - $ 1,832 Noncash financing activity - conversion of Enersyst preferred membership units 542 5,384 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for income taxes $ - $ 201 Cash paid for interest 24 20