Turbine Truck Engines Announces Formation of Strategic Alliance with Premier Chinese Manufacturer
DeLand, Florida | August 14, 2009
Mr. Michael Rouse, President and CEO of Turbine Truck Engines, Inc. (TTE) (OTCBB: TTEG), announced today that TTE has entered into a strategic alliance with Tianjin Out Sky Technology Co., Ltd. (Tianjin), a leading Chinese bicycle parts manufacturer. The agreement went into effect on August 10, 2009.
Details of the agreement specify that TTE and Tianjin will collaborate on the engineering and technical development of the Detonation Cycle Gas Turbine (DCGT) engine for motorcycle engine applications. The agreement also stipulates the establishment of a joint venture to manufacture, market and sell the DCGT in China once the engine has been shown to have commercial potential. Other details include Tianjin’s agreement to commit up to ten million U.S. dollars in development funding over the next eighteen months with a further commitment to purchase up to five percent of TTE’s common stock via the public markets.
“We have been in discussions with Tianjin since June, and they were quick to recognize the potential value of our engine in China. This agreement demonstrates the level of Tianjin’s commitment to the project,” commented Mr. Rouse. “Based upon the massive size of the market for motorcycles in China, this alliance forms the basis of a business initiative that we believe will be rewarding for both companies,” he added.
Because of their cost, size, and low emissions, motorcycles are hugely popular in China. According to a report published in 2008 by The Freedonia Group, a leading international business research company, motorcycle sales in China are expected to grow at 13.9 percent to 44.4 million units in 2011. Tianjin believes that the DCGT will enable it to capitalize on this fast growing segment of China’s personal transportation industry.
About Tianjin Out Sky Technology Co., Ltd.
Founded in August 2008 by Chinfu Wu, a leading Chinese industrialist and founder of Dotek Electromechanical Industry Co. Ltd., the company is located in Tianjin, the bicycle base of China. The company was established to produce key parts necessary to bicycle production, and operates using the trademark PROTEK (www.protek.tj.cn).
About Turbine Truck Engines, Inc.
Turbine Truck Engines, Inc. is a technology company focused on the development, manufacture and testing of its New Energy and Environmentally Efficient Truck Engine intended for mass market distribution in the United States and abroad. The new engine can utilize any known fuel source (gasoline, diesel, propane, natural gas, hydrogen, methanol, ethanol or LPG) or fuel mixture, yet needs zero coolant, lube oil, filters, or pumps. Its unique, lightweight turbine design has few moving parts, significantly reducing maintenance costs. The innovative cyclic detonation process produces a complete combustion of fuel-oxidizer mixtures, resulting in greater fuel economy and fewer harmful exhaust emissions. For more information concerning Turbine Truck Engines, Inc., visit www.ttengines.com.
Safe Harbor: This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties that may affect the operations, performance, development and results of the company's business include, but are not limited to, fluctuations in financial results, availability and customer acceptance of our products and services, the impact of competitive products, services, and pricing, general market trends and conditions, and other risks detailed in the company's SEC reports.